Business
TrustBIX Inc. Announces Signing of Definitive Agreement to Acquire 100% of Alberta Food Security Inc.
Edmonton, Alberta--(Newsfile Corp. - August 31, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: T...
About this update from Trustbix, Inc.
[{"type":"text","content":"TrustBIX Inc. Announces Signing of Definitive Agreement to Acquire 100% of Alberta Food Security Inc.Edmonton, Alberta--(Newsfile Corp. - August 31, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) (\"TrustBIX\" or the \"Company\") is very pleased to announce that, further to its press release dated August 14, 2023, the Company, on August 31, 2023, entered into a definitive agreement to acquire Alberta Food Security Inc. (\"AFS\"), a company which holds the exclusive Alberta territory license, along with the opportunity to acquire additional North American and international territories, from AgriPlay (AgriPlay.com) an innovative solution championing Controlled Environment Agriculture vertical indoor farming.Under the terms of the definitive agreement, TrustBIX will acquire 100% of the issued and outstanding shares of AFS for consideration of 25,000,000 common shares of the Company to be issued on closing, subject to applicable escrow and resale restrictions (the \"Acquisition\"). There are no finder's fees payable in connection with the Acquisition. No \"Control Person\" will be created as a result of the Acquisition, and the Acquisition will be an \"Arm's Length Transaction\" as defined in Policy 1.1. of the TSX Venture Exchange. The Acquisition is expected to be completed subject to regulatory and TSX Venture Exchange approval and once all remaining customary closing conditions have been satisfied.The joint integration team formed by TrustBIX and AFS will steer the integration process, ensuring the constructive collaboration between technology and agriculture is harnessed to its fullest potential.Hubert Lau, CEO of TrustBIX, stated, \"We are thrilled to welcome AFS to the TrustBIX family. We believe this acquisition will address food security and under-utilized real estate while leveraging the power of TrustBIX's Gate to Plate® solutions.\"Adam Morand, President of AFS, stated, \"Our team is excited to embark on this journey with TrustBIX. This strategic alignment not only strengthens our commitment to ensuring a secure and sustainable food supply but also creates the potential to reshape the agriculture landscape by integrating TrustBIX's innovative technology and expertise.\"About Alberta Food Security Inc.AFS is dedicated to advancing food security and agricultural sustainability within the province of Alberta. A...