Winnipeg, MB, January 18, 2019 – Ag Growth International Inc. (“AGI”) (TSX: AFN) is pleased to announce it has acquired Improtech Ltd. (“Improtech”), a provider of engineering solutions to the food and beverage industry.
Improtech is a professional engineering services firm specializing in providing engineering design, project management and integration of new machinery and processes within the food and beverage industry. Founded in 1987 and headquartered in Toronto, Canada, Improtech has evolved from mechanical engineering consulting to providing clients with complete design/build solutions carefully tailored to accommodate the unique conditions of different production facilities. Sales at Improtech have historically been weighted towards multi-national entities and have averaged approximately $5,000,000 over the past three fiscal years.
Improtech adds complementary engineering capabilities to those at Danmare, enhancing AGI’s ability to provide complete engineering solutions to an increasingly diverse customer base. Areas of expertise for Improtech include liquid ingredient handling, design of fully automated clean-in-place systems, process utilities design, commissioning of new equipment, and machine safety and guarding design. Improtech also offers turnkey solutions which include design, equipment supply, installation, and commissioning.
Improtech joins Danmare, Sabe, and Mitchell Mill Systems as recent additions to AGI’s growing Food platform. AGI is proud to welcome Carmine Zavarella, Kristen Milad and the entire Improtech team to the AGI family.
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 Improtech 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 Improtech, and the anticipated impact of the acquisition of Improtech 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 Improtech 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 Improtech. 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 Improtech 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.
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.