RE: Update on Acquisition of Global IP and Manufacturing for Perishables
Roto-International Limited (ASX:RGI) (RotoGro or the Company) wishes to provide an update on the acquisition of the Roto-Gro Inc, which owns Roto-Gro IP Inc (which holds all intellectual property including patents and patents pending in the stackable rotary hydroponic garden space, and proprietary iGrow® growing management software) and Roto-Gro Technologies Inc (which owns the stock, plant and equipment to manufacture Roto-Gro systems), and which was first announced on 6 August 2018.
On 6 November 2018 Roto-Gro Inc advised the Company that in addition to the two original shareholders (who now hold 32.5%), Roto-Gro Inc had other shareholders (consisting members of the Gallant family and two other unrelated parties). Each of these shareholders had agreed to sell their Roto-Gro Inc shares on the same terms as the original shareholders. They subsequently confirmed that the consideration securities received from Roto-Gro would be subject to 12 months escrow from issue.
The Company has submitted a draft notice of annual general meeting to ASX, and is intending to hold its annual general meeting in mid-January 2019.
The Company confirms that it is in compliance with the Listing Rules, and in particular Listing Rule 3.1.