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A1 Investments & Resources to acquire global seed distributor

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A1 Investments & Resources (ASX: AYI) has entered a heads of agreement to acquire Singapore based Marvel Seeds, a worldwide distributor of Super Sorghum seeds from Japan.

Super Sorghum is a fast growing and high yielding crop, extremely drought tolerant and easily convertible to bioethanol.

Test farming in North Queensland is already underway.

Consideration for the acquisition is $5.5 million, comprised of $2 million is AYI shares and a $3.5 million convertible note.

Marvel Seeds has unaudited assets of $10.5 million, and a sales agreement with Sol Holdings Corp that is expected to provide $13 million in revenue during $2012.

Completion of the transaction is subject to shareholder and regulatory approval.

Prior to the completion of the acquisition, A1 is capitalised at just $500,000.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: A1 Investments & Resources

Price: 0.001 AUD

ASX:AYI
Market: ASX
Market Cap: $24.02 m
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