Regina, Saskatchewan--(Newsfile Corp. - April 30, 2025) - Above Food Ingredients Inc. (NASDAQ: ABVE) ("Above Food") today announced that it has reached agreement on essential terms and conditions for its proposed merger with Palm Global Technologies Ltd. ("Palm Global"), advancing the transformative acquisition first announced on February 6, 2025.
The executive management team of Above Food has completed its comprehensive review of the proposed merger terms and structure, expressing strong support for this transformative combination. The Company's Board of Directors has received the management team's endorsement and is advancing the necessary corporate and regulatory approvals to facilitate the completion of definitive documentation.
The Above Food executive management team travelled to the Emirates this week to conclude final diligence. Additionally, our leadership team attended a number of groundbreaking milestone events that further demonstrated the success that Palm Global is achieving on its global initiatives.
"This milestone solidifies the strong alignment between our organizations on both the vision and structure of this revolutionary merger," commented Lionel Kambeitz, Founder and CEO of Above Food. "Our management team strongly supports this combination with Palm Global, which we believe will create substantial value for our shareholders while accelerating our mission of building a more sustainable and inclusive global food system. Palm Global's revolutionary FinTech platform, built on proprietary AI, blockchain, and decentralized finance technologies, and impressive roster of global partnerships, creates an unprecedented go-to-market platform to transform global agriculture. The events we attended in person and the associated announcements expected over the coming days from Palm Global further solidifies our belief that this transaction will significantly enhance shareholder value. We will ensure our shareholders are updated on a timely basis on the exciting progress as they are announced by ourselves or Palm Global."
About Above Food Ingredients Inc.
Above Food Ingredients Inc. (NASDAQ: ABVE) is an ingredient company that delivers products made with real, nutritious, flavorful ingredients produced with transparency. The Company's vision is to create a healthier world – one seed, one field, and one bite at a time. With a robust chain of custody of plant proteins, enabled by scaled operations and infrastructure in primary agriculture and processing, and proprietary seed development capabilities that leverage the power of artificial intelligence-driven genomics and agronomy, the Company delivers nutritious foods to businesses and consumers with traceability and sustainability.
About Palm Global
Palm Global is a next-generation innovator in financial inclusion, agri-tech, and sustainability, operating out of San Francisco, Dubai, Hong Kong, and Singapore. Utilizing AI, blockchain, and decentralized finance (DeFi) technologies. Palm Global delivers scalable solutions that drive economic empowerment and financial access for millions of farmers across Africa, Southeast Asia, and the Americas. By facilitating access to credit, insurance, and advanced agricultural technologies, through its platforms and super-apps, Palm Global supports sustainable growth and food security at scale. Through strategic partnerships with governments, global institutions, and NGOs, Palm Global is accelerating the adoption of digital solutions that transform global agriculture and strengthen financial resilience in underserved markets. The Palm Global website is available at www.palmglobal.ai
This press release may contain "forward-looking information" within the meaning of the United States federal securities laws and applicable Canadian securities laws. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," future," "opportunity," "plan," "may," "should," "will," "could," "will be," will continue," and similar expressions and include, without limitation, statements about the ability of or expectations regarding the future performance of our business and operations.
Forward-looking statements are based on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider all of the risks and uncertainties described in the documents filed by the Company with the United States Securities and Exchange Commission, which is available on EDGAR at www.sec.gov/edgar.shtml. There may be additional risks that the Company presently does not know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements provide the Company's expectations, plans or forecasts of future events and views as of the date of this communication. The Company anticipates that subsequent events and developments will cause the Company's assessments to change. However, while the Company may elect to update these forward-looking statements in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this communication. Nothing herein should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results in such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein.
Additional Information and Where to Find It:
INVESTORS AND SECURITY HOLDERS OF ABOVE FOOD ARE URGED TO READ THE DOCUMENTS FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ABOVE FOOD. Investors and security holders will be able to obtain free copies of the documents filed with the SEC by Above Food through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Above Food are also be available free of charge on Above Food's website at https://abovefood.com or by contacting Above Food's Investor Relations Department at 2305 Victoria Ave #001, Regina, Saskatchewan, Canada, S4P 0S7.
