Vancouver, British Columbia--(Newsfile Corp. - June 3, 2024) - Argo Living Soils Corp. (CSE: ARGO) (FSE: 94Y) (OTC Pink: ARLSF) ("Argo") is pleased to announce the successful completion of the first phase of the Memorandum of Understanding (MOU) previously signed on April 9, 2024 with Connective Global SDN BHD ("Connective Global"), a Malaysian-based company.
Under the terms of the executed MOU, Argo and Connective Global have agreed to jointly conduct research and development of biochar for agricultural and industrial applications at University Putra Malaysia (UPM). This collaboration aims to develop biochar-enhanced products tailored for distribution in Southeast Asia and the Middle East.
Pursuant to the executed MOU, Connective Global has secured the research facilities of University Putra Malaysia for Argo and Connective Global to carry out their joint research. The research and development of products will be conducted over a period of up to 12 months.
In consideration of Connective Global securing the R&D facilities at UPM, Argo will issue , subject to applicable securities laws and exchange approval, 250,000 common shares of Argo to Connective Global. Argo is pleased to report that Connective Global has already secured and delivered 20 tonnes of biomass from palm oil processors to University Putra Malaysia. The university will process this biomass into base biochar material as a proof of concept.
Argo has committed to funding a total of CAD$100,000 for research and development and issuing up to one million common shares to Connective Global in stages, based on achieving certain performance milestones in the research and development phase, subject to applicable securities laws and exchange acceptance.
While attending meetings in Malaysia with Connective Global at University Putra Malaysia, senior representatives from Argo further defined the research and development program and objectives with Connective Global and UPM. This has led to the identification of multiple organic biochar-enhanced products previously developed by University Putra Malaysia, which have immediate commercial applications.
The refined research and development program aims to extend the extensive work previously completed at the university, creating a suite of organic biochar-enhanced products for both agricultural and industrial markets, proprietary to Argo. Argo will own all intellectual property developed, or created by the parties during the R&D phase.
Upon achieving successful results from this R&D program, Argo and Connective Global anticipate formalizing a commercial production agreement, transitioning from research to practical application.
Peter Hoyle, President of Argo, commented, "We are thrilled to have quickly completed this first phase of the MOU with Connective Global, commencing our research and development program at UPM. This relationship is already yielding results. At our onsite meetings we identified opportunities for several advanced biochar-based soil enhancement products previously developed by University Putra Malaysia. We look forward to advancing the current MOU to the definitive agreement stage."
About University Putra Malaysia
University Putra Malaysia (UPM), established initially as the School of Agriculture in 1931, has its origins in agricultural education and research. It maintains a strong focus on agricultural sciences, including agronomy, horticulture, animal sciences, food science and technology, forestry, and agricultural biotechnology. Ranked #36 globally for Agricultural Sciences by U.S. News & World Report, UPM is renowned for its robust programs and research initiatives in these fields.
About Connective Global
Connective Global is a Malaysian-based company specializing in the manufacture and distribution of organic fertilizers, agricultural products, and food items in Southeast Asia, with a focus on environmentally sustainable products and services.
About Argo Living Soils Corp.
Argo Living Soils Corp. specializes in producing and developing organic products, including soil amendments, living soils, bio-fertilizers, and vermicompost and compost extracts specifically formulated for high-value crops. Founded in 2018, Argo is dedicated to creating an established brand of organic and environmentally friendly products. The company's production facilities are located in Duncan, B.C., through a joint venture with Pacific Composting.
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For further information please contact:
Peter Hoyle
Chief Executive Officer
Argo Living Soils Corp.
Tel: (604) 961-2877
Email: [email protected]
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-Looking information includes, but is not limited to, the completion of the research and development of biochar products pursuant to the MOU; the Company and Connective Global researching, developing and testing biochar-enhanced organic fertilizer products tailored for distribution in Southeast Asia and the Middle East; Connective Global securing the research facilities of University Putra Malaysia; the Company funding a CAD$100,000 budget and issuance of up to one million common shares to Connective Global, Argo and Conenctive Global negotiating and entering into a commercial production agreement on completion of the 12-month research and development term; and Argo creating an established brand of organic and/or environmentally friendly products. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will", "will have", "intend" "plans", "aims", "potential" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-Looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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