WINNIPEG, MB, April 16, 2021 /CNW/ - Ag Growth
International Inc. ("AGI" or the "Company") (TSX: AFN) is pleased
to announce it has reached an agreement that facilitates AGI's
acquisition of all outstanding shares of Farmobile, Inc.
("Farmobile"), building on AGI's initial minority equity investment
made in Farmobile in 2019.
"Farmobile is a fantastic addition to the AGI SureTrack platform
and brings the market leading, two-way, field data management
device along with a robust platform for data standardization and
management," said Tim Close,
President & CEO of AGI. "Jason
Tatge, Farmobile co-founder and CEO, and the Farmobile team
have built the absolute best products in this space and we are
excited to welcome them to the AGI team. This acquisition builds on
our robust IoT product portfolio and moves AGI into the middle of
the data verification space required by the rapidly developing
carbon and traceability markets. The Farmobile PUC™ enables the
real-time automation and standardization of critical data
collection from virtually any piece of equipment used in the field.
This strengthens our unique ability to capture machine and
agronomic data across the entire farming process – from seeding
through to harvest and into the broader grain supply chain. The
opportunity to formally bring this technology in-house, along with
the significant capabilities and know-how of the Farmobile team, is
a big step for AGI to continue to rapidly advance our SureTrack
platform. We continue to anticipate strong double-digit growth in
our Technology business segment in 2021 and beyond."
The transaction was financed with cash available on-hand.
AGI Company Profile
AGI is a provider of solutions for
the 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)