AgJunction Appoints Michael Manning Interim CFO
AgJunction Appoints Michael Manning as Interim CFO and Provides update on Transaction with Novariant
HIAWATHA, KS, June 25, 2015 – (TSX: AJX) — AgJunction Inc. ("AgJunction" or the "Company") announces the appointment of Michael Manning as interim Senior Vice President and Chief Financial Officer of the Company effective July 7, 2015. Mr. Manning will report to AgJunction’s President and Chief Executive Officer, Rick Heiniger.
Mr. Manning joins AgJunction from Unitech Holdings where he served as Chief Financial Officer and was responsible for the company’s overall financial operations, mergers and acquisitions, strategic planning, treasury, financial reporting, and information technology. Previously, Mr. Manning was employed at ASSA ABLOY’s Global Technologies Division where he served as Global Chief Financial Officer of the division’s Hospitality business unit.
In addition, Mr. Manning served first as Chief Financial Officer and then as President of the US Legal Entities of Cargotec Holding, Inc. Prior to Cargotec, Mr. Manning served as Chief Financial Officer of Williams Group PLC’s W. Kidde Portables Safety Division and as Chief Financial Officer and Corporate Treasurer of Multivac, Inc.
Mr. Heiniger commented, "Mr. Manning’s extensive experience with both private and publicly traded companies as a financial executive who has operated in many industries, including aerospace and defense, technology, transportation, and consumer products leaves him well positioned to drive AgJunction's financial operations forward as well as lead AgJunction through its planned acquisition of Novariant, Inc."
Mr. Manning earned a Masters of Business Administration from the University of South Florida and a Bachelors of Business Arts in Accounting from the University of Wisconsin.
Novariant Merger
The Company is also providing an update regarding the status of the proposed acquisition of Novariant, Inc. ("Novariant") by AgJunction through a Plan of Merger under the Laws of the State of California (the "Merger").
On June 12, 2015, AgJunction filed an application to obtain from the Department of Business Oversight of the State of California (the "California Commissioner") a permit (the "Permit") qualifying the issuance of common shares of AgJunction to security holders of Novariant pursuant to the Merger.
AgJunction is requesting the California Commissioner to hold a hearing (the "Fairness Hearing") to determine the fairness of the terms and conditions of the issuance of such common shares. The Fairness Hearing will be held at a date, time and location to be set by the California Commissioner, and, if the Permit is issued, AgJunction will thereafter call a meeting of AgJunction shareholders to consider, among other matters, the issuance of common shares pursuant to the Merger.
The timing of the shareholders' meeting and the mailing and posting on SEDAR of a formal notice and associated materials to shareholders will depend on the timing of receipt of the Permit (assuming the Permit is issued). Upon receipt of the Permit, the record date and meeting date will be determined and an additional press release will be issued.