Corporate Deals Stock Market

Pontus Protein Gets Approval For Sale Of Aquaponic Division

Pontus Protein Sale

On December 23, 2022, Pontus Protein Ltd. received approval from its shareholders at the annual and special meeting for the sale of the majority of its assets, specifically those used in its aquaponics farming business, to CEVAS Technology Inc. The transaction, which is subject to final approval from the TSX Venture Exchange, is expected to close in January 2023. The company has also announced the appointment of Andy Wu as its new Chief Financial Officer, replacing Jason Ding. The company expressed gratitude for Ding’s contributions.

On November 3, 2022, Pontus Protein Ltd. entered into an asset purchase agreement with CEVAS Technology Inc. in which Pontus agreed to the sale of its aquaponics farming business assets to CEVAS. These assets include the company’s closed-environment vertical aquaponics system and associated intellectual property, its harvesting automated robotic vehicle and associated intellectual property, and all other assets and know-how related to the aquaponics business. The purchase price consists of $200,000 in cash and the assumption of up to $3,500,000 in liabilities and obligations of the aquaponics business.

The transaction will allow Pontus to reduce its overall liabilities and focus on its catering and product consultation services business. The completion of the transaction is subject to regulatory and stock exchange approvals, including approval from the TSX Venture Exchange, and the approval of at least 66 2/3% of the votes cast by shareholders at a meeting to be held on December 23, 2022. The transaction is considered a Reviewable Disposition under the TSX Venture Exchange’s Policy 5.3 and the company has applied for approval. The board of directors has unanimously determined that the transaction is in the best interests of the company and its shareholders and is recommended at the time that shareholders vote in favor of the transaction.

The company also announced the appointment of Andy Wu as its new Chief Financial Officer (CFO), replacing Jason Ding.

Image provided by Pontus Protein
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