HIAWATHA, KS, June 25, 2015 /CNW/ - (TSX: AJX) — AgJunction Inc. ("AgJunction" or the "Company") (TSX: AJX) announces the appointment of Michael Manning as interim Senior Vice President and Chief Financial Officer of the Company effective July 7, 2015. Mr. Manning will report to AgJunction's President and Chief Executive Officer, Rick Heiniger.
Mr. Manning joins AgJunction from Unitech Holdings where he served as Chief Financial Officer and was responsible for the company's overall financial operations, mergers and acquisitions, strategic planning, treasury, financial reporting, and information technology. Previously, Mr. Manning was employed at ASSA ABLOY's Global Technologies Division where he served as Global Chief Financial Officer of the division's Hospitality business unit.
In addition, Mr. Manning served first as Chief Financial Officer and then as President of the US Legal Entities of Cargotec Holding, Inc. Prior to Cargotec, Mr. Manning served as Chief Financial Officer of Williams Group PLC's W. Kidde Portables Safety Division and as Chief Financial Officer and Corporate Treasurer of Multivac, Inc.
Mr. Heiniger commented, "Mr. Manning's extensive experience with both private and publicly traded companies as a financial executive who has operated in many industries, including aerospace and defense, technology, transportation, and consumer products leaves him well positioned to drive AgJunction's financial operations forward as well as lead AgJunction through its planned acquisition of Novariant, Inc."
Mr. Manning earned a Masters of Business Administration from the University of South Florida and a Bachelors of Business Arts in Accounting from the University of Wisconsin.
The Company is also providing an update regarding the status of the proposed acquisition of Novariant, Inc. ("Novariant") by AgJunction through a Plan of Merger under the Laws of the State of California (the "Merger").
On June 12, 2015, AgJunction filed an application to obtain from the Department of Business Oversight of the State of California (the "California Commissioner") a permit (the "Permit") qualifying the issuance of common shares of AgJunction to security holders of Novariant pursuant to the Merger.
AgJunction is requesting the California Commissioner to hold a hearing (the "Fairness Hearing") to determine the fairness of the terms and conditions of the issuance of such common shares. The Fairness Hearing will be held at a date, time and location to be set by the California Commissioner, and, if the Permit is issued, AgJunction will thereafter call a meeting of AgJunction shareholders to consider, among other matters, the issuance of common shares pursuant to the Merger.
The timing of the shareholders' meeting and the mailing and posting on SEDAR of a formal notice and associated materials to shareholders will depend on the timing of receipt of the Permit (assuming the Permit is issued). Upon receipt of the Permit, the record date and meeting date will be determined and an additional press release will be issued.
AgJunction provides innovative hardware and software applications for precision agriculture worldwide. AgJunction holds numerous patents and markets its products and services under leading brand names including Outback Guidance® and Satloc®. AgJunction supports advanced farming practices and enables seamless data connectivity among growers and their agricultural service providers. Headquartered in Hiawatha, Kansas, AgJunction has facilities in Arizona, Winnipeg, and Queensland, Australia. AgJunction is listed on the Toronto Stock Exchange (TSX) under the symbol "AJX." For more information, please go to www.agjunction.com.
Reader Advisory and Note Regarding Forward Looking Information
This press release contains forward-looking information and forward-looking statements (collectively, "forward-looking information") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of AgJunction as of the date of this news release, unless otherwise stated. The use of any of the words "expect", "anticipate", "may", "will", "should", "believe", "intends" and similar expressions are intended to identify forward-looking information. More particularly and without limitation, this press release contains forward-looking information concerning: the anticipated receipt of the Permit; the anticipated timing of the Fairness Hearing; and the anticipated timing of mailing of a notice of meeting and associated materials regarding the Merger, the filing of such documents on SEDAR, and the holding of the AgJunction shareholders meeting. In respect of the forward-looking information AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time, including, but not limited to, assumptions as to the time required to prepare and mail shareholder meeting materials; and the ability of each of AgJunction and Novariant to receive, in a timely manner, the necessary regulatory, stock exchange and other third party approvals, including the Permit. The anticipated schedule of events provided herein may change for a number of reasons, including unforeseen delays in preparing meeting materials, inability to secure necessary regulatory, or other third party approvals, including the Permit, in the time assumed or the need for additional time to satisfy the other conditions to the completion of the Merger. Accordingly, readers should not place undue reliance on such forward-looking information contained in this press release. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure of each of AgJunction and Novariant to obtain necessary regulatory, stock exchange and other third party approvals, including the Permit, in a timely manner, or at all. Failure to obtain such approvals may result in the Merger not being completed on the proposed terms, or at all. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking information contained in this press release is made as of the date hereof and AgJunction undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. This press release is for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security which may be referenced herein.
SOURCE Agjunction Inc.
For further information: Rick Heiniger, President and CEO, AgJunction Inc., (785) 742-5130, RHeiniger@agjunction.com; Cory Pala, Investor Relations, e.vestor Communications Inc., (416) 657-2400, Cory.Pala@evestor.com