Agriculture Equipment & Technology Company to Take Ownership Stake in Leading Soil Health Company
JUNE 29, 2021 – Phoenix, AZ: MyLand Company LLC (“MyLand”) announced today the signing of a conditional letter of intent with Ag Growth International Inc. (“AGI”), a global agriculture equipment manufacturing and technology company. AGI’s brands are among the most recognized equipment manufacturers in the agriculture industry across grain, fertilizer, seed, feed, and food.
“We are excited to partner with AGI as we scale the MyLand business,” said Peter Williams, Chief Executive Officer at MyLand. “As a trusted source for on-farm equipment and technology, their experience and reputation fit perfectly with our Soil-as-a-Service (SaaS) platform. They are committed to sustainability and regenerative agriculture, and we look forward to expanding our business together, ensuring the health of our soil, food, people, and planet.”
Upon closing, AGI will acquire a minority equity stake in MyLand and will collaborate on the installation of several MyLand systems in grain operations in North America. After satisfactory technical and commercial validation of these initial installations, AGI intends to enter into manufacturing, distribution, engineering, and software service support agreements with MyLand. To strengthen this partnership, Tim Close, AGI’s President and Chief Executive Officer, will join MyLand’s Board of Directors.
“It is essential that we fill our Board of Director seats with global leaders in soil health that can provide a direct impact on land today,” said Robert Thompson, Co-Founder and Chairman at MyLand. “We look forward to welcoming Tim to our Board. His demonstrated ability to bring cutting edge innovation and technology solutions to the agriculture industry will be quite valuable to MyLand and will help ensure our service model drives the industry towards a regenerative future.”
As President and Chief Executive Officer of AGI, Tim Close oversees the strategic direction and operations of the Canadian-based food infrastructure company. With over 3,800 employees and 34 global manufacturing facilities on six continents, Close has transformed AGI from a regional equipment provider to a global agriculture and food processing solutions and technology business.
“Implementation of regenerative agriculture technology is critical from a sustainability perspective,” stated Tim Close. “MyLand has a very innovative solution that AGI can bring to grain operations, leading to a marked improvement in soil health, productivity, product quality, and operating costs for growers. Over time, we believe our AGI SureTrack platform will be able to capture the advanced information on soil health and irrigation system activity to create a new layer of standardized data that can be used to support a variety of sustainability-related objectives. We look forward to working with the MyLand team and helping advance the commercialization and deployment of their innovative technology.”