AGI Closes NuVision Acquisition
Recent News | Posted on April 1, 2016
Winnipeg, MB, April 1, 2016 – Ag Growth International Inc. (TSX: AFN) (“AGI” or the “Company”) today confirms it has closed its previously announced acquisition of NuVision Industries Inc. (“NuVision”).
NuVision is a premier designer and builder of complete turnkey fertilizer blending plants and material handling facilities. The acquisition of western Canadian based NuVision represents a significant additional step in AGI’s strategic entry into the fertilizer sector.
“We are very pleased to announce the completion of this transaction and look forward to growing our presence in the fertilizer sector”, said Tim Close, President and CEO of AGI. “The team at NuVision have developed a fantastic business and we expect it will grow along with other AGI assets in the sector.”
Ag Growth International Inc. is a leading manufacturer of portable and stationary grain handling, storage and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories, grain aeration equipment and grain drying systems. AGI has manufacturing facilities in Canada, the United States, Brazil and Europe and distributes its products globally.
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Steve Sommerfeld 204-489-1855 firstname.lastname@example.org
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 our ability to achieve the expected benefits of the NuVision acquisition, the anticipated impact of the NuVision acquisition on our business and the timing thereof and our outlook for the financial and operating performance of AGI and NuVision. 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 NuVision, and the anticipated impact of the acquisition of NuVision 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 and the failure realize some or all of the anticipated benefits of the acquisition of NuVision. 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 NuVision 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.