Business
TrustBix Inc. Announces Letter of Intent to Acquire 100% of Alberta Food Security Inc., an Innovative Indoor Farming Business, and Private Placement
Acquisition Letter of Intent Edmonton, Alberta--(Newsfile Corp. - August 14, 2023) - TrustBIX In...
About this update from Trustbix, Inc.
[{"type":"text","content":"TrustBix Inc. Announces Letter of Intent to Acquire 100% of Alberta Food Security Inc., an Innovative Indoor Farming Business, and Private PlacementAcquisition Letter of IntentEdmonton, Alberta--(Newsfile Corp. - August 14, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) (\"TrustBIX\" or the \"Company\") is very pleased to announce the signing, on August 13, 2023, of a non-binding Letter of Intent (the \"LOI\") with Alberta Food Security Inc. (\"AFS\"), a private Canadian company.AFS holds the exclusive Alberta territory license, along with the option to acquire additional North American and international territories from AgriPlay (AgriPlay.com), an innovative Controlled Environment Agriculture (CEA) vertical indoor farming company. This acquisition allows TrustBIX to harness the potential of the AgriPlay technology and amplifies the Company's efforts in promoting sustainable agriculture practices with complete traceability from Gate to Plate®.TrustBIX will acquire 100% of the issued and outstanding shares of AFS (the \"Transaction\"). The purchase consideration will be by the issuances of 25,000,000 common shares of the Company (subject to applicable escrow and resale restrictions and TSX Venture Exchange acceptance). Hubert Lau, CEO of TrustBIX, stated, \"The deep-rooted commitment of AFS to enhance food security and sustainability, aligns with our mission to transform the agri-food industry. The combination of our technological prowess and AgriPlay's innovative CEA solution holds tremendous potential to revolutionize, initially in Alberta, the agricultural landscape, fostering transparency, efficiency, and resilience.\" Adam Morand, President of AFS, stated, \"Collaborating with a company that shares our vision and values is a remarkable opportunity. Together, we can leverage technology to address some of the most pressing challenges in agriculture, ensuring a secure and sustainable food supply for Albertans.\" TrustBIX and AFS have agreed to make their best efforts to negotiate and prepare the Definitive Agreement on or before August 31, 2023. The Transaction is subject to, among other matters, standard due diligence review by TrustBIX, board approvals for the Transaction by each party, execution of assignments and consents to all key agreements, regulatory and exchange approval, and signing of a binding definitive ag...