November 21, 2022 - Vancouver, British Columbia - Clean Seed Capital Group Ltd. (“Clean Seed” or the “Company”) (TSX-V: CSX) is pleased to announce our technology team completed the final stages of the MINI-MAX™ winter wheat seeding technology demonstrations in Punjab and Haryana, in collaboration with Northern Farmers Mega FPO and Chandigarh University.
MINIMAX™ Program accomplishments:
- Completed final phase of MINI-MAX™ technology demonstrations (winter wheat in multiple conditions) in Northern Regions of India.
- Detailed discussions with the Government of Punjab, Haryana and Center Government about the role of the Government in Farmer welfare while working toward a sustainable farming model. The key strategies included the subsidy for multi-crop no-till MINI-MAX™ along with other incentives like carbon credits for the farmers to use MINI-MAX™.
- Detailed planning session with Government officials regarding financially subsidizing MINI-MAX™ for farmers.
- Attended CII Agro Tech 2022 Conference in India on November 4, 2022.
- Completed CEO roundtable with industry leaders from various industries including agro inputs, agro banking, produce processing and other agriculture related companies, regarding the benefits of a fully integrated farming supply chain model and how to work towards its realization.
We would like the thank the following individuals and groups for their time and contributions towards our efforts to bring MINI-MAX™ to India.
- Minster of Agriculture, Government of Haryana.
- Honorable Minister - Food Processing & Horticulture and Freedom Fighter, Defense Services Welfare, Government of Punjab
- Honorable Minister – Agriculture & Farmers’ Welfare, Government of Punjab
- Chairman, CII Punjab & President, Ganga Acrowools Ltd
- IFS, Director Horticulture, Government of Punjab & State Nodal Officer for AIF in Punjab
- IAS, Additional Chief Secretary, Agriculture & Farmers’ Welfare, Government of Punjab
- IAS, Secretary, Horticulture, Government of Punjab
Our successful efforts in India to date have verified that the MINI-MAX™ can bring a paradigm shift to farming in India with its unique stubble management and true zero-till one-pass precision multi-crop seeding and fertilizer application capabilities. Alterations to the current practices such as stubble burning and poor residue management continue to be a priority for India and demand for SMART Seeder™ technology is gaining traction in India with support from Government officials, farmer co-ops, customers and manufacturers.
Thank you to the Canadian Consulate General’s Office in Chandigarh and the Saskatchewan Trade and Investment Office in New Delhi for your continued support as we completed our program.
Graeme Lempriere, Chairman & CEO states:
“India is one of the world's biggest agricultural markets and is projected to be one of the world’s fastest growing economies in 2022 with a projected growth rate at 6.7%. India is focused on adopting new technologies that address the environmental challenges currently facing the agriculture sector. India has substantial room for collaborative economic development within the agricultural sector and Clean Seed is firmly rooted in its commitment to contribute to the advancement of the sector. I would like to thank our team for its tireless efforts both on the ground in India and here at home to bring MINI-MAX™ to India for 2023.”
The Company has amended a promissory note totaling $510,500 whereby the lender agreed to advance the Company an additional $400,000 to increase the principal amount under the note to $910,500. The promissory note will continue to bear interest of 8% per annum and will now mature on March 31, 2023. Funds will be used for general working capital purposes. As consideration for amending the promissory note, the Company will issue the creditor 2,000,000 bonus warrants (the “Bonus Warrants”). Each Bonus Warrant will entitle the holder to purchase one common share of the Company at a price of $0.20 per share until March 31, 2023. The Bonus Warrants will be subject to approval of the TSX-V and will be subject to a hold period of four months and a day in accordance with the rules and policies of the TSX-V and applicable Canadian securities laws.
ON BEHALF OF THE BOARD
Chairman and CEO
For further information please contact Clean Seed at 604-566-9895 and visit our website at www.cleanseedcapital.com.
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This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The common shares of Clean Seed Capital Group Ltd. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking statements” as defined under applicable Canadian securities legislation. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words “anticipate”, “estimate”, “believe”, “continue”, “could”, “expects”, “intend”, “plans”, "postulates", "predict", “will”, “may” or similar expressions suggesting future conditions or events or the negative of these terms are generally intended to identify forward-looking information. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Clean Seed disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.