Announced today, tech acquisition expands reach of nutrient recovery to new markets.
Ostara Nutrient Recovery Technologies Inc.(“Ostara”) and Multiform Harvest Inc. (“Multiform”) announced recently, the closing (“Closing”) of the acquisition (the “Acquisition”) by Ostara, of substantially all of the assets of Multiform pursuant to an Asset Purchase Agreement (the “Agreement”) entered into by Ostara, Multiform and certain key shareholders of Multiform on August 24, 2018. Pursuant to the Agreement, Ostara paid a portion of the purchase price at Closing and will deliver the remainder in two equal post-Closing payments by mid-2019. Closing of the Acquisition occurred on December 21, 2018.
In connection with the Closing of the Acquisition, Ostara engaged renowned industry expert Dr. Keith Bowers, President & CTO and co-founder of Multiform, to help lead the integration of the technology offerings obtained in the Acquisition, evaluate and pursue new market opportunities, and provide ongoing design and operational support.
“The team at Multiform are pioneers in nutrient recovery, and completion of the Acquisition is a natural progression for Ostara, deepening our experience and expertise in animal wastewater treatment while strengthening our manufacturing potential for recovered nutrients; it also expands upon our already significant IP portfolio and immediately increases our production footprint,” says Dan Parmar, Ostara President and CEO. “Multiform’s patented technology offers compact, low-cost nutrient recovery solutions to the dairy, swine and poultry markets, in addition to small cities around the world. The addition of Dr. Bowers is a significant complement to our existing senior technical team and we are excited that he will be working with us to deliver Ostara’s expanded suite of offerings to new customers through our global salesforce.”
“Ostara’s progress in the fertilizer sector has redefined the value of recovered nutrients,” stated Adam Sumel, Chairman and co-founder of Multiform. “Now two complementary, industry-leading technologies can be offered in the same portfolio, meeting the needs of a wide-range of customers world-wide, while increasing production of recovered nutrients on a scale that impacts sustainable agriculture globally.”
About Ostara Nutrient Recovery Technologies Inc. & Crystal Green:
Ostara helps growers and cities protect precious water and food resources by providing leading nutrient management solutions to farms, municipalities and industries. The company’s Pearl technology recovers phosphorus and nitrogen from industrial, agricultural, and municipal water treatment facilities and transforms them into Crystal Green, a premium, sustainable fertilizer. Crystal Green is the first fertilizer to release nutrients in response to plant demand. Its Root-Activated granule (5-28-0 with 10%Mg), sold globally to the turf and agriculture sectors, is proven to improve crop yields, enhance soil health and significantly reduce phosphorus tie-up, leaching, and runoff, improving food security while protecting local waterways from nutrient pollution. For more information, visit www.ostara.com and www.crystalgreen.com.
About Multiform Harvest:
Multiform facilitates a sustainable resource cycle for phosphorus to help prevent phosphorus run-off and wastewater discharge that can cause irreversible ecological damage. Multiform’s P-recovery systems provide small-scale solutions to wastewater treatment industries with low-capital costs allowing small wastewater treatment plants to access recovery technology, including small dairy, swine and poultry farms.
SOURCE: Ostara Nutrient Recovery Technologies Inc.