Stockwatch

Affinor Growers Inc (2)
Symbol	AFI
Shares Issued	22,146,362
Recent Sedar+ Documents

Affinor lessor assigns lease on Abbotsford greenhouse

2023-08-24 19:34 ET - News Release

Subject: Affinor Growers Inc. Press Release/News Attached fo r Distribution on Stockwatch.com PDF Document File: Attachment Affinor Growers - News Release - Assumption of Lease.pdf AFFINOR GROWERS 4th Floor, 595 Howe St. Vancouver, BC V6C 2T5 Phone: (604) 356 - 0411 Website www.affinorgrowers.com Listed on the Canadian Securities Exchange under the symbol ("AFI") __________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ Vancouver, B.C., August 24, 2023 - Affinor Growers Inc. ("Affinor" or the "Company") (CSE: AFI) (OTCQB: RSSFF) announces that it has entered into an assignment and assumption agreement dated August 23, 2023 (the "Assignment Agreement") with Nicholas Brusatore ("Brusatore") and 1000538496 Ontario Inc. (the "Purchaser"). As set out in the Company's news release dated January 22, 2021, the Company agreed to lease approximately 27,000 aggregate square feet of rentable area, consisting of a 15,000 square foot greenhouse operation and a 12,000 square foot composting building located in in Abbotsford, British Columbia (the "Premises") from Brusatore pursuant to a lease agreement dated January 21, 2021 (the "Original Lease Agreement"). Brusatore sold the Premises to the Purchaser in June 2023. Pursuant to the Assignment Agreement, the rights and obligations granted to Brusatore pursuant to the Original Lease Agreement have been assigned to and assumed by the Purchaser. The terms of the Original Lease Agreement remain unchanged. The entering into of the Assignment Agreement constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") as Brusatore is a director and officer of the Company and the principal of the Purchaser, Ben Hogervorst, is a director and officer of the Company. The transaction is exempt from the formal valuation and minority shareholder approval requirements under MI 61- 101 pursuant to sections 5.5(d)(ii) and 5.7(1)(c) as the transaction is with respect to a lease of real property under an agreement on reasonable commercial terms that, considered as a whole, are not less advantageous to the Company than if the lease was with a person dealing at arm's length with the Company and the existence of which has been generally disclosed. About Affinor Affinor is a publicly traded company listed on the CSE under the symbol "AFI" and on the OTCQB under the symbol "RSSFF". Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits and vegetables in a sustainable manner. To learn more about Affinor, visit: https://www.affinorgrowers.com/en On behalf of the Board of Directors, Affinor Growers Inc. Nick Brusatore Director /CEO nick@affinorgrowers.com Neither the Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release. CAUTION REGARDING FORWARD-LOOKING INFORMATION This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward- looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. 2