December 10, 2019 - Vancouver, British Columbia - Clean Seed Capital Group Ltd. (TSX-V: CSX) (“Clean Seed” or the “Company”) is pleased to announce that its application to the United States Patent and Trademark Office to expand its patent coverage for its SMART Seeder technology has been approved. This patent will broaden the coverage of the patent for the Company’s individual point, high resolution, multiple product variable rate metering patent in the United States of America which we announced on February 8, 2018. The Company has now submitted its grant fee which is the final step to the patent being granted. Clean Seed expects to receive formal grant of the patent in early 2020.
Graeme Lempriere, Chief Executive Officer of Clean Seed, states “This additional patent will further expand the safeguards around our technology portfolio in a critical market. The patent substantiates our team’s ongoing commitment to executing our business plan and driving innovation in agriculture. Teamwork and dedication to deliver meaningful change for the advancement of agriculture remain the foundation of our organization. Our board of directors, our shareholders and I, have authorized a stock option amendment for our team members that continue to work tirelessly to deliver for our shareholders. I am extremely proud to be in a position to grant this benefit to our team, all of whom earn it each and every day and many who have been with me since inception.”
Clean Seed has received shareholder approval to amend 3,360,100 outstanding incentive stock options which were granted between September 2011 and April 2018. The exercise price of these stock options range from $0.35 to $0.60 per share and are exercisable from May 2020 to April 2023. In accordance with shareholder approval, the Company will reduce the exercise price of these incentive stock options to $0.20 per share, and extend the expiry date of 3,260,100 of these options to December 31, 2023.
The Company has also granted 1,350,000 incentive stock options to directors, officers, consultants and employees of the Company. Each option permits the grantee to acquire one common share of the Company at a price of $0.20 per share until December 31, 2023.
About Clean Seed Capital Group Ltd.
The common shares of Clean Seed are listed on the TSX Venture Exchange and trade under the symbol "CSX".
We are a team of innovators and business management professionals with a proven track record of game changing innovation and production of patented agricultural technologies at an incredibly high level. We pride ourselves as progress facilitators that turn solutions for modern agricultural problem into commercially viable products to fulfill new demand.
The CX-6 SMART Seeder™ is a revolutionary seeding tool that utilizes the unique synergy of sophisticated electronic metering and intuitive software control putting row-by-row six-meter variable rate technology at the forefront of agricultural innovation. Our innovations create a new class of highly accurate seeding equipment designed specifically for today’s farmer.
For further information please contact Clean Seed at 604-566-9895 and visit our website at http://www.cleanseedcapital.com.
ON BEHALF OF THE BOARD
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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. Forward-looking statements herein include, but are not limited to, statements with respect to the operations, business and plans of Clean Seed. 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. Accordingly, readers should not place undue reliance on forward-looking statements. Clean Seed Capital Group Ltd. 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.