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GreenStar Agricultural Corp Announces Signing Of Definitive Purchase Agreement For Acquisition Of Chinese Tomato Pulp Producer


Tuesday, 1 Oct 2013 09:00am EDT 

GreenStar Agricultural Corp announced that it has entered into a definitive share purchase agreement for the acquisition of Bayannur City BeiChen Tomato Products Co., Ltd. (Beichen), a Chinese tomato pulp producer with manufacturing operations in Inner Mongolia, an autonomous region of the People's Republic of China. The Agreement, with a purchase price of RMB 25 Million (CDN$4.2 Million), contains standard conditions, including; completion of satisfactory confirmatory due diligence by GreenStar's outside advisors, Collins Barrow Inc.; receipt of all necessary regulatory approvals; satisfaction of a financing condition; no adverse material events and other conditions customary for these types of agreements. Upon satisfactory completion of its confirmatory due diligence, GreenStar expects to close the transaction within 90 days from the date of signing the Agreement. At the same time, GreenStar also announced that it has terminated its previously announced (May 29, 2013) Letter of Intent (LOI) with another Chinese raw tomato pulp producer as GreenStar's rigorous internal due diligence process identified a number of concerns with the initial acquisition which led to the termination of the LOI. GreenStar will continue to honour its current purchase commitments of raw tomato pulp from this producer. 

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