(TheNewswire)
November 16, 2023 - TheNewswire
Dear Valued Shareholders,
Amidst the challenges in the venture capital markets,we maintain our steadfast commitment to advancing thecommercialization of our IP portfolio. Our technology is activelycontributing to winter wheat seeding in Northern India with our MINI -MAX in collaboration with our valued partners.
Recent positive developments in political relationsbetween Canada and India are encouraging, following regrettableheadlines and tension generated by the Canadian Prime Minister inSeptember.
We hold firm in our belief that the private sector willnot only endure but thrive, driven by the substantial potentialinherent in the partnership between our two nations. As we navigatethe dynamic landscape in India, particularly with our SMART Seedertechnology and other business interests, we maintain our dedicatedmomentum with Mahindra & Mahindra and our stakeholders to deliveron our MOU. While there have been delays, we anticipate finalizing ourdefinitive agreements within 2023.
Most recently, on November 3rd, we proudly announcedthat we have received an additional patent in Mexico for our flowcontrol technology. This technology holds a pivotal role in thevariable rate metering system utilized in the SMART Seeder,emphasizing our competitive edge in the market. We are pursuing salesand distribution partnerships in Mexico for our technology.
We anticipate that the manufacturing and assembly ofSMART Seeder MINI-MAX™ units for Mexico and other regions will beconducted in collaboration with our partners in India. These unitswill then be shipped worldwide as whole goods, reflecting ourcommitment to global expansion and strategic partnerships.
Clean Seed continues to actively pursue M&Aopportunities both domestically and internationally, targetingsynergistic growth, enhanced working capital and access to strategicacquisitions. Recognizing that our IP portfolio is not adequatelyvalued in the current public capital markets, we are shifting ourfocus towards a strategic alliance model, believing it to be moreconducive to capturing the true value of our assets, while alsoassessing other capitalization alternatives for immediatefunding.
We are proactively working to address the recent delayin our audited financial statements and settle matters with ourprevious auditor. This involves not only rectifying the immediatefiling concerns but also selecting a proficient team tocollaboratively drive our ongoing business activities, placing aparticular emphasis on our M&A endeavors and ongoing financialgrowth requirements.
As previously announced, the Company has been granted aManagement Cease Trade Order by the British Columbia SecuritiesCommission. The Company is providing an update on the status of thefiling of its annual financial statements, accompanying management'sdiscussion and analysis, related CEO and CFO certifications and annualinformation form for the financial year ended June 30, 2023(collectively, the "Annual Filings").
The Company is continuing to work diligently andexpeditiously to complete and file the Annual Filings and settlematters with our previous auditor.
The Company intends to follow the provisions of theAlternative Information Guidelines set out in National Policy 12- 203for so long as the Annual Filings are outstanding, including theissuance of bi-weekly default status reports in the form of newsreleases, all of which will be filed on SEDAR+. The Company confirmsthat there is no other material information concerning the affairs ofthe Company that has not been generally disclosed as of the date ofthis press release.
We are thoroughly evaluating various strategies tomaximize the value of our technology portfolio, recognizing itspotential to positively impact the agricultural system for decades tocome. Our dedicated team is diligently exploring all available optionsto secure the optimal outcome for our shareholders. Our commitment isunwavering in ensuring that the lasting benefits of our innovationsare realized, and true value is shared with our stakeholders.
Regards,
“ Graeme Lempriere ”
Graeme Lempriere
Chairman and CEO
About Clean Seed Capital Group Ltd.
The common shares of Clean Seed Capital Group Ltd. arelisted on the TSX Venture Exchange and trade under the symbol“CSX”.
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 problem into commercially viableproducts to fulfill new demand.
Clean Seed’s SMART Seeder MAX™ technologies arerevolutionary seeding tools that utilize the unique synergy ofsophisticated electronic metering and intuitive software controlputting row-by-row variable rate technology at the forefront ofagricultural 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 norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Forward-Looking Statements Regarding the AnnualFilings
This news release contains“forward-looking information” within the meaning of the applicableCanadian securities legislation pertaining to the timing, review,completion and filing of the Annual Filings, and duration of the MCTO;and other forward-looking information concerning the intentions, plansand future actions of the parties described herein and the termsthereon.
Factors that could cause actualresults to differ materially from those described in suchforward-looking information include, but are not limited to, theCompany may not be able to raise the funds necessary to complete theaudit of its annual financial statements; it may not complete itsaudit and file the Annual Filings as currently anticipated, or at all;and the Company may be subject to a general cease trade order in theevent that the Annual Filings are not completed and filed in the timeanticipated.
The forward-looking information inthis news release reflects the current expectations, assumptionsand/or beliefs of the Company based on information currently availableto the Company. In connection with the forward-looking informationcontained in this news release, the Company has made assumptions aboutthe Company’s ability to complete and file the Annual Filings. TheCompany has also assumed that no significant events occur outside ofthe Company's normal course of business. Although the Company believesthat the assumptions inherent in the forward-looking information arereasonable, forward-looking information is not a guarantee of futureperformance and accordingly undue reliance should not be put on suchinformation due to the inherent uncertainty therein.
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. Clean Seeddisclaims any intention or obligation to update or revise anyforward-looking statements, whether as a result of new information,future events or otherwise, except as required by law.
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