New York, NY (January 22, 2019) – Bioceres, a leading Latin American agricultural biotech company (the “Company”), and Union Acquisition Corp. (NYSE: LTN) (“UAC”), a special purpose acquisition company, today announced the Company’s unaudited operating results for the quarter ended December 31, 2018. The parties had previously announced the execution of a definitive share exchange agreement (the “Exchange Agreement”) pursuant to which the Company will contribute its agricultural solutions business in exchange for equity of UAC.
The Company reported unaudited revenues of $62.6 million during the quarter ended December 31, 2018, which represents a 33% growth rate over the same period a year ago. The adjustments and the translation mechanism from the application of IAS 29 had a positive impact of $8.7 million during the quarter ended December 31, 2018. Additionally, the Company’s management team expects Gross Profit and EBITDA margin performance to exceed that of the same period a year ago.
Members of UAC’s sponsor and, or entities affiliated with members of the sponsor, today announced their intent to make purchases of up to $3 million of UAC’s ordinary shares, rights and/or warrants in the open market in their discretion. The actual number of shares, rights and/or warrants which will be purchased, and the timing of such purchases, will be determined by the members of UAC’s sponsor, or entities affiliated with members of the sponsor, and the price which the Company will pay for the securities will be the market price at the time of the purchases. It is anticipated that any such purchases will be made in accordance with the applicable provisions of Securities and Exchange Commission (“SEC”) Rule 10b-18, to the extent applicable.
Bioceres is a fully integrated provider of crop productivity solutions, including seeds, seed traits, seed treatments, biologicals, high-value adjuvants and fertilizers. Unlike most industry participants that specialize in a single technology, chemistry, product, condition or stage of plant development, Bioceres has developed a multi-discipline and multi-product platform capable of providing solutions throughout the entire crop cycle, from pre-planting to transportation and storage. Bioceres’ platform is designed to cost effectively bring high value technologies to market through an open architecture approach. Bioceres’ headquarters and primary operations are based in Argentina, which is its key end-market as well as one of the largest markets globally for GM crops. Through its main operational subsidiary, Rizobacter, the Company has a growing and significant international presence, particularly in Brazil and Paraguay. Bioceres leverages its relationship with its historical shareholders, many of whom are agricultural leaders and key participants in Bioceres’ end markets, to increase adoption of its products and technologies.
Bioceres Investment Highlights:
Union Acquisition Corp. is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. UAC’s efforts to identify a prospective target business are not limited to any particular industry or geographic region, although UAC has focused on target businesses located in Latin America. UAC is led by Juan Sartori, Chairman of the Board of UAC and Chairman and founder of Union Group International Holdings Limited, and Kyle P. Bransfield, Chief Executive Officer of UAC and Partner of Atlantic-Pacific Capital, Inc.