|By Marketwired .||
|July 11, 2014 10:21 AM EDT||
MONTREAL, CANADA -- (Marketwired) -- 07/11/14 -- Affinor Growers (CSE: AFI)(OTCQB: RSSFF)(FRANKFURT: 1AF) ("Affinor" or the "Corporation) is thrilled to reach an agreement to acquire Vertical Designs Ltd ("VDL"). This acquisition will give Affinor Growers a unique, technological advantage into the multi-billion dollar agricultural markets. VDL's automated, software-driven technology is unique for it's ability to grow grade A1, non-GMO crops year-round without chemicals or pesticides.
VDL offers proven technology specifically designed to help solve global food security and food shortage issues. VDL designs and builds innovative, fully sustainable and complete growing solutions which are the result of over 12 years of R&D based on predecessor systems, prototypes, and significant third party validation. Vertical Designs has developed one of the most scalable and profitable vertical farming systems available.
Affinor Growers will integrate VDL's enhanced farming methods to grow various crops year-round. These proprietary technologies control the precise combinations of light, temperature, water, and nutrients to create specific growing conditions that result in optimum crop production of leafy greens vegetables like lettuce, spinach and herbs as well as plants that require pollination such as strawberries and marijuana. VDL has pioneered a proprietary mechanical pollination system that allows food to be grown indoors, year round regardless of seasonality with near zero water waste.
Under the LOI terms, Affinor is acquiring 100% of VDL shares for an aggregate purchase price of $15 million payable by issuance of 17,857,143 common shares of Affinor Growers at a deemed price of $0.84 per share, subject to due diligence and regularity approval.
Sebastien Plouffe, President & CEO, comments: "This acquisition will position Affinor Growers as one of the worlds most profitable vertical farming companies. On closing of the transaction and after construction of the first production facility, Affinor Growers will gain additional income streams from equipment sales, royalties on licence agreements, consulting and profits from selling crops. We intend to become the worlds solution for food security".
About Affinor Growers Inc.
Affinor Growers is a diversified publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries and high quality medical Marijuana. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This News Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.