{"id":469998,"date":"2021-04-01T13:57:53","date_gmt":"2021-04-01T17:57:53","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469998"},"modified":"2021-04-01T13:57:53","modified_gmt":"2021-04-01T17:57:53","slug":"agraflora-announces-definitive-agreement-to-sell-its-aaa-heidelberg-subsidiary","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/agraflora-announces-definitive-agreement-to-sell-its-aaa-heidelberg-subsidiary\/","title":{"rendered":"AgraFlora Announces Definitive Agreement to Sell its AAA Heidelberg Subsidiary"},"content":{"rendered":"
\n

VANCOUVER, British Columbia, April 01, 2021 (GLOBE NEWSWIRE) — AgraFlora Organics International Inc.<\/strong><\/a> (\u201cAgraFlora<\/strong>\u201d or the \u201cCompany<\/strong>\u201d) (CSE:\u00a0AGRA<\/strong><\/a>) (Frankfurt: PU31<\/strong><\/a>) (OTCPK: AGFAF<\/strong>)<\/a> is pleased to announce the signing of a definitive agreement (the \u201cAgreement\u201d) to sell its wholly-owned subsidiary, AAA Heidelberg Inc. (\u201cAAA\u201d), for cash consideration of approximately $1 million (the \u201cTransaction\u201d). AAA operates an 8,800 square foot indoor growing facility in London, Ontario. The closing of the Transaction is subject to customary approvals and is expected to occur in the second quarter of 2021.<\/p>\n

\u201cWith the positive developments being experienced in Delta, BC at our Propagation Services Canada facility, the AAA Heidelberg subsidiary was deemed to be non-core to the Company. Further, streamlining AgraFlora\u2019s strategy, focusing on our core assets and benefiting from the cash proceeds of this Transaction are all high priorities for us at this transformative time,\u201d said Elise Coppens, Chief Executive Officer and Director of AgraFlora. \u201cOn behalf of the Board of Directors, I would like to thank the purchaser for their professionalism and expediency during the course of this Transaction,\u201d added Ms. Coppens.<\/p>\n

\n About AgraFlora Organics International Inc.<\/strong>\n <\/p>\n

AgraFlora Organics International Inc. is a leading cannabis company building shareholder value through the development of revenue generating operating assets in the global cannabis industry. AgraFlora is focused primarily on the Canadian cannabis industry \u2013 the world\u2019s most advanced and regulated legal cannabis market. Its flagship Canadian asset is Propagation Services Canada, a large-scale commercial greenhouse in Delta, BC focused on reshaping the Canadian flower market with high-potency, low-cost cannabis. In addition, AgraFlora\u2019s wholly-owned subsidiary, Farmako GmbH, is focused on becoming Europe\u2019s leading distributor of medical cannabis. Farmako currently has active distribution operations in Germany and expects to commence active operations in the United Kingdom in 2021. For more information about AgraFlora, please visit agraflora.ca<\/a> and its profile page on SEDAR at www.sedar.com<\/a>.<\/p>\n

\n
\n ON BEHALF OF THE BOARD OF DIRECTORS<\/em>
\n <\/strong>
\n
Nick Kuzyk, Investor Relations
E: ir@agraflora.ca<\/u><\/a>
T: (800) 783-6056<\/p>\n

\n For French inquiries:<\/strong>
\n
Maricom Inc.
Remy Scalabrini
E: rs@maricom.ca<\/u><\/a>
T: (888) 585-MARI<\/p>\n

\n The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.<\/em>\n <\/p>\n

\n
\n Forward-looking Information Cautionary Statement<\/em>
\n <\/strong>
\n
\n Except for statements of historic fact this news release contains certain \u201cforward-looking information\u201d within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as \u201cplan\u201d \u201cexpect\u201d \u201cproject\u201d \u201cintend\u201d \u201cbelieve\u201d \u201canticipate\u201d \u201cestimate\u201d and other similar words or statements that certain events or conditions \u201cmay\u201d or \u201cwill\u201d occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including but not limited to delays or uncertainties with regulatory approvals including that of the CSE. There are uncertainties inherent in forward-looking information including factors beyond the Company\u2019s control. There are no assurances that the business plans for AgraFlora Organics described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management\u2019s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company\u2019s filings with Canadian securities regulators which are available at www.sedar.com.<\/em>\n <\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

VANCOUVER, British Columbia, April 01, 2021 (GLOBE NEWSWIRE) — AgraFlora Organics International Inc. (\u201cAgraFlora\u201d or the \u201cCompany\u201d) (CSE:\u00a0AGRA) (Frankfurt: PU31) (OTCPK: AGFAF) is pleased to announce the signing of a definitive agreement (the \u201cAgreement\u201d) to sell its wholly-owned subsidiary, AAA Heidelberg Inc. (\u201cAAA\u201d), for cash consideration of approximately $1 million (the \u201cTransaction\u201d). AAA operates an 8,800 square foot indoor growing facility in London, Ontario. The closing of the Transaction is subject to customary approvals and is expected to occur in the second quarter of 2021. \u201cWith the positive developments being experienced in Delta, BC at our Propagation Services Canada facility, the AAA Heidelberg subsidiary was deemed to be non-core to the Company. Further, streamlining AgraFlora\u2019s strategy, focusing on our core … <\/p>\n

Continue reading “AgraFlora Announces Definitive Agreement to Sell its AAA Heidelberg Subsidiary”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-469998","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nAgraFlora Announces Definitive Agreement to Sell its AAA Heidelberg Subsidiary - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/agraflora-announces-definitive-agreement-to-sell-its-aaa-heidelberg-subsidiary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AgraFlora Announces Definitive Agreement to Sell its AAA Heidelberg Subsidiary - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"VANCOUVER, British Columbia, April 01, 2021 (GLOBE NEWSWIRE) — AgraFlora Organics International Inc. (\u201cAgraFlora\u201d or the \u201cCompany\u201d) (CSE:\u00a0AGRA) (Frankfurt: PU31) (OTCPK: AGFAF) is pleased to announce the signing of a definitive agreement (the \u201cAgreement\u201d) to sell its wholly-owned subsidiary, AAA Heidelberg Inc. (\u201cAAA\u201d), for cash consideration of approximately $1 million (the \u201cTransaction\u201d). AAA operates an 8,800 square foot indoor growing facility in London, Ontario. The closing of the Transaction is subject to customary approvals and is expected to occur in the second quarter of 2021. \u201cWith the positive developments being experienced in Delta, BC at our Propagation Services Canada facility, the AAA Heidelberg subsidiary was deemed to be non-core to the Company. 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