/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS
WIRES/
CALGARY, AB, April 9, 2021 /CNW/ - A-LABS CAPITAL IV CORP.
(TSXV: ALCC.P) (the "Corporation"), a capital pool company,
is pleased to announce that trading of the Corporation's common
shares on the TSX Venture Exchange ("TSXV") has been halted at
the Corporation's request pending announcement of a proposed
transaction ("Transaction"). The Corporation
has entered into a letter of intent dated April 6, 2021 with
Vertical Field Ltd. ("Vertical Field"), an arm's
length private company.
Vertical Field, is an Israeli ag-tech company, incorporated in
July 2009, specializing in vertical
agricultural farms that enable crops to grow in the city.
Vertical Field's unique technology enables produce to grow on a
bed of soil (geoponically) inside of repurposed shipping
containers. Vertical Field's advanced technologies enable
high-quality crops to grow quickly and efficiently in optimum
conditions without the use of chemical pesticides. These
customizable urban farms can grow a range of fresh crops for
supermarkets, restaurants, urban farmer's markets, and
distribution centers. Vertical Field's technology is more
efficient and less wasteful than conventional agricultural
methods, using 90% less water, and growing precise quantities of
produce in a controlled environment. Vertical Field has under
development strawberries and mushrooms farms which it plans to be
under commercial deployment at the end of this year or at the
beginning of next year.
Produce inside Vertical Field's farms can therefore grow 365
days a year, are not limited to seasonality constraints,
weather conditions, extreme climate events, or geographic
location. The farms are modular, expandable, and moveable, and
can be managed automatically. Produce is grown in a sterile
environment with minimal human interference. Crops that are
currently grown in the farm include: several varieties of lettuce,
basil, parsley, kale, mint, and more, which are sold at
competitive prices.
Under the letter of intent, the ascribed value of Vertical Field
will be USD$100 million (prior to
giving effect to the Private Placement (defined below)) and
the Corporation will be valued at USD$1 million.
The completion of the Transaction is conditional upon the
completion of a private placement of securities of Vertical Field
(the "Private Placement") concurrent with (or prior to)
to the completion of the Transaction, resulting in minimum gross
proceeds to Vertical Field of US$20
million )of which US$5 million
is being organized by a lead order introduced by the
Corporation). The structure of the Private Placement shall be
determined by the parties, acting reasonably in the context of
the market.
It is anticipated that trading in the Corporation's common
shares will remain halted pending the satisfaction of all
applicable requirements pursuant to the policies of the
TSXV.
This is an initial press release. The Corporation plans to issue
a further press release to provide the information prescribed by
applicable policies of the TSXV including, among other things,
selected financial information respecting Vertical Field,
management and the Board of the Resulting Issuer and the
Transaction.
NEITHER 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 RELEASE.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed Transaction and has neither approved nor
disapproved the contents of this press release.
All statements in this press release, other than statements of
historical fact, are "forward-looking information" with respect
to the Corporation within the meaning of applicable securities
laws. The Corporation provides forward-looking statements for
the purpose of conveying information about current expectations and
plans relating to the future and readers are cautioned that such
statements may not be appropriate for other purposes. By its
nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic
goals and priorities will not be achieved. These risks and
uncertainties include but are not limited to unprecedented market
and economic risks associated with economic circumstances due
to the COVID-19 pandemic, as well as those risks and
uncertainties identified and reported in the Corporation's public
filings under the Corporation's SEDAR profile at
www.sedar.com. Although the Corporation has attempted to
identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking information, there may be other factors that
cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that such
information will prove to be accurate as actual results and
future events could differ materially from those anticipated in
such statements. The Corporation disclaims any intention or
obligation to update or revise any forward-looking information,
whether as a result of new information, future events or
otherwise unless required by law.
Completion of the Transaction is subject to a number of
conditions, including but not limited to, TSXV acceptance and if
applicable pursuant to TSXV requirements, majority of the minority
shareholder approval. Where applicable, the Transaction cannot
close until the required shareholder approval is obtained. There
can be no assurance that the Transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
management information circular or filing statement to be prepared
in connection with the Transaction, any information released or
received with respect to the Transaction may not be accurate or
complete and should not be relied upon. Trading in the
securities of a capital pool company should be considered highly
speculative.
SOURCE A-Labs Capital IV Corp.