(TheNewswire)
July 18, 2024 – TheNewswire –Vancouver, British Columbia - Clean Seed Capital Group Ltd. (“Clean Seed” or the“Company”) (NEX: CSX.H) Letter to its Shareholders
Dear Shareholders,
As valued members of our Clean Seed community, we areexcited to share our collective efforts and vision for a bright,sustainable future driven by our technology.
Our mission is to revolutionize agriculture withprecision farming solutions that protect our planet's naturalresources while simultaneously advancing sustainable global foodproduction and security. By embracing clear global demands anddeveloping modern sustainable technologies, Clean Seed and SMARTSeeder™ are poised to meet the challenge of climate related mandatesand pressures to aid in the transformation of food production.
In recent months our team has been hard at work onseveral key initiatives. We have expanded our product line to includethe SMART Seeder Mini-MAX™ compact precision seeder, in sizes from5ft to 20ft. These additions complement our 60’ SMART Seeder MAX™and will provide a comprehensive range of precision seeding andplanting equipment, tailored to farmers worldwide.
Our strategic focus on leveraging Clean Seed’sextensive intellectual property portfolio has led to new revenueopportunities. On February 13, 2024, Clean Seedsecured a landmark technology license agreement with Mahindra andMahindra Limited ("Mahindra"). This agreement grantsMahindra exclusive rights to our Mini-MAX™ line in India, Africa,Turkey, and most of Asia. In addition, Mahindra will serve as awhite-label supplier for our Mini-MAX™ line for direct sales byClean Seed in non-exclusive regions and as a supplier for keycomponents of the SMART Seeder MAX. This partnership ensures stringentquality control, protects proprietary technology, and optimizes thesupply chain, providing the opportunity to broaden the global reach ofour product lines, manage productions costs and increase revenues.
With this agreement in place, Clean Seed is positionedto form additional business relationships for distributing theMini-MAX™ line in non-exclusive regions. We are focusing on Canada,United States, Mexico, Brazil, and Europe.
Clean Seed has been collaborating with Northern FarmersMega FPO (“NFFPO”), a cooperative in Northern India representingover 12,000 farmers, to test, demo and refine the Mini-MAX for theircooperate members. NFFPO provided a letter of intent for the purchaseof 1,000 Mini-MAX™ units and has since issued a purchase order formulti-year delivery subject to local subsidies. We are working withMahindra regarding approval of those subsidies and anticipate thefirst Mini-MAX units to be distributed to NFFPO in Q4 2024. NFFPO is akey user group in India, thus marking a crucial step towards adoptionof the Mini-MAX in India.
Additionally, we are pleased to announce MNP LLP as thecompany's new independent auditor. With a legacy dating back to 1958,MNP LLP stands as one of Canada's premier professional services firms.We have initiated the 2023 fiscal year audit and expected to completeand file our annual filings promptly. Subsequently, the Companyexpects to file its interim reports promptly and seek application forthe revocation of the cease trade order against the Company.
Further to the Company’s previous filings, severalpromissory notes have now matured and loan payments to certainconvertible debenture holders, lenders and promissory noteholders havebeen deferred (collectively, the “Debts”). As a result of thedeferrals, the Company has received request for repayment from theGovernment of Canada for three loans aggregating approximately$1,863,000. After the revocation of the cease trade order, the Companywill work with its creditors to refinance the Debts and will seek tosecure long-term commercialization financing for the business.
Graeme Lempriere, CEO, stated “Our team has investedsubstantial time, money, and political capital to secure a significantinternational business opportunity with Mahindra. Our efforts haveincluded hosting Canadian government officials in India and beingrecognized by the Indian media as a major contributor to the farmingcommunity. We have secured initial orders and played a crucial role inshifting the environmental perspectives and practices of Indianfarmers to address climate change and reduce input costs.
We are excited to announce that we hostedrepresentatives from Mahindra and the Northern Farmer Mega FPO thisweek in Saskatoon. During their visit we hosted meetings with localgovernment representatives, attended Ag In Motion trade show andshowed our flagship product, the SMART Seeder MAX ™ . We look forward to a very brightfuture with our partners. Thank you to all our shareholders for yourperseverance.”
Regards,
“ Graeme Lempriere ”
Graeme Lempriere
Chairman and CEO
About Clean Seed Capital Group Ltd.
The common shares of Clean Seed Capital Group Ltd. are listed on theNEX board of the TSX Venture Exchange and trade under the symbol"CSX.H".
We are a team of innovators and business managementprofessionals with a proven track record of game changing innovationand production of patented agricultural technologies at an incrediblyhigh level. We pride ourselves as progress facilitators that turnsolutions for modern agricultural problems into commercially viableproducts to fulfill new demand. Clean Seed’s SMART Seeder MAX™technologies are revolutionary seeding tools that utilize the uniquesynergy of sophisticated electronic metering and intuitive softwarecontrol putting row-by-row variable rate technology at the forefrontof agricultural innovation. Our innovations create a new class ofhighly accurate seeding equipment designed specifically for today’sfarmer.
For further information please contact us atinfo@cleanseedcapital.com and visit our website at www.cleanseedcapital.com .
Neither the TSX Venture Exchange,the NEX nor their Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Other Forward-LookingInformation
This news release includes certain“forward-looking statements” as defined under applicable Canadiansecurities legislation. All information and statements containedherein that are not clearly historical in nature constituteforward-looking information, and the words “anticipate”,“estimate”, “believe”, “continue”, “could”,“expects”, “intend”, “plans”, "postulates","predict", “will”, “may” or similar expressionssuggesting future conditions or events or the negative of these termsare generally intended to identify forward-looking information.Forward-looking statements are necessarily based upon a number ofestimates and assumptions that, while considered reasonable, aresubject to known and unknown risks, uncertainties, and other factorswhich may cause the actual results and future events to differmaterially from those expressed or implied by such forward-lookingstatements. There can be no assurance that such statements will proveto be accurate, as actual results and future events could differmaterially from those anticipated in such statements, specificallythere is no assurance that the conditions precedent within theagreement with Mahindra and Mahindra Limited will be removed, that theparties will be successful in their objectives regarding the Mini-MAX,that Mini-MAX units will be distributed to NFFPO or that the Companywill have secure the financing needed to support its objectives andstrategies. Clean Seed disclaims any intention or obligation to updateor revise any forward-looking statements, whether as a result of newinformation, future events or otherwise, except as required by law.
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