Terry Booth Appointed CEO, Dr. Duke Fu Appointed COO
LAS VEGAS, March 9, 2021 /PRNewswire/ – Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) (“AUSA” or the “Company”) today announced that, further to its press releases dated January 5, 2021 and February 24, 2021, the Company has completed the acquisition of a 51% ownership interest in 2750176 Ontario Inc. (“ALPS”) for initial consideration of $10,000,000 in shares of the Company and cash of $2,000,000. With the transaction comes the option for AUSA to acquire the remaining 49% on the terms summarized in the Company’s January 5th press release. One of the conditions of the transaction is that Mr. Terry Booth has been appointed the Company’s CEO, effective immediately. Mr. Booth has also been appointed to the AUSA board of directors. Dr. Duke Fu, who had been serving as the Company’s Interim CEO since the November 2020 leadership transition, has been appointed the Company’s COO. Dr. Fu will remain on the AUSA board of directors.
With the transaction, AUSA is acquiring a majority interest in ALPS, the global leader in facility design, construction management and (post) commissioning services to the horticultural sector across a wide variety of commercial crops, including cannabis, fruits, vegetables, mushrooms and ornamentals. ALPS is also a foundational piece in the Company’s unique expansion strategy.
With a number of existing customer relationships and significant contracts, ALPS is expected to bring material revenues to the Company and is also anticipated to be immediately accretive to AUSA results. AUSA plans to leverage ALPS’s customer relationships, whereby customers, in return for ALPS developed IP, will also grow AUSA’s portfolio of award-winning genetics, selling these back to AUSA at cost plus a relatively small mark-up. This, the Company anticipates, will enable it to fuel the scale-up of its brands across the U.S. and beyond