Business
Argo Corporation announces update on its divestment of ownership interest in FoodsUp
Argo Corporation announces update on its divestment of ownership interest in FoodsUp Ca...
About this update from Argo Corporation
[{"type":"text","content":"\n\n\n\n Argo Corporation announces update on its divestment of ownership interest in FoodsUp\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n March 7, 2025\n \n\n /CNW/ - Argo Corporation (\"\n \n Argo\n \n \" or the \"\n \n Company\n \n \") (TSXV: ARGH) (OTCQX: ARGHF), a new venture delivering the first-ever vertically and publicly integrated city transit system, announced today updates to its previously disclosed planned divestment of the majority of the Company's ownership interest in FoodsUp Inc. (the \"\n \n FoodsUp Divestment\n \n \"), and other corporate updates.\n \n\n\n\n\n\n\n\n\n\n FoodsUp Divestment\n \n\n\n Argo continues to maintain a majority non-controlling ownership interest in FoodsUp Inc. (\"\n \n FoodsUp\n \n \"). FoodsUp is one of\n \n Canada's\n \n leading restaurant supply platforms, with annual revenues of\n \n $108 million\n \n in fiscal 2024.\n \n\n The Company is pleased to announce that it has made significant progress in resolving previously disclosed delays in the FoodsUp Divestment in collaboration with FoodsUp management, in pursuit of its strategic plan to provide the shareholders of Argo with either the net proceeds of sale of the majority of its interest in FoodsUp to a third party, or an indirect or tracking ownership interest in FoodsUp as of a to-be-determined record date (the \"\n \n Distribution Transaction\n \n \"). The Company expects to announce further updates on the Distribution Transaction in the coming weeks. Argo, through its wholly-owned subsidiary (\"\n \n Argo Subsidiary\n \n \"), has also completed the sale of an aggregate of 5,855 subordinate-voting shares of FoodsUp for an aggregate purchase price of approximately\n \n $2.5 million\n \n . In addition, Argo Subsidiary has entered into the following agreements:\n \n\n\n An option agreement with FoodFlow Partner (\"\n \n FoodFlow\n \n \"), FoodsUp and FoodGrowup Partner (the \"\n \n FoodFlow Option Agreement\n \n \") effective\n \n March 6, 2025\n \n . Pursuant to the FoodFlow Option Agreement, Argo Subsid...