Agtech Announces the Termination of the Planned Acquisition of Noomeds LLC

Rhea-AI Summary

On March 10, 2022, Agtech Global International, Inc. (OTC Pink: AGGL) announced the termination of its Memorandum of Understanding with Dr. Malcolm A. Leissring for the acquisition of NooMeds, LLC due to unexpected funding delays. As a result, Dr. Leissring will not serve as Chief Scientific Officer, and Agtech will cease involvement with the AD Foundation. Agtech continues to focus on the premium CBD consumer market through its acquisition of Galexxy Corporation and a joint venture with City Farm Industries, implementing a 'soil-to-sale' business strategy to enhance profit margins.

Positive

• Continued focus on premium CBD consumer products through acquisition of Galexxy Corporation.
• Joint venture established with City Farm Industries to enhance market presence.
• Implementation of a 'soil-to-sale' business strategy aimed at maximizing profits.

Negative

• Termination of the NooMeds acquisition may limit growth opportunities.
• Absence of Dr. Leissring as Chief Scientific Officer could impact strategic direction.

Newport Beach, CALIFORNIA, March 10, 2022 (GLOBE NEWSWIRE) -- Agtech Global International, Inc. (Agtech) (OTC Pink: AGGL) announces that due to unexpected delays in Agtech’s funding of the purchase, the final consummation of the Memorandum of Understanding between Dr. Malcolm A. Leissring and the planned acquisition of his company NooMeds, LLC. will not proceed and is hereby terminated.

As a result of this change, Dr. Leissring will not continue in the consulting role as Chief Scientific Officer and Agtech will not have any future involvement with the AD Foundation.

Agtech is publicly traded on the OTC Markets (OTC Pink: AGGL). Headquartered in Newport Beach, California, Agtech is entering the rapidly developing markets for premium CBD consumer products through its recent acquisition of Galexxy Corporation and its joint venture with City Farm Industries. Agtech’s “soil-to-sale” business strategy is keenly focused on controlling the supply chain and maximizing profits.

Agtech Global International, Inc.
Ross Lyndon-James
E: ross@galexxy.com
M: (949) 456 3972

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release.

www.agtech.net

FAQ

What led to the termination of Agtech's acquisition of NooMeds?

Agtech terminated the acquisition due to unexpected delays in funding.

How will the termination of the NooMeds acquisition affect AGGL's operations?

The termination may limit growth opportunities and impact future strategic initiatives.

Who is replacing Dr. Malcolm A. Leissring at Agtech Global International?

Dr. Leissring will not be replaced as Chief Scientific Officer following the termination.

What are Agtech's current business focuses after the NooMeds termination?

Agtech is focusing on premium CBD consumer products and maximizing profits through a 'soil-to-sale' strategy.