AgJunction Inc. Completes Plan of Arrangement
SCOTTSDALE, Ariz., Dec. 07, 2021 (GLOBE NEWSWIRE) — AgJunction Inc. (TSX: AJX) (“AgJunction” or the “Corporation“) is pleased to announce that it has completed its previously announced plan of arrangement (the “Arrangement“) pursuant to which, among other things, Kubota Canada Ltd. (the “Purchaser”), a wholly-owned subsidiary of Kubota Corporation, acquired all the issued and outstanding common shares of AgJunction (“AgJunction Shares“) for cash consideration of CAD $0.75 per AgJunction Share. The AgJunction Shares are expected to be delisted from the Toronto Stock Exchange within two business days. AgJunction will also apply to cease to be a reporting issuer in all provinces of Canada. Further details regarding the Arrangement are included in AgJunction’s information circular and proxy statement dated October 21, 2021, a copy of which is available under AgJunction’s profile on SEDAR at www.sedar.com.
Required Early Warning Report Information
Following completion of the Arrangement, the Purchaser will have beneficial ownership and control over 100% of the issued and outstanding AgJunction Shares. Prior to the Arrangement, the Purchaser held no AgJunction Shares. The head address of the Purchaser is 5900 14th Avenue Markham, Ontario L3S 4K4.
This press release is being issued, in part, pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues which requires a report to be filed under AgJunction’s profile on SEDAR at www.sedar.com containing additional information respecting the foregoing matters. You may also contact Cody Slach or Cody Cree at 1-949-574-3862 to obtain a copy of the report.
AgJunction is a global leader of advanced guidance and autosteering solutions for precision agriculture applications. Its technologies are critical components in over 30 of the world’s leading precision Ag manufacturers and solution providers and it owns or licenses over 200 patents and patents pending. AgJunction markets its solutions under leading brand names including Novariant®, Wheelman®, Whirl™ and Handsfreefarm® and is committed to advancing its vision by bringing affordable hands-free farming to every farm, regardless of terrain or size. AgJunction is headquartered in Scottsdale, Arizona. For more information, visit www.agjunction.com.
About Kubota Corporation
Founded in 1890, Kubota Corporation is a global leading manufacturer of agricultural, turf, construction equipment and industrial engine. With its global headquarters in Japan, and footprint in more than 120 countries throughout North America, Europe and Asia, Kubota has worked closely with farmers to develop agricultural machinery with the aim to accelerate innovation to solve issues related to food, water, and the environment. Although agricultural equipment is Kubota’s primary line of products, Kubota also produces a diverse portfolio of other products including pipe-related products, environment-related products, and social infrastructure-related products to contribute to improve human lives and society. Kubota is listed on the Tokyo Stock Exchange under the symbol “6326”. For more information, please go to www.kubota.com.
This press release contains forward-looking information and forward-looking statements (collectively, “forward-looking information”) within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of AgJunction as of the date of this news release, unless otherwise stated. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information. These statements are only predictions and actual events or results may differ materially. Although the Corporation’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievement since such expectations are inherently subject to significant business, economic, competitive and political uncertainties and contingencies. Accordingly, readers should not place undue reliance on forward-looking information contained in this press release.
In respect of the forward-looking information, AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time, including, but not limited to, the timing for delisting of the AgJunction Shares from the TSX and the applications to cease to be a reporting issuer in all provinces of Canada.
The forward-looking information contained in this press release is made as of the date hereof and AgJunction undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Gateway Investor Relations
Cody Slach or Cody Cree