AGI Announces Acquisition of Remaining Stake in Farmobile

AGI Announces Acquisition of Remaining Stake in Farmobile

Canada NewsWire

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)

Cision View original content: http://www.newswire.ca/en/releases/archive/April2021/16/c6902.html

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