Above Food Ingredients Inc. announced on March 20, 2025, a strategic restructuring as part of its pivot towards the Agri-Tech and Fin-Tech sectors. This included consenting to the Royal Bank of Canada's application to wind up the company's Purely Canada Food Corp. (PCFC) subsidiaries, which resulted in PCFC being placed into receivership by court order on March 19, 2025.
The completion of this receivership means the debts and liabilities of PCFC will no longer be part of Above Food's consolidated financial statements. This action is expected to eliminate over $25 million CAD of annual net losses and result in the company generating pre-tax profitability in the immediate future.
This strategic pivot builds on the August 2024 acquisition of Montana-based Stricks Ag, which has exceeded expectations and positively contributed to the company's profit margin. The previously announced Letter of Intent to acquire Palm Global Technologies Inc. is also expected to provide significant opportunities to enhance Above Food's current revenue run-rate of approximately $200 million CAD with higher-margin revenue streams.
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