#ESG/ #Ag #Stock News-
Clean Seed Capital Group (TSXV: $CSX.V) closes US$5M Strategic Agreement with
US based AMVAC, an American Vanguard Company (NYSE: $AVD); @SmartSeeder
April
2, 2020 - Vancouver, British Columbia – (Investorideas.com Newswire) Clean Seed
Capital Group Ltd. (“Clean Seed” or the “Company”) (TSX-V: CSX) is pleased to
announce it has closed a strategic license and investment agreement with US
based AMVAC Chemical Corporation (“AMVAC”), a subsidiary of American Vanguard
Corporation (NYSE: AVD).
Read this news featuring
Clean Seed in full at https://www.investorideas.com/news/2020/renewable-energy/04021TSXVCSX-NYSEAVD.asp
Founded
in 1969, American Vanguard has five decades of sustainable, responsible growth.
AMVAC delivers unique solutions for the broad array of challenges to enhance
agricultural productivity and safeguard public health. AMVAC has earned a place
among the world’s top specialty chemical providers in the world, with
businesses in USA, Mexico, Central and Latin America, Europe, Brazil, Australia
and Canada.
AMVAC
is also recognized as an industry leader in closed delivery systems, like its SmartBox®
closed delivery application system, which serves to reduce risk of exposure to
users and applicators. Building on that expertise, AMVAC has developed a more
advanced system called SIMPAS™ (Smart Integrated Multiproduct
Prescriptive Application System). AMVAC’s
patented SIMPAS system enables simultaneous variable precision rate application
of multiple crop protection and nutritional inputs to maximize harvest yield,
minimize grower costs, optimize soil health and benefit environmental
sustainability. This precision
application of crop input segment runs parallel with Clean Seed’s patented
development of its ground-breaking highly advanced SMART seeding and SMART
planting technologies, creating a symbiotic opportunity for both parties.
As part of this relationship Clean Seed will license AMVAC certain
intellectual property rights for a US$2,500,000 upfront fee and an ongoing royalty
of certain delivery systems. Clean Seed
will provide ongoing development support as the parties may mutually agree to
for future growth and diversification opportunities.
AMVAC
will also be investing an additional US$2,500,000 through the purchase of
6,250,000 common shares of the Company at a price of US$0.40 per share (the
“Offering”), bringing the total up-front investment to US$5,000,000.
Graeme Lempriere, Chief Executive Officer and
Chairman of Clean Seed states “Our
aligned objectives, to deliver sustainable meaningful results for the
agricultural sector through the precise application and control of inputs, are
rooted in the stewardship of our soil structure. AMVAC’s leadership in the
chemical business and Clean Seed’s cutting
edge leadership in the multi
product delivery systems and related SMART Seeder and Planting technologies
assures a mutually beneficial relationship that strengthens our collective
efforts and protects our product offerings. It has been a pleasure working with
this likeminded group. I am also delighted to welcome Dr.
Ulrich (Bob) Trogele, PhD to our Board of Directors and look forward to
collaborating with him and the AMVAC teams on multiple levels as we share in the drive for industry leadership and
innovation.”
Dr. Trogele, Chief Operating Officer and
Executive Vice President of AMVAC states,
“AMVAC is investing into this strategic technology relationship with Clean
Seed, leveraging the superior at plant technology of both companies, as they
are symbiotic in providing farmers globally with sustainable soil health and
precision planting solutions. When combining the multiple functions of Clean
Seed’s newest leading edge planter/seeder offering with the multiple precision
at plant soil input potential of AMVAC’s SIMPAS system, a grower will have up
to eight critical inputs deployable at planting – a precision technology set of
capabilities that simply is not presently available to farmers. Further, both
companies look forward to collaborating in ways that take advantage of each
company’s technology for mutually beneficial business development. The timing
is excellent, as we continue to see the precision agriculture application business
growing and evolving to meet the changing demands of consumers and society.
It’s an honor and pleasure to join the Clean Seed Board of Directors and work
with such a talented professional management team to bring innovation into the
Agribusiness space.”
Dr. Ulrich (Bob)
Trogele, PhD
He
has enjoyed a 34-year leadership career in Agribusiness, working for “large
caps” such as Hoechst, Aventis and Bayer, and “mid-caps” such as Schering and
FMC. He has working experience and knowledge in Europe, Asia and the Americas
at all levels of Agribusiness (chemical, nutrient, seed and precision
agriculture). In addition, he has worked at the country, regional and corporate
general management level. Further, Dr. Trogele has been an Adjunct Professor at
the Berlin School of Economics & Law for over 20 years, educating MBA’s as
future leaders in global business and society.
Dr.
Trogele is past Vice Chair & Treasurer of Crop Life of America, past
executive board member & Treasurer of the Agricultural Retailer Association,
past board member of RISE, and past member of a number of industry associations
in Germany, Denmark, and Ireland. Currently, he is the Treasurer and Board
Member of the Crop Life Foundation, is an active board member of the
Agricultural Retailer Association and Farm Journal Foundation.
The Offering
The
Company did not incur any finder’s fees in connection with the Offering. The
Company intends to use the proceeds of the Offering for its contribution in
introducing the SMART Seeder MAX-S™, its related development activities and
general working capital.
Closing
of the Offering is subject to approval of the TSX Venture Exchange (the
“TSX-V”). All securities issued will be
subject to a regulatory hold period of four months and a day in accordance with
the rules and policies of the TSX-V and applicable Canadian securities laws,
and such other further restrictions as may apply under foreign securities laws.
ON
BEHALF OF THE BOARD
“Graeme Lempriere”
Chief Executive Officer
“Graeme Lempriere”
Chief Executive Officer
About
Clean Seed Capital Group Ltd.
The
common shares of Clean Seed Capital Group Ltd. are listed on the TSX Venture
Exchange and trade under the symbol "CSX".
We
are a team of innovators and business management professionals with a proven
track record of game changing innovation and production of patented
agricultural technologies at a high level. We pride ourselves as progress
facilitators that turn solutions for modern agricultural problem into
commercially viable products to fulfill new demand.
Clean
Seed’s SMART Seeder™ technologies are revolutionary seeding tools that utilize
the unique synergy of sophisticated electronic metering and intuitive software
control putting row-by-row variable rate technology at the forefront of
agricultural innovation. Our innovations
create a new class of highly accurate seeding equipment designed specifically
for today’s farmer.
For
further information please contact Clean Seed at 604-566-9895 and visit our
website at http://www.cleanseedcapital.com.
Neither
the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
This
press release is not an offer or a solicitation of an offer of securities for
sale in the United States. The common shares of Clean Seed Capital Group
Ltd. have not been and will not be registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration.
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This
news release includes certain “forward-looking statements” as defined under
applicable Canadian securities legislation. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future events to
differ materially from those expressed or implied by such forward-looking
statements. There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Specifically,
there is no assurance the Offering will complete on the basis as outlined, or
at all; or that the Company’s use of proceeds will not vary from that outlined
above. Clean Seed disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by law.
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