Key Takeaways:
- TrustBIX Inc. has completed its acquisition of Alberta Food Security Inc., receiving conditional acceptance from the TSX Venture Exchange.
- The deal expands TrustBIX’s portfolio with the exclusive license for AgriPlay’s Controlled Environment Agriculture technology in Alberta and the potential for further North American and international expansion.
- TrustBIX issued 25 million common shares at $0.02 each to acquire 100% of Alberta Food Security Inc., with a hold period ending on March 1, 2024.
- This acquisition strengthens TrustBIX’s commitment to sustainable agriculture and traceability from Gate to Plate® while enhancing shareholder value through strategic growth.
- The alignment of objectives between TrustBIX and AFS aims to amplify opportunities within the agri-food sector and contribute to a resilient food supply chain.
TrustBIX Inc. (TSXV: TBIX), a leading advocate for sustainable agriculture and provenance verification, is delighted to confirm the completion of its acquisition of Alberta Food Security Inc., marking a significant milestone in the company’s expansion journey. Following its initial announcements in August 2023, TrustBIX has received conditional acceptance from the TSX Venture Exchange and met all the necessary closing conditions, underscoring its determination to revolutionize the agricultural industry through innovative technology.
Alberta Food Security Inc. is at the forefront of Controlled Environment Agriculture (CEA) via its exclusive Alberta license from AgriPlay. This venture not only enhances food security within the province but also holds the key to potential expansion across North America and beyond. TrustBIX’s acquisition of AFS for 25 million common shares, priced at $0.02, injects new vigor into its operations, with a commitment to traceable and sustainable practices from “Gate to Plate®.”
Hubert Lau, CEO of TrustBIX, praised the integration, emphasizing the shared values and synergies between the two teams. “Our collaboration with AFS has been seamless, bringing us a step closer to enhancing shareholder value and establishing a new paradigm in agri-food technology,” he commented.
Adam Morand, President of AFS, echoed Lau’s sentiments and shared his enthusiasm for the joint venture. “We are ready to create value for TrustBIX shareholders and leverage our combined strengths to address the growing demands within the agri-food industry,” Morand stated.
The acquisition is more than a business transaction; it represents TrustBIX’s unwavering dedication to food security and the implementation of sustainable agricultural practices. As a newly integrated entity, AFS will continue to advance its mission within Alberta while exploring opportunities for geographical expansion.
TrustBIX’s vision to “trust more and waste less” is bolstered by its suite of technology solutions and its subsidiary, ViewTrak Technologies Inc., which offers comprehensive hardware and software systems to the livestock industry across North America and China. The acquisition is a testament to TrustBIX’s strategic focus on growth, innovation, and sustainability.
This acquisition is set to redefine the agricultural landscape, with TrustBIX and AFS poised to lead the charge in delivering sustainable and traceable food supply solutions. Stakeholders can look forward to a strengthened business model that not only fosters trust and efficiency but also contributes positively to global food security.’
Image provided by TrustBIX
