WINNIPEG, MANITOBA, CANADA — Ag Growth International Inc. (AGI) said it received an unsolicited proposal to purchase the company, which it turned down.

AGI released the statement following a media report that it had received the unsolicited proposal. The company said it is not its policy to comment on market speculation or rumors.

AGI said its board of directors, in consultation with financial and legal advisers, thoroughly considered and determined the non-binding and conditional proposal was not in the best interests of AGI or its shareholders.

“AGI is not in discussions with any third party, nor is there any agreement, understanding or arrangement with respect to any proposal,” it said.

AGI said it does not intend to make any further public announcements regarding any rumors or speculation unless it determines that disclosure is warranted and in accordance with the requirements of applicable law.