AgriFORCE Formally Ends Efforts to Acquire Delphy Group BV
02 Giugno 2023 - 1:00PM
AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ:
AGRI; AGRIW), an intellectual property (IP)-focused agtech
company dedicated to advancing sustainable cultivation practices
and food and plant products, today announced that it has formally
ended its efforts to acquire Delphy Group BV., a leading
Agriculture and Horticulture consulting firm based in the
Netherlands.
The mutual decision to end the sales and purchase agreement was
reached after extensive due diligence, an evaluation of the
historical and projected financials, potential for impairment risk,
as well as current market conditions. Based on these factors, a
revised purchase price could not be agreed upon by the parties.
Ingo Mueller, CEO of AgriFORCE commented, "Although we are
disappointed to end our efforts to acquire the Delphy Group BV, it
was the prudent decision following an extensive due diligence
process. Importantly, we have a very rigorous process for
conducting M&A, which we believe highlights our strict
standards and discipline. After over a year of collaboration, due
diligence and involvement with Delphy in helping craft their
strategic growth plans, we remain convinced in the power of
knowledge and the value Delphy brings to its customers and hope to
find a way to continue to work together and re-visit the
collaboration at a later time. Moreover, we continue to proceed
aggressively on the M&A front, where we believe there are
significant opportunities to acquire undervalued, accretive and
highly synergistic businesses, including but not limited to those
previously announced. We look forward to providing further updates
as we advance these alternative transactions, which we believe will
ultimately drive much greater value for our shareholders."
ABOUT AGRIFORCE
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an
agtech company focused on building an integrated agtech platform
that combines the best technology, intellectual property, and
knowledge to solve an urgent problem – providing the best solutions
to help drive sustainable crops and nutritious food for people
around the world. The AgriFORCE vision is to be a global leader in
delivering plant-based foods and products through an advanced and
sustainable agtech platform that makes positive change in the
world—from seed to table. Additional information about AgriFORCE is
available at: www.agriforcegs.com.
Follow AgriFORCE on Twitter: @agriforcegsFollow AgriFORCE
on Facebook: AgriFORCE Growing Systems Ltd.Connect with
AgriFORCE on LinkedIn: AgriFORCE Growing Systems Ltd.
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Statements other than
statements of historical facts included in this press release may
constitute forward-looking statements and are not guarantees of
future performance, condition or results and involve a number of
risks and uncertainties. Actual results may differ materially from
those in the forward-looking statements as a result of a number of
factors, including those described from time to time in our filings
with the Securities and Exchange Commission and elsewhere. The
Company undertakes no duty to update any forward-looking statement
made herein. All forward-looking statements speak only as of the
date of this press release. This announcement is for informational
purposes only and does not constitute an offer to sell or a
solicitation of an offer to buy securities of the issuer. Any offer
to sell or solicitation of an offer to buy securities of the issuer
may only be made pursuant to a valid prospectus pursuant to an
effective registration statement or pursuant to a valid exemption
from registration under the Securities Act of 1933, as amended and
the rules and regulations promulgated thereunder.
Company Contact:Ian PedersenTel: (604)
757-0952Email: ipedersen@agriforcegs.com
Investor Relations:Crescendo Communications,
LLCDavid Waldman/Alexandra SchiltTel: (212)
671-1021Email: AGRI@crescendo-ir.com
Media Relations:PeppercommHannah RobbinsTel:
(415) 633-3205Email: AgriFORCE@peppercomm.com
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