AGI Highlights 2023 ESG Performance in Sustainability Report

WINNIPEG, Manitoba, May 28, 2024--(BUSINESS WIRE)--Ag Growth International Inc. (TSX: AFN) ("AGI", the "Company", "we" or "our") today released its 2023 Sustainability Report.

The report highlights AGI’s recent performance and achievements across a range of Environmental, Social, and Governance (ESG) topics.

"I am pleased to share our 2023 Sustainability Report which not only highlights our ongoing commitment to support global food security but also our progress on a number of other priority focus areas that fit within AGI’s sustainability strategy more broadly," commented Paul Householder, President & CEO of AGI. "I am energized by the commitment and efforts of AGI’s global employee base in advancing our sustainability goals as a team. This type of united effort is a hallmark of the One AGI culture we are building across the organization."

Highlights from the report include progress on employee safety, employee engagement, and greenhouse gas (GHG) emissions, among others. Key highlights include:

• Details of AGI’s contribution to support global food security and the United Nations Sustainable Development Goals

• Significant improvements in safety performance, with a reduction in our Lost Time Incident Rate¹ by 27% and in our Total Recordable Incident Rate² by 43% from 2022 levels

• Results of our first ever employee engagement survey which obtained an 89% employee engagement score

• Setting a target to reduce our GHG emissions intensity³ by 25% by 2030, compared to our 2021 baseline

• Issuing our first report aligned with the Task Force on Climate-Related Financial Disclosures (TCFD)

The full 2023 Sustainability Report is available on AGI’s website.

AGI Company Profile

AGI is a provider of the equipment and solutions required to support the efficient storage, transport, and processing of food globally. AGI has manufacturing facilities in Canada, the United States, Brazil, India, France, and Italy and distributes its product worldwide.

Forward-Looking Information:

This document contains certain forward-looking information. More particularly and without limitation, this document contains forward-looking information regarding AGI's target to reduce our Scope 1 and 2 GHG emissions intensity by 25% by 2030, compared to our 2021 baseline. This forward-looking information is based on a number of factors and assumptions which have been used to develop such information including, among other things: our ability to continue to implement and the success of our sustainability programs, the timing thereof and the impact on AGI achieving its goals and targets relating thereto; our ability to improve the energy intensity of our manufacturing operations; our ability to manage and reduce our energy consumption; our ability to reduce GHG emissions and GHG emissions intensity; the availability of the capital, labour and services required to successfully implement our sustainability programs on the timetable anticipated and to achieve our related goals; the cost to implement and maintain our sustainability programs; our ability to successfully partner with third parties to implement our sustainability programs; the availability of renewable energy such as solar in the areas that we operate; our ability to successfully advance and/or implement technology and innovation into our operations; and the sufficiency of budgeted capital expenditures in carrying out planned sustainability activities. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used. Although AGI believes that the factors and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because AGI can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties, most of which are beyond our control. Actual results could differ materially from those currently anticipated due to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to: the risk that we are unable to implement our sustainability programs in part or in full and/or on the anticipated timetable and/or that they are not successful in accomplishing our sustainability goals; the risk that we are unable to improve the energy intensity of our manufacturing operations materially or at all; the risk that we are unable to reduce our energy consumption materially or at all; the risk that we are unable to reduce GHG emissions and/or GHG emissions intensity materially or at all; the risk that the capital, labour and/or services required to successfully implement our sustainability programs are not available in part or at all and that as a result we are unable to achieve our sustainability goals on the anticipated timetable or at all; the risk that the cost to implement and maintain our sustainability programs is higher than currently anticipated or subsequently increases such that the implementation and/or maintenance of one or more of such sustainability programs becomes uneconomic; the risk that we determine to allocate our financial, managerial and/or operational resources to priorities other than the achievement of our sustainability goals due to factors outside of our control or otherwise; the risk that we may not be able to successfully partner with third parties to implement our sustainability programs; and the risk that suitable sources of renewable energy such as solar may not be available in certain areas in which we operate or at all. Readers are cautioned that the foregoing lists of risks and uncertainties is not exhaustive. This forward-looking information are made as of the date of this document and AGI disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking information contained in this document is expressly qualified by this cautionary statement.

¹ "Lost Time Incident Rate" is calculated in line with U.S. Occupational Safety and Health Administration (OSHA) standards using the formula: ([number of lost time injuries in the reporting period] x 200,000) / (total hours worked in the reporting period); this metric references the number of lost time injuries per 100 employees per year, assuming a 40-hour work week and 50 weeks worked.

² "Total Recordable Incident Rate" is calculated in line with OSHA standards using the formula: (Number of OSHA recordable incidents in the reporting period) x 200,000 / (total number of hours worked in the reporting period); this metric references the number of recordable incidents per 100 full-time employees annually.

³ "GHG emissions intensity" is calculated as Scope 1 and Scope 2 GHG emissions (tonnes of CO₂ equivalent) per $1,000 in revenue per year.

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Contacts

Andrew Jacklin
Director, Investor Relations
+1-437-335-1630
investor-relations@aggrowth.com