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AgriFORCE Growing Systems ( NASDAQ: AGRI ) on Tuesday announced it entered into a binding letter of intent to acquire Berry People.
The LOI sets forth a purchase price of $28 million, consisting of $18.2 million in cash and $9.8 million in AgriFORCE restricted shares, will be paid at closing to acquire 70% of Berry People’s equity interests.
Berry People will have the opportunity for future earnouts during the five years after closing based on future revenue and EBITDA targets associated with agreed upon growth targets.