American Vanguard Corp. (NYSE:AVD) announced today that its wholly-owned subsidiary AMVAC-Chemical Corporation has completed a strategic technology investment and licensing agreement with Vancouver, British Columbia based, Clean Seed Capital Group Ltd.(TSX-V:CSX). The transaction includes a minority equity investment into Clean Seed, plus a royalty-bearing worldwide license agreement to the CSX-patented variable-rate technology currently utilized in the Clean Seed SMART Seeder™ and SMART Planter™ platforms.
Eric Wintemute, Chairman and CEO of American Vanguard, commented, “With this transaction, we are broadening our IP in the rapidly expanding Precision Agriculture sector. This strategic partnership represents an alignment of two companies whose combined precision application technologies are, to my mind, unrivaled. From our point of view, Clean Seed has developed the most advanced one-pass prescription application system for seeding/nutrients with their SMART Seeder™ technology, while AMVAC, through SIMPAS™, has developed the most advanced one-pass prescription application system for applying multiple low-rate, in-furrow products while row-planting. This alliance will give us a highly-sophisticated, variable-rate platform with leading edge sensor technology, access to drill-seeded crops such as wheat, canola and other major crops, and further expand our reach into the Canadian marketplace. This further enhances our strategic growth initiative for SIMPAS as we begin commercialization. We look forward to giving growers the benefit of our collective efforts.”
About American Vanguard
American Vanguard Corporation is a diversified specialty and agricultural products company that develops and markets products for crop protection and management, turf and ornamentals management and public and animal health. American Vanguard is included on the Russell 2000® and Russell 3000® Indexes and the Standard & Poor’s Small Cap 600 Index. To learn more about American Vanguard, please reference the Company’s web site at www.american-vanguard.com.
The Company, from time to time, may discuss forward-looking information. Except for the historical information contained in this release, all forward-looking statements are estimates by the Company’s management and are subject to various risks and uncertainties that may cause results to differ from management’s current expectations. Such factors include weather conditions, changes in regulatory policy and other risks as detailed from time-to-time in the Company’s SEC reports and filings. All forward-looking statements, if any, in this release represent the Company’s judgment as of the date of this release.
Contact Information
William A. Kuser, Director of Investor Relations
(949) 260-1200
williamk@amvac-chemical.com
The Equity Group Inc.
Lena Cati
(212) 836-9611
Lcati@equityny.com