Ag Growth International Announces Agreement to Extend Outside Date for Completion of Acquisition of Westeel
WINNIPEG, MB, April 21, 2015 – Ag Growth International Inc. (TSX: AFN) ("AGI") announced today that AGI, Vicwest Inc. ("Vicwest") and Kingspan Group Limited ("Kingspan") have agreed to extend the outside date from April 30, 2015 to May 20, 2015 for completion of the previously announced plan of arrangement (the “Arrangement”) whereby, among other things, AGI (through an acquisition company) will acquire substantially all of the assets of Vicwest’s Westeel division and Kingspan (through an acquisition company) will acquire all of the issued and outstanding common shares of Vicwest.
The parties to the Arrangement have agreed to extend the outside date as a result of continued discussions with the Canadian Competition Bureau (the “Bureau”) in connection with the Bureau’s review of the proposed Arrangement, and the fact that those discussions will not be complete in time for an April 30th close. If the approval of the Bureau is obtained, and the other conditions to the completion of the Arrangement are satisfied or waived, AGI is confident that the Arrangement can be completed on or before May 20, 2015.
Company Profile
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 eleven manufacturing facilities in Canada, the United States, the United Kingdom and Finland, and distributes its products globally.
Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable Canadian securities law ("forward-looking statements"). Statements other than statements of historical fact contained in this press release may constitute forward-looking statements. Specific forward-looking statements in this press release include statements with respect to the expected timing and completion of the Arrangement. The forward-looking statements contained herein reflect the expectations of AGI and are based on information currently available to it. In developing these forward-looking statements, certain material assumptions were made that AGI believes are reasonable. However, forward-looking statements and the assumptions on which they are based involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements and assumptions. These risks and uncertainties include, among other things, the possibility that any of the conditions to closing of the Arrangement, including receipt of Bureau approval, may not be satisfied or (where applicable) waived on the anticipated timelines or at all, and such other risks as identified in AGI’s materials filed under its profile at www.sedar.com from time to time. If any of such conditions are not satisfied or (where applicable) waived, completion of the Arrangement may be further delayed or not completed at all. Readers are cautioned that the preceding list of risks and uncertainties is not exhaustive and that the forward-looking statements are subject to change as a result of new information, future events or other circumstances. Readers are further cautioned not to place undue reliance on the forward-looking statements. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press
release are made as of the date hereof and AGI undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable Canadian securities laws.