Business
TrustBIX Inc. Enters into Agreement to Purchase Indoor Farm Management System Asset and Announces Board and Management Change
Edmonton, Alberta--(Newsfile Corp. - October 3, 2025) - TrustBIX Inc. (TSXV:TBIX) (" TrustBI...
About this update from Trustbix, Inc.
[{"type":"text","content":"TrustBIX Inc. Enters into Agreement to Purchase Indoor Farm Management System Asset and Announces Board and Management ChangeEdmonton, Alberta--(Newsfile Corp. - October 3, 2025) - TrustBIX Inc. (TSXV:TBIX) (\"TrustBIX\" or the \"Company\") announces it has signed an asset purchase agreement dated October 3, 2025 (\"Agreement\") with Mindsgate Ltd. (the \"Vendor\") for the acquisition of an Indoor Farm Management System (\"IFMS\") asset (the \"Proposed Transaction\").TrustBIX believes that the Proposed Transaction will enhance its ability to provide a comprehensive indoor farming technology solution to businesses and operators in the sector. The IFMS is a fully integrated, production-ready platform featuring modules for farm operations, Internet of Things (\"IoT\") device management, AI-driven plant recognition, traceability, client relationship management (\"CRM\"), operator training, order management, and resource tracking. Together, these capabilities form an Enterprise Resource Planning (\"ERP\") grade solution tailored to indoor farming.Key Terms of the AgreementPursuant to the Agreement, TrustBIX will acquire the IFMS asset, subject to the conditions contained in the Agreement, in exchange for issuing 6,000,000 units (the \"Consideration Units\") to the Vendor on the closing date. Each Consideration Unit will be comprised of one (1) common share in the capital of TrustBIX (\"Common Share\") and one (1) Common Share purchase warrant (\"Warrant\"), whereby each Warrant entitles the holder to purchase one (1) Common Share at a price of $0.08 for a period of two (2) years from the date of closing. All securities issued under the Proposed Transaction, including any Common Shares issued upon exercise of the Warrants, will be subject to a statutory four-month and one-day hold period in accordance with applicable Canadian securities laws.The closing of the Proposed Transaction is subject to a number of terms and conditions, including without limitation, the parties obtaining all necessary consents, orders and regulatory approvals, including approval of the TSX Venture Exchange (\"TSXV\"), and certain other customary closing conditions.No finder's fee is expected to be payable in connection with the Proposed Transaction.Board and Management ChangeMr. Adam Morand has resigned from the Board of Directors and as the Chief Technol...