TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) has recently announced a non-binding Letter of Intent (LOI) signed with Alberta Food Security Inc. (AFS), a private Canadian company. The LOI inked on August 13, 2023, outlines the acquisition of 100% of AFS’s issued and outstanding shares by TrustBIX.
This strategic maneuver will have far-reaching implications for the agricultural landscape, not just in Alberta but potentially across North America and beyond. AFS holds the exclusive Alberta territory license for innovative Controlled Environment Agriculture (CEA) vertical indoor farming technology developed by AgriPlay. This partnership enables TrustBIX to leverage AgriPlay’s cutting-edge CEA solutions with TrustBIX’s mission to promote traceable and transparent practices from farm gate to plate.
At the core of this acquisition lies the convergence of two forward-thinking companies that share a common goal of transforming the agri-food industry. TrustBIX’s expertise in technology solutions for supply chains aligns seamlessly with AgriPlay’s revolutionary CEA approach. This synergy holds the potential to revolutionize the agricultural sector by enhancing efficiency, transparency, and resilience, thereby setting new standards for sustainable food production.
Hubert Lau, CEO of TrustBIX, spoke enthusiastically about the deal, emphasizing the alignment of values and goals between the two companies. He underlined that AFS’s dedication to food security and sustainability resonates with TrustBIX’s mission to bring about positive change in the agri-food industry. The acquisition will catapult TrustBIX’s technological prowess and foster a positive impact on Alberta’s agricultural landscape, ultimately benefiting consumers and the environment.
Adam Morand, President of AFS, echoed the sentiment, expressing excitement about collaborating with a company that shares its vision and values. He highlighted the potential of technology-driven collaboration to address the pressing challenges facing the agricultural sector. By combining forces, TrustBIX and AFS aim to establish a secure and sustainable food supply chain that caters to the needs of Albertans and beyond.
TrustBIX and AFS’s partnership is moving swiftly toward finalization, with plans to negotiate and prepare the Definitive Agreement by August 31, 2023. However, the completion of the Transaction hinges on various factors, including due diligence review, regulatory approvals, and the signing of the Definitive Agreement.
Upon successful execution of the deal, TrustBIX will issue an update through a news release, providing further details about the collaboration and its terms. The acquisition represents a pivotal step toward realizing TrustBIX’s vision of establishing trust and minimizing waste across various supply chains and industries.
In addition to the transformative acquisition, TrustBIX is pleased to announce a non-brokered private placement aimed at raising funds for general working capital. The private placement consists of up to 5,000,000 units at $0.02 per unit, with each unit comprising one common share and one common share purchase warrant. The net proceeds from this placement will facilitate TrustBIX’s ongoing efforts to drive innovation and positive change in the agricultural sector.
As TrustBIX continues to expand its reach and solidify its position as a trailblazer in sustainable agriculture practices, its partnership with AFS and the AgriPlay technology promises to usher in a new era of efficient, transparent, and eco-conscious food production. The collaboration is a testament to the power of innovation and strategic alliances in shaping the future of agriculture and ensuring a reliable food supply for generations to come.
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