Acquisition Letter of Intent
Edmonton, Alberta--(Newsfile Corp. - August 14, 2023) - TrustBIX Inc. (TSXV: TBIX) (OTCQB: TBIXF) ("TrustBIX" or the "Company") is very pleased to announce the signing, on August 13, 2023, of a non-binding Letter of Intent (the "LOI") with Alberta Food Security Inc. ("AFS"), a private Canadian company.
AFS holds the exclusive Alberta territory license, along with the option to acquire additional North American and international territories from AgriPlay (AgriPlay.com), an innovative Controlled Environment Agriculture (CEA) vertical indoor farming company. This acquisition allows TrustBIX to harness the potential of the AgriPlay technology and amplifies the Company's efforts in promoting sustainable agriculture practices with complete traceability from Gate to Plate®.
TrustBIX will acquire 100% of the issued and outstanding shares of AFS (the "Transaction"). The purchase consideration will be by the issuances of 25,000,000 common shares of the Company (subject to applicable escrow and resale restrictions and TSX Venture Exchange acceptance).
Hubert Lau, CEO of TrustBIX, stated, "The deep-rooted commitment of AFS to enhance food security and sustainability, aligns with our mission to transform the agri-food industry. The combination of our technological prowess and AgriPlay's innovative CEA solution holds tremendous potential to revolutionize, initially in Alberta, the agricultural landscape, fostering transparency, efficiency, and resilience."
Adam Morand, President of AFS, stated, "Collaborating with a company that shares our vision and values is a remarkable opportunity. Together, we can leverage technology to address some of the most pressing challenges in agriculture, ensuring a secure and sustainable food supply for Albertans."
TrustBIX and AFS have agreed to make their best efforts to negotiate and prepare the Definitive Agreement on or before August 31, 2023. The Transaction is subject to, among other matters, standard due diligence review by TrustBIX, board approvals for the Transaction by each party, execution of assignments and consents to all key agreements, regulatory and exchange approval, and signing of a binding definitive agreement (the "Definitive Agreement"). TrustBIX will issue a news release updating this information and providing more detail on the parties and finalized terms once the Definitive Agreement has been concluded.
Private Placement
The Company is also pleased to announce a non-brokered private placement ("Private Placement") of up to 5,000,000 units ("Units") at $0.02 per unit ("Unit") for gross proceeds of up to $100,000, subject to regulatory approval. The net proceeds from the Private Placement will be used for general working capital.
Each Unit is comprised of one (1) common share in the capital of TrustBIX ("Common Share") and one (1) Common Share purchase warrant ("Warrant"), whereby each Warrant entitles the holder to purchase on (1) Common Share at a price of $0.05 for period of one (1) year from the date of closing. The securities issued under the Private Placement are subject to a four-month plus one day hold period from the time of closing of the Private Placement.
About Alberta Food Security Inc.
AFS is dedicated to advancing food security and agricultural sustainability within the province of Alberta. As the exclusive territory licensee for AgriPlay with the option to expand into other territories and regions throughout North America and internationally, AFS aims to harness innovative solutions to ensure a resilient and sustainable food supply chain for the benefit of all Albertans.
About TrustBIX
The vision is to create a world where we trust more and waste less by leveraging BIX and its technology solutions. TrustBIX delivers independent validation of provenance and sustainable practices within multiple supply chains and industries.
BIX Location Services offer solutions to supply chains that bring situational awareness for high-value assets.
ViewTrak Technologies Inc., a wholly owned subsidiary, provides a suite of hardware and software solutions to the livestock industry in North America and China.
Forward-Looking Information
This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.
FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.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 of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177089
