WINNIPEG, March 5, 2019 /CNW/ - Ag Growth International Inc. ("AGI") (TSX: AFN) is pleased to announce it has acquired IntelliFarms LLC ("IntelliFarms"), a provider of hardware and software solutions that benefit grain growers, processors, and other participants in the agriculture market. IntelliFarms was founded in 2001 and is headquartered in Archie, Missouri. Sales at IntelliFarms for the year ended December 31, 2018 were approximately $11.0 million USD.
Throughout the company's history they have offered innovative technology solutions to farmers. IntelliFarms' BinManager is a leading grain storage management solution, using advanced sensors, cables, and controls to maintain stored grain in ideal condition. The highly-automated system works with conditioning equipment to efficiently maintain the quality of stored grain, and allows for remote monitoring and control of the systems. The company's SureTrack Farm solution is a central portal which offers farmers multiple tools including seed trait data, field management, and bin management. SureTrack Pro, targeted at processors, seed companies, and cooperatives, was launched in 2018 and provides unique functionality tailored to the needs of each of these groups.
IntelliFarms has achieved its success through a combination of expertise in sensor technology, embedded electronics, Internet of things (IoT) infrastructure, and credibility with farmers. AGI is proud to welcome Todd Sears, Adam Weiss and the entire IntelliFarms team to the AGI family.
AGI is a leading provider of equipment solutions for agriculture bulk commodities including seed, fertilizer, grain, and feed systems with a growing platform in providing equipment and solutions for food processing facilities. AGI has manufacturing facilities in Canada, the United States, the United Kingdom, Brazil, South Africa, France and Italy, and distributes its product globally.
This press release contains forward-looking statements that reflect our expectations regarding the future growth, results of operations, performance, business prospects, and opportunities of the Company. Forward-looking statements may contain such words as "anticipate", "believe", "continue", "could", "expect", "intend", "plan", "will" or similar expressions suggesting future conditions or events. In particular, the forward-looking statements in this press release include statements relating to our business and strategy, including our expectations with respect to the expected benefits of the IntelliFarms acquisition. Such forward-looking statements reflect our current beliefs and are based on information currently available to us, including certain key expectations and assumptions concerning anticipated grain production in our market areas, financial performance, business prospects, strategies, product pricing, regulatory developments, tax laws, the sufficiency of budgeted capital expenditures in carrying out planned activities, currency exchange rates and the cost of materials, labour, services, AGI's ability to achieve the expected benefits of the acquisition of IntelliFarms, and the anticipated impact of the acquisition of IntelliFarms on AGI's business. Forward-looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from results discussed in the forward-looking statements, including changes in international, national and local business conditions, weather patterns, crop planting, crop yields, crop conditions, the timing of harvest and conditions during harvest, seasonality, industry cyclicality, volatility of production costs, agricultural commodity prices, the cost and availability of capital, currency exchange rates, competition, the failure to complete the IntelliFarms acquisition on the terms or on the timing announced or at all and the failure to realize some or all of the anticipated benefits of the acquisition of IntelliFarms. These risks and uncertainties are described under "Risks and Uncertainties" in our most recently filed MD&A and Annual Information Form. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. There can be no assurance that any of the anticipated benefits of the IntelliFarms acquisition will be realized. We cannot assure readers that actual results will be consistent with these forward-looking statements and we undertake no obligation to update such statements except as expressly required by law.
SOURCE Ag Growth International Inc. (AGI)
For further information: Investor Relations; Steve Sommerfeld, 204-489-1855, [email protected]