WINNIPEG, MB, June 14, 2021 /CNW/ - Ag Growth International
Inc. ("AGI" or the "Company") (TSX: AFN) is pleased to announce the
signing of a conditional letter-of-intent with MyLand Company LLC
("Myland"), based in Phoenix, AZ.
Upon closing, AGI will acquire a minority equity stake in MyLand
along with a board seat.
Through their unique "Soil-as-a-Service" model, MyLand extracts
live, native microorganisms directly from the grower's soil and
rapidly reproduces those organisms in mass quantities on-site using
specialized technology systems. MyLand's equipment ties directly
into the farm's irrigation system and delivers the live, native
microorganisms back into the soil on a continuous basis where they
continue to propagate, building the foundation for healthy soil and
optimal growing conditions.
In consideration for the equity stake in MyLand, AGI will
collaborate to install at least five new MyLand systems at grain
operations within North America.
Following satisfactory technical and commercial validation of these
initial installations, AGI intends to enter definitive
manufacturing, distribution, engineering, and software service
support agreements with MyLand.
"Implementation of regenerative agriculture technology is
critical from a sustainability perspective," stated Tim Close, President & CEO of AGI. "MyLand
has a very innovative solution that AGI can bring to grain
operations, leading to a marked improvement in soil health,
productivity, product quality, and operating costs for growers.
Over time, we believe AGI SureTrack will be able to capture the
advanced information on soil health and irrigation system activity
to create a new layer of standardized data that can be used to
support a variety of sustainability-related objectives. We look
forward to working with the MyLand team and helping advance the
commercialization and deployment of their innovative
technology."
"AGI is an ideal partner for MyLand at this stage of our
growth," commented Peter Williams,
CEO of MyLand. "Our cutting-edge regenerative agriculture solution
has been highly successful in rapidly improving soil health and
providing significant economic benefits to growers. The potential
to provide solutions for large-scale row crops, with significant
dedicated acreage, is a core opportunity for MyLand. AGI's deep
roots and expertise in this area, in addition to the resources and
capabilities of a multi-national firm, make them a perfect partner
for us to rapidly expand our platform and reach new customers
globally. We are excited to take the next step of our journey with
AGI as a partner and look forward to accelerating our impact on the
sustainability of the overall agricultural system."
Financial terms of the transaction were not disclosed.
MyLand Company Profile
MyLand is a soil health
company. By focusing on soil health, MyLand is helping to tackle
two of the world's biggest challenges: food security and climate
disruption. MyLand's innovative process allows farmers to easily
and rapidly implement regenerative agriculture practices and
improve their soil health by harnessing the land's own natural
ecosystem. MyLand partners with farmers to infuse life into the
soil, helping to return farms to their most fertile state,
achieving greater productivity and enhanced profitability.
For more information, please visit www.myland.ag.
AGI Company Profile
AGI is a provider of the physical
equipment and digital technology solutions required to support
global food infrastructure including seed, fertilizer, grain, feed,
and food processing systems. AGI has manufacturing facilities in
Canada, the United States, the United Kingdom, Brazil, India, France, and Italy and distributes its product
globally.
SOURCE Ag Growth International Inc. (AGI)
