Calyx Enters Into Letter of Intent to Acquire Cannigistics Agri-Solutions Corp
Calyx Enters Into Letter of Intent to Acquire Cannigistics Agri-Solutions Corp.
VANCOUVER, BRITISH COLUMBIA, Jul 24, 2014 (Marketwired via COMTEX) — Calyx Bio-Ventures Inc. CA:CYX +100.00% (“Calyx”) is pleased to announce that is has entered into a letter of intent to acquire Cannigistics Agri-Solutions Corp. (“Cannigistics”), a company focused on bringing sophisticated, versatile, and flexible technology solutions to advanced indoor agriculture.
Cannigistics is developing an efficient application framework that can help growers and agri-facility managers optimize operational efficiency, regulatory compliance, and production results. Cannigistics is presently designing an enterprise software platform tailored to the medical marijuana industry. With the significant reporting requirements of Health Canada and other global agencies as the medical marijuana industry continues to see legalization and rapidly changing regulation, together with the need for tightly controlled growing conditions, it is essential for enterprise software to track, manage, and enhance grower practices in this fast growing industry.
As the medical marijuana industry emerges, new and sophisticated information requirements are becoming apparent for maximizing yield, facility management, integrated security, packaging, labeling and distribution, logistics and tracking. Additionally, the compliance and record keeping requirements are unprecedented and vital to success in the medical marijuana sector. Cannigistics is positioning to be the industry leader in agri-software solutions.
“With Calyx’s extensive background in biosciences and agriculture innovation, it is the ideal company for us to be part of as we launch a scalable enterprise solution for indoor agriculture, specifically targeting the medical marijuana industry” said Roger Forde, President and CEO of Cannigistics. “Our proprietary, easy-to-use product offering will allow growers to obtain the metrics they require to maximize profits and streamline compliance. The legal marijuana supply industry is seeing substantial investment, and we are focused on becoming the dominant solutions provider to this industry, which is expected to grow to $1.3 billion per year in just Canada alone.”
Under the terms of the acquisition, Calyx will acquire all of the issued and outstanding shares of Cannigistics in exchange for 9,000,000 common shares of Calyx. The acquisition remains subject to the fulfillment of certain conditions, including the execution of definitive agreements and the approval of the TSX Venture Exchange.
About Calyx
Calyx Bio-Ventures Inc. CA:CYX +100.00% is an agricultural technology company focused on early stage agriculture ventures. Calyx owns a portfolio of proprietary intellectual property with applications in crop enhancement. In addition to Calyx’s shareholding in Agrisoma Biosciences Inc., a company which is producing a non-food energy feedstock crop for biofuel production, Calyx is pursuing other agri-pharmaceutical and agri-tech opportunities, including opportunities in the MMPR (Marijuana for Medical Purposes Regulations) space. For further information about Calyx, please visit www.calyxbio.com .
About Cannigistics
Cannigistics is presently developing a sophisticated, versatile, and flexible enterprise software platform tailored to advanced indoor agriculture, and specifically the medical marijuana industry. The company is positioning to be the industry leader in agri-software solutions and is designing an efficient application framework that can help growers and agri-facility managers optimize operational efficiency, regulatory compliance, and production results. For further information about Cannigistics, please visit www.cannigisticscorp.com .
Contacts:
Calyx Bio-Ventures
Don Konantz
President & CEO
(604) 649-5961
dkonantz@calyxbio.com
www.calyxbio.com
Cannigistics Agri-Solutions
Roger Forde
President & CEO
(778) 331-5156
rforde@cannigisticscorp.com
www.cannigisticscorp.com
