Clean Seed has been collaborating with J Assy to adapt, develop and prepare the Singulation Meter technology for Clean Seed. To integrate the J.Assy meter into its Seed Sync™ software platform, Clean Seed has developed a proprietary motor drive and control system, the combination of which will provide unparalleled flexibility to the farmer. The J.Assy Singulation Meter will dovetail with Clean Seed’s variable rate volumetric metering cluster as a feature of the new SMART Seeder MAX-S™ being introduced in 2020 by the Clean Seed Norwood Joint Venture.
Under the OEM supply portion of the agreement, J.Assy will manufacture and supply adapted Clean Seed branded singulation meters, seed disks and related components. This arrangement will provide Clean Seed with singulation solutions for all major crops in North America including canola, corn and soybean.
J.Assy is a respected inventor of proven technology solutions for agribusiness, most notably its Titanium and Selenium meters as well as their wireless Visium blockage sensors.
Graeme Lempriere - Chairman CEO states “J.Assy is one of Brazil’s largest investors in their respective sector, with a remarkable culture for innovation, represented by an impressive patent portfolio and a strong market presence in Brazil, South America, Europe and Africa. The nature of our partnership is particularly compatible and mutually beneficial on multiple levels. In addition to our current roll out plans, Clean Seed will be working closely with J.Assy to bring our SMART Technologies to Brazil as our collaboration and partnership progresses.”
Jose Assy – Founder and President of J.Assy states “We are excited to partner with Clean Seed Capital on their disruptive suite of technologies. We look forward to introducing our collective efforts in North America, here in Brazil and beyond. Our dynamic R&D teams are a good fit for both parties and we look forward to the future.”
Related to closing the Company’s joint venture with Norwood and to finance its contributions for introducing the SMART Seeder MAX-S™ this spring, the Company has raised $1,277,500 through a non-brokered private placement of 5,110,000 units of the Company (the "Units") at a price of $0.25 per Unit,(the "Offering"). The Company initiated the Offering in December 2019, but only recently closed the Offering upon the Norwood transaction being finalized and disclosed. Each Unit consists of one common share and one half common share purchase warrant (a “Unit Warrant"). Each Unit Warrant will entitle the holder to purchase one common share of the Company for a period of 12 months from the closing date of the Offering at a price of $0.50 per share. The Company did not incur any finder’s fees in connection with the Offering. The Company intends to use the proceeds of the Offering for its contribution in introducing the SMART Seeder MAX-S™, its related development activities and general working capital.
Certain participants in the Offering, who are investing a total of $1,045,000, may be considered “related parties” for the purposes of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). The Company is relying upon exemptions from the requirement to obtain a formal valuation and seek minority shareholder approval to the Offering on the basis that the fair market value of the participation by related parties is less than 25% of the Company’s current market capitalization.
Closing of the Offering is subject to approval of the TSX Venture Exchange (the “TSX-V”). All securities issued will be subject to a regulatory hold period of four months and a day in accordance with the rules and policies of the TSX-V and applicable Canadian securities laws, and such other further restrictions as may apply under foreign securities laws.
ON BEHALF OF THE BOARD
“Graeme Lempriere”
Chief Executive Officer
About Clean Seed Capital Group Ltd.
The common shares of Clean Seed Capital Group Ltd. are listed on the TSX Venture Exchange and trade under the symbol "CSX".
We are a team of innovators and business management professionals with a proven track record of game changing innovation and production of patented agricultural technologies at an incredibly high level. We pride ourselves as progress facilitators that turn solutions for modern agricultural problem into commercially viable products to fulfill new demand.
Clean Seed’s SMART Seeder™ technologies are revolutionary seeding tools that utilize the unique synergy of sophisticated electronic metering and intuitive software control putting row-by-row variable rate technology at the forefront of agricultural innovation. Our innovations create a new class of highly accurate seeding equipment designed specifically for today’s farmer.
For further information please contact Clean Seed at 604-566-9895 and visit our website at http://www.cleanseedcapital.com.
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 news release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The common shares of Clean Seed Capital Group Ltd. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking statements” as defined under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Specifically, there is no assurance (i) the arrangement with J.Assy will continue without modification, or be successful in the near or long term, or that the manufactured parts and products will work in the manner contemplated; or (ii) the Offering will complete on the basis as outlined, or at all; or that the Company’s use of proceeds will not vary from that outlined above. Clean Seed disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.