Winnipeg, MB, February 6, 2024 – Ag Growth International Inc. (TSX: AFN) (“AGI”, “we”, “our”, or the “Company”) is pleased to provide an update on the progress of several concurrent product transfer growth initiatives underway across the organization.
To-date, total orders  received that were enabled by product transfer activities exceeds $55 million. A minority of the total orders received to-date will be reflected in the Company’s 2023 revenue figures with the majority of product transfer-related revenue recognition for orders received to-date expected to materialize in 2024. Quoting and pipeline activity is ongoing across all product transfers and would represent further incremental contribution above and beyond the orders received to-date.
“Product transfers are a key element of our profitable organic growth strategy,” commented Paul Householder, President & CEO of AGI. “By taking highly successful products in one region and transferring the sales-through-to-manufacturing knowledge to other attractive regional markets, we unlock meaningful growth opportunities by leveraging internal capabilities that require minimal incremental capital investment or product development costs. We are in routine contact with our customers to understand their needs which enables us to identify growth opportunities that product transfers address. With many initiatives now moving past the ramp-up phase and into full commercialization, we are seeing initial orders materialize, helping to accelerate overall revenue generation potential entering 2024.”
The Company has updates to several specific product transfers initiated in 2023, including:
“We look forward to building on our early successes and further expanding our product transfer activities,” added Householder. “The tremendous collaboration and efforts of our teams around the world, fundamental to our product transfer initiative, is a clear example of the powerful One AGI culture we are embedding across the organization.”
AGI is a provider of the equipment and solutions required to support the efficient storage, transport, and processing of food globally. AGI has manufacturing facilities in Canada, the United States, Brazil, India, France, and Italy and distributes its product worldwide.
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 Supplementary financial measure. See "Non-IFRS and Other Financial Measures".