Calyx Enters Into Letter of Intent to Acquire Cannigistics Agri-Solutions Corp.
July 24, 2014 (Source: Marketwired) — Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) (“Calyx“) is pleased to announce that is has entered into a letter of intent to acquire Cannigistics Agri-Solutions Corp. (“Cannigistics“), a company focused on bringing sophisticated, versatile, and flexible technology solutions to advanced indoor agriculture.
Cannigistics is developing an efficient application framework that can help growers and agri-facility managers optimize operational efficiency, regulatory compliance, and production results. Cannigistics is presently designing an enterprise software platform tailored to the medical marijuana industry. With the significant reporting requirements of Health Canada and other global agencies as the medical marijuana industry continues to see legalization and rapidly changing regulation, together with the need for tightly controlled growing conditions, it is essential for enterprise software to track, manage, and enhance grower practices in this fast growing industry.
As the medical marijuana industry emerges, new and sophisticated information requirements are becoming apparent for maximizing yield, facility management, integrated security, packaging, labeling and distribution, logistics and tracking. Additionally, the compliance and record keeping requirements are unprecedented and vital to success in the medical marijuana sector. Cannigistics is positioning to be the industry leader in agri-software solutions.
“With Calyx’s extensive background in biosciences and agriculture innovation, it is the ideal company for us to be part of as we launch a scalable enterprise solution for indoor agriculture, specifically targeting the medical marijuana industry” said Roger Forde, President and CEO of Cannigistics. “Our proprietary, easy-to-use product offering will allow growers to obtain the metrics they require to maximize profits and streamline compliance. The legal marijuana supply industry is seeing substantial investment, and we are focused on becoming the dominant solutions provider to this industry, which is expected to grow to $1.3 billion per year in just Canada alone.”
Under the terms of the acquisition, Calyx will acquire all of the issued and outstanding shares of Cannigistics in exchange for 9,000,000 common shares of Calyx. The acquisition remains subject to the fulfillment of certain conditions, including the execution of definitive agreements and the approval of the TSX Venture Exchange.
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Calyx Bio-Ventures Inc. (TSX VENTURE:CYX) is an agricultural technology company focused on early stage agriculture ventures. Calyx owns a portfolio of proprietary intellectual property with applications in crop enhancement. In addition to Calyx’s shareholding in Agrisoma Biosciences Inc., a company which is producing a non-food energy feedstock crop for biofuel production, Calyx is pursuing other agri-pharmaceutical and agri-tech opportunities, including opportunities in the MMPR (Marijuana for Medical Purposes Regulations) space. For further information about Calyx, please visit www.calyxbio.com.
Cannigistics is presently developing a sophisticated, versatile, and flexible enterprise software platform tailored to advanced indoor agriculture, and specifically the medical marijuana industry. The company is positioning to be the industry leader in agri-software solutions and is designing an efficient application framework that can help growers and agri-facility managers optimize operational efficiency, regulatory compliance, and production results. For further information about Cannigistics, please visit www.cannigisticscorp.com.
Forward-Looking Statements: This document contains certain forward-looking statements concerning Calyx, as well as other expectations, plans, goals, objectives, information or statements about future events, conditions, or performance that may constitute “forward-looking statements” or “forward-looking information” under applicable securities legislation. Such statements or information involve substantial known and unknown risks and uncertainties, certain of which are beyond Calyx’s control.
Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.
Although Calyx believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Calyx can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Calyx and described in the forward-looking statements or information.
The forward-looking statements or information contained in this news release are made as of the date hereof and Calyx undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless so required by applicable securities laws or the TSX Venture Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>