Mr. Paul Householder reports

AGI ANNOUNCES RESOLUTION OF LAWSUIT RELATED TO SEPTEMBER 2020 BIN INCIDENT

Ag Growth International Inc. has resolved the lawsuit brought by its customer Fibreco Export Inc., relating to a commercial grain storage bin failure at Fibreco's terminal. The bin incident was originally announced in September, 2020, and the lawsuit commenced in June, 2021.

The company has confirmed that a mutual settlement agreement has been entered into with Fibreco that settles all matters between Ag Growth and Fibreco relating to the bin incident. Ag Growth expects to record an additional pretax charge of approximately $15.6-million in the second quarter of 2023 in connection with the Fibreco settlement, including insurance recoveries that will be received. It believes the settlement between Ag Growth and Fibreco will help to facilitate the finalization of other insurance-related matters.

"We are encouraged to be putting this lawsuit behind us and preserving a strong ongoing commercial relationship with Fibreco," commented Paul Householder, president and chief executive officer of Ag Growth. "Since the bin incident occurred, both parties have worked amicably to achieve a viable resolution. With today's announcement, we are taking an important step to permanently resolving this matter and focusing on the opportunities to continue working co-operatively together."

"While the past few years have been challenging, we are encouraged to finally reach resolution with AGI," added Doug Wilkes, Fibreco executive chairman. "The grain business at our terminal has been up and running for over a year, and the settlement of this issue will allow us to fully concentrate on operating our business and meeting the needs of our customers. I'd like to thank everyone involved in helping us reach a final resolution of this matter, and we look forward to further working with them."

About Ag Growth International Inc.

Ag Growth is a provider of the equipment and solutions required to support the efficient storage, transport and processing of food globally. Ag Growth has manufacturing facilities in Canada, the United States, Brazil, India, France and Italy, and distributes its product worldwide.