LANGLEY, BC, June 11, 2014 /CNW/ - Bevo Agro Inc. (BVO:TSXV) is pleased to announce it has entered into a letter of intent to acquire the greenhouse and approximately 20 acres of property located on Hale Road in Pitt Meadows, BC from Kanaka Greenhouses Ltd. The five acre Venlo type greenhouse is fully equipped with computer controls, CO2 system, irrigation system, heat storage and can be operated in 8 different climate zones. The 20 acres also allows for additional expansion.
This acquisition offers extensive asset and operational synergies with Bevo and supports the commitment to provide healthy, high quality plants to our customers. National and international clients are expanding their order base of propagated vegetable and flower plants resulting in a need for additional greenhouse space.
The acquisition will be funded by a new term loan facility. Closing is anticipated in July 2014, which is the first quarter of fiscal 2015.
Bevo Agro is North America's leading supplier of propagated agricultural plants, growing and distributing vegetable, flower, berry and other plant seedlings to North America's growers. Bevo propagates quality seedlings and plants for wholesale vegetable greenhouse growers, field growers, nurseries and retail outlets from its 39 acre production facility. Upon the closing of this acquisition, Bevo's production area will increase to 44 acres located on approximately 118 acres of land in Langley and Pitt Meadows, BC.
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 release.
SOURCE: Bevo Agro Inc.
For further information: Jack Benne, President, Bevo Agro Inc., Phone: (604) 888-0420, Fax: (604) 888-8048, Email: firstname.lastname@example.org