Key Takeaways:
- Co2 Gro Board Resignations: Four members, including Samuel Kanes, Tom Wiltrout, Rose Marie Gage, and Gordon Surgeoner, have resigned from the Board of Directors.
- Special Committee Update: Gordon Surgeoner and Rose Marie Gage were members of a special committee; Michal Boyd is now the sole remaining member.
- Capital Raising Challenges: The company was unable to secure additional debt or equity capital.
- Suspension of Operations: Due to financial challenges, CO2 GRO Inc. has suspended its operations.
- Future Prospects: The company is actively seeking interested parties to assume control or purchase its assets.
Board Resignation & The Suspension Of Its Operations
CO2 GRO Inc. (TSXV) has announced significant changes to its Board of Directors and the suspension of its operations. The resignations of Mr. Samuel Kanes, Mr. Tom Wiltrout, Ms. Rose Marie Gage, and Mr. Gordon Surgeoner mark a substantial shift in the company’s leadership. These changes come in the wake of the company’s unsuccessful attempts to raise further debt or equity capital, leading to the suspension of its operations.
Board Resignations and Committee Update
In a recent announcement, CO2 GRO Inc. reported the resignation of four key members from its Board of Directors: Mr. Samuel Kanes, Mr. Tom Wiltrout, Ms. Rose Marie Gage, and Mr. Gordon Surgeoner. Notably, Mr. Surgeoner and Ms. Gage were part of a special committee formed by the Board, as announced on April 26, 2024. With their departure, Mr. Michal Boyd remains the sole member of this special committee, highlighting a significant reduction in the company’s governance structure.
Challenges in Raising Capital
The company has faced substantial challenges in securing additional financial resources. Despite efforts to raise further debt or equity capital, CO2 GRO Inc. was unsuccessful, leading to a critical financial situation. This failure to secure necessary funding has directly impacted the company’s ability to continue its operations, resulting in the suspension of all activities.
Suspension of Operations
As a direct consequence of the financial difficulties, CO2 GRO Inc. has suspended its operations. This decision underscores the severity of the company’s financial challenges and its current inability to maintain business activities. The company is now in a precarious position, actively searching for interested parties to either take control of the company or purchase its assets.
Future Prospects and Cease Trade Order
CO2 GRO Inc. continues to seek potential buyers or parties interested in assuming control of the company. Until a successful transaction is concluded, the current cease trade order will remain in effect. This ongoing search for a resolution highlights the company’s commitment to finding a viable path forward despite its current financial hardships.
Co2 Gro Latest News
Inaugurates Most Extensive El Salvador Project To Date (2024/04/10)
CO2 GRO Inc., a Toronto-based agricultural technology firm, has successfully completed a commercial project at Hidroexpo’s greenhouse complex in El Salvador. The project, valued at approximately CAD $1 million, employed the company’s aqueous COâ‚‚ enrichment technology to enhance bell pepper production by 20%-30%. Rodrigo MartÃnez, General Manager of Hidroexpo, expressed enthusiasm for the technology’s impact, and both companies are committed to furthering agricultural innovation.
Unveils Canada’s Largest Aqueous CO2 Enrichment Facility (2024/03/29)
CO2 GRO Inc. has installed the largest commercial aqueous CO2 enrichment facility in Canada. This project is set to transform the cultivation process for long English and mini cucumbers and reflects CO2 GRO Inc.’s dedication to promoting sustainable agriculture. The facility integrates a sophisticated misting system, an infusion system, and a Dynamic Monitoring & Control System, all accessible through an online digital platform. This initiative builds on the success of a commercial agreement with Cucumber Man TAP in Alberta in 2022. The facility is expected to contribute to a more balanced plant energy, leading to improved production, revenue, and profitability.
Announces Upcoming Private Placement of Debentures (2024/01/09)
Toronto-based CO2 GRO Inc. plans to raise up to $2.5 million through a non-brokered private placement of unsecured convertible debentures. The debentures will carry an annual interest rate of 13.5% and will have a three-year term. Holders will have the option to convert their principal into units of the company and a forced conversion clause will allow CO2 GRO Inc. to convert all outstanding debentures into units if certain conditions are met. The net proceeds will be used for various purposes, including working capital, enhancing its sales pipeline, and hiring additional staff. The debentures will be offered and sold in Canada and select jurisdictions.
Launches New Spanish Website (2023/12/23)
CO2 GRO Inc. has launched a new Spanish-language website to better serve the greenhouse technology sector of Spanish-speaking countries like Mexico and Spain. The website offers detailed information about the company’s innovative aqueous CO2 enrichment technology, which has gained traction in these regions for its efficiency in increasing crop yields. The website is expected to cater to the diverse needs of the Spanish-speaking regions’ vegetable, fruit, horticulture, and specialty products markets.
Co2 Gro Private Placement Of Convertible Debentures (2023/12/07)
The company plans to raise $2.5 million through a private placement of convertible debentures. The debentures bear a 13.5% annual interest rate and offer flexibility to both the company and investors. The funds will be allocated to enhance the company’s working capital, convert ongoing projects into recurring revenue streams, and recruit additional talent. The offering is compliant with market regulations, reflecting the company’s commitment to ethical business practices.Â
CO2 GRO Inc. Advances Sustainable Agriculture (2023/11/09)
Toronto-based CO2 GRO Inc. recently commissioned a 12-month Technology Adaptation Project with a leading US lettuce grower to assess the impact of their CO2 Enrichment Solutionsâ„¢ on greenhouse lettuce cultivation. The project aims to increase lettuce yields, improve product quality, and reduce CO2 consumption. CO2 GRO’s technology has already demonstrated success in a similar project in Colombia, leading to increased yield and better plant health. By reducing CO2 emissions, the company aims to promote sustainability and equitable practices while also generating high ROI for growers and shareholders.
Announces Business Development Update & Financial Highlights for Q2 2023 (2023/09/08)
CO2 GRO Inc. has released a Business Development Update for Q2 2023. The report reveals that the company has a cash reserve of $430,000 and has secured financing for its Pay-for-Use (PFU) contracts with a Canadian greenhouse grower. The company has secured two PFU contracts in the first half of 2023, totaling $1.3 million, and expects to conclude 2023 with commercial sales contracts totaling between $2 million to $2.5 million. The company is optimistic about its growth prospects and has developed new technology to ensure consistent results in its projects.
Releases 2023 ESG Report (2023/04/27)
CO2 GRO Inc., a leader in sustainable agricultural technology, has released its 2023 Environmental, Social, and Governance (ESG) Report. The report underscores the company’s commitment to sustainability, transparency, and responsible corporate practices.
Image provided by CO2 GRO Inc
