Clean seed originally launched its smart seeder CX-6 for use in small grain seeding. The technology was well received by the agriculture community in Canada. After obtaining U.S patents Clean Seed has now announced plans to join forces with Harvest International and combine Clean Seed’s technology with Harvest International's existing planter business.
Purchase Price: $13,100,000 USD and future additional earn-out considerations.
The combined Company will be able to utilize the technology of both companies to provide a farmer based solution for both the planting and seeding market that could revolutionize how crops are planted and seeded worldwide.
Clean Seed has stated that financing for this acquisition will utilize Harvest an established, operating business, with current sales volume that justify a financing strategy aimed at utilizing long-term, patient debt financing to avoid significant shareholder dilution while retaining earnings to grow the business.
Because Harvest is a private company a financial statement audit to align Harvest as subsidiary for reporting purposes had to be completed.
Clean Seed and Harvest have been working with strong financial partners that have expressed a deep commitment to supporting expansion plans by funding this transaction. Details of the financing are expected to be announced soon.
While working to complete necessary financing to close the acquisition, Clean Seed has been Successful at adding to its already impressive board and management team.*