Calyx Bio-Ventures to acquire Cannigistics
Calyx Bio-Ventures Inc (C:CYX)
Shares Issued 38,400,000
Last Close 9/23/2014 $0.045
Wednesday September 24 2014 – News Release
Mr. Don Konantz reports
CALYX ENTERS INTO DEFINITIVE AGREEMENTS TO ACQUIRE CANNIGISTICS AGRI-SOLUTIONS CORP.
Calyx Bio-Ventures Inc. has entered into definitive agreements to acquire Cannigistics Agri-Solutions Corp., 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 through its application management console that provides businesses with advanced controls to all aspects of operations.
“We are very excited to have reached agreement with Calyx to conclude the acquisition of Cannigistics,” said Roger Forde, President and CEO of Cannigistics. “As we launch a scalable enterprise solution for indoor agriculture, and an application specifically targeting the medical marijuana industry, it is ideal to have a company with significant experience in biosciences and agriculture innovation behind us. Our proprietary, easy-to-use product offering will allow growers to obtain metrics, streamline compliance, and identify ways to optimize production, as well as offering the ability to integrate with third party platforms to enhance visibility and control throughout the value chain. 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 10,000,000 common shares of Calyx. The terms of the acquisition also provide for up to 3,000,000 additional common shares of Calyx to be issued to the vendors in the future upon the occurrence of certain events, further subject to achieving certain performance milestones. The acquisition remains subject to the approval of the TSX Venture Exchange and other conditions customary for a transaction of this nature.
