January 24, 2018 / TheNewswire / Vancouver, British Columbia - Clean Seed Capital Group Ltd. (TSX-V: CSX) - announces that its wholly owned subsidiary, Clean Seed Agricultural Technologies Ltd. ("Clean Seed" or the "Company"), is the first Company approved for the patent box incentive program under the Saskatchewan Commercial Innovation Incentive (SCII) for its SMART Seeder(TM) technology. The program lowers the Saskatchewan corporate income tax rate from 12% to 6% per cent for 15 years commencing anytime in the future at the Company's discretion.
The SCII program was developed to attract companies to commercialize their unique, exceptional intellectual property in Saskatchewan while having a Saskatchewan operating presence. The eligibility criteria for entrance into the program includes:
a)there is no equivalent innovation in the Canadian marketplace
b)the innovation offers exceptional differentiation from competitive offerings.
c)demonstrating new economic benefits to Saskatchewan by meeting at least two of five economic benchmarks.
The Saskatchewan Ministry of The Economy approved the scientific eligibility of our SMART Seeder(TM) technology for the innovation criteria. As part of our application, we proposed a new economic benchmark of the incremental value to a farmer from using the SMART Seeder(TM) technology as compared to widely used Air Seeder technology. Our economic benefit measures were approved by the Saskatchewan Ministry of Economy.
"Our team has worked extremely hard to develop, market and commercialize the SMART Seeder(TM) technology which has once again met the test. There is no equivalent innovation in the Canadian market place and we were able to demonstrate that our technology offers exceptional differentiation from competitive offerings. I am proud of our Company's accomplishments and the validation by the due diligence process of the Saskatchewan Government.
We would like to thank the Saskatchewan Government and all individuals involved. The due diligence and evaluation process was extremely thorough and we are delighted to be the first company accepted into this creative program. As the Company commercializes its SMART Seeder(TM) technology, we plan to expand our operating presence in Saskatchewan" said Graeme Lempriere, CEO of Clean Seed.
"In the last election campaign, we promised Saskatchewan would be the first jurisdiction in North America to offer the patent box incentive, which has the potential to create thousands of jobs and attract millions of dollars in investment to our province," Premier Brad Wall said. "We are following through on that promise with the approval of Clean Seed Agricultural Technologies' application under the program."
To read the Government Of Saskatchewan News Release on application approval CLICK HERE
About Clean Seed Capital Group Ltd.
The common shares of Clean Seed Capital Group Ltd. are listed on the TSX Venture Exchange and trade under the symbol "CSX". Clean Seed Capital Group Ltd is at the forefront of an agricultural shift to unparalleled high definition seeding technologies.
Clean Seed has developed an advanced precision no-till seeding system comprising several individually patented technologies, including in-ground openers, proprietary seed and fertilizer metering, and electronic control systems. Our most recent ground breaking achievement is also our most advanced and innovative to date: the award winning CX-6 SMART Seeder(TM), which is an industry first!
The ground-breaking CX-6 SMART Seeder(TM) creates a new niche within the large-scale farm equipment market.
For further information please contact Clean Seed Capital Group Ltd. at 604-566-9895 and visit our website at http://www.cleanseedcapital.com.
ON BEHALF OF THE BOARD
Chief Executive Officer & President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The common shares of Clean Seed Capital Group Ltd. have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward-looking statements" as defined under applicable Canadian securities legislation. Forward-looking statements herein include, but are not limited to, statements with respect to the future operations of Clean Seed, its future profitability, its location of operation and the realization of the benefit of reduction in corporate tax rate. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, there is no assurance the location of operations, future profitability and realization of the tax benefit outlined herein will be met; and readers should not place undue reliance on forward-looking statements. Clean Seed Capital Group Ltd. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Copyright (c) 2018 TheNewswire - All rights reserved.