Affinor Growers Enters Into a LOI for the Acquisition of Fab-All for $10 Million and VDL to Exercise 2,200,000 Warrants.
June 09 2014 - 3:25PM
Marketwired
Affinor Growers Enters Into a LOI for the Acquisition of Fab-All
for $10 Million and VDL to Exercise 2,200,000 Warrants.
MONTREAL, QUEBEC--(Marketwired - Jun 9, 2014) - Affinor Growers
(CSE:AFI)(FRANKFURT:1AF)(OTCQB:RSSFF) ("Affinor" or the
"Corporation) has entered in to a letter of intent (the "LOI") to
acquire Fab-All Manufacturing Ltd., a strategic partner specialised
in the precision metal fabrication, machining and finishing.
Fab-All Manufacturing is working closely with Affinor Growers to
build and fabricate the physical equipment and technology, used to
mechanically pollinate and grow their grade A1 strawberries, hence
the vertical integration benefit to Affinor.
Strategically and vertically this would be an excellent
acquisition by Affinor Growers as Fab-All Manufacturing has been in
business since 1985 and generates approximately $12,000,000 in
revenue. Fab-All Manufacturing is setting new industry standards in
precision metal fabrication, machining and metal finishing.
Basic terms of the LOI provides for the acquisition of all the
securities of Fab-All Manufacturing and associated Sig & Ron
Limited for an aggregate of $5,000,000 in cash and $5,000,000 in
common shares at a deemed price of $1 per share. The assets of
Fab-All include a 30,000 square feet building, 4 acres of land and
all the state-of-the-art machinery. Fab-All owner, Ron
Adolf and his team would continue to manage operations,
however it would be 100% owned by Affinor.
The acquisition will be subject to the parties entering into a
definitive acquisition agreement, including standard not compete
provision for principals and the Corporation's due diligence, which
is expected to be completed in a timely manner but no later than
June 30, 2014.
Nick Brusatore, Chairman, comment: "I am very excited about the
acquisition of Fab-All as I have worked with this company for many
years in the development and manufacturing of a number of products.
This acquisition also gets Affinor to an immediate revenues and
profitable position".
Affinor was also informed by Vertical Design Ltd. that they will
exercise their 2,200,000 warrants acquired under the last private
placement offering of units for an aggregate exercise price of
$880,000. The Corporation expects to receive the formal notice
together with payment no later than Friday.
About Affinor Growers
Inc.
Affinor Growers is a diversified publicly traded company on the
Canadian Securities Exchange under the symbol ("AFI"). Affinor is
focused on growing high quality crops such as romaine lettuce,
spinach, strawberries and high quality medical Marijuana. Affinor
is committed to becoming a pre-eminent grower, using exclusive
vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
Sebastien Plouffe, President & CEO
The CSE has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use
of any of the words "anticipate", "continue", "estimate", "expect",
"may", "will", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations and assumptions
on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because the Company can give no assurance that they will
prove to be correct. Since forward-looking statements address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. These statements speak only as of
the date of this News Release. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks including various risk factors discussed in the
Company's disclosure documents which can be found under the
Company's profile on www.sedar.com. This News Release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995.
Sebastien PlouffePresident & CEO(514)
947-2272splouffe@affinorgrowers.comwww.affinorgrowers.comVertical
Designs Ltd Nick Brusatore, CEO(604)
356-0411nbrusatore@gmail.comMomentum PR IncMax Gagne,
President(514) 913-0351max@momentumpr.com
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