Agricon Global Corporation Announces Filling the CEO Position and Adding a
LEHI, UT -- (Marketwired) -- 08/20/13 -- Agricon Global Corporation
(Agricon) (OTCBB: AGRC) announced today the election of Allan
Kronborg as its Chief Executive Officer (CEO) and as a new director.
Mr. Kronborg joins James U. Jensen, Rene Mikkelsen, Soren Jonassen,
Peter Opata, and Robert Bench on the board, bringing the total number
of directors to six.
Mr. Kronborg, age 51, has been serving as a consultant to the Company
and was nominated as an advisory board member just one month ago. Mr.
Kronborg was educated in mechanical and energy engineering. From 1986
through 1997 he served in various senior management positions in
companies with international operations, and in 1997 formed his own
healthcare company. He is an active entrepreneur with interests and
experience in real estate and starting companies and running their
operations in China, Czech Republic, Lithuania, Sweden, and Denmark.
He has recently taken an interest in the business and growth
opportunities in Ghana.
Mr. Kronborg said, "I am pleased with the existing business
infrastructure that Agricon has in Ghana. The existing management
team is capable and committed. I am confident that Ghana offers
significant growth opportunity within the country and also in all of
West Africa, where the economies continue to expand at a record pace.
I am looking forward to help the Company reach its maximum growth
Mr. James U Jensen, Chairman, said, "We are pleased that Mr. Kronborg
has accepted the position of CEO, a position that has been opened for
over a year. His broad international experience and specifically his
excitement for the Company's businesses, in Ghana, will benefit our
company in many ways."
Mr. Robert Bench, who will continue as President and Director, said,
"We are pleased to have Mr. Kronborg as head of our management team,
and his personal commitment to our operations and growth to Agricon's
operations and expansion efforts in West Africa. Allan's excitement
for the economic opportunities in West Africa and his commitment to
the Company's projects in Ghana will give additional momentum to
Agricon's existing strategic direction."
The Compensation Committee of the Board (comprised of all independent
directors) also recommended and the full board ratified compensations
arrangements for the key management team going forward. Options for
the purchase of 6 million shares were issued to 4 officers with 2
million to each of Mr. Kronborg and Mr. Bench and 1 million each to
Stephen Abu and Lars Nielsen. The options vest over a 5 year period
and are exercisable at $0.68 per share. The Board also adopted the
Compensation Committee's recommendation for cash compensation with
each of Mr. Kronborg and Mr. Bench drawing a yearly compensation rate
of $120,000 per year and a bonus of an equal amount which will be
accrued, but not immediately paid. The bonus amount will be paid out
over time and bonus payments will begin only upon cash flow positive
About Agricon Global Corporation
Agricon is a development stage smaller reporting public company that
recently acquired 3,200 hectares (8,000 acres) with an option to
acquire an additional 3,200 hectares in Ghana, West Africa. Agricon
will begin to develop the land to be used for cultivation and
production of rotation crops such as maize (corn), rice, sunflower,
soya and canola.
Statements about the expected timing,
and all other statements in this press release, other than historical
facts, constitute forward-looking statements. Readers are cautioned
not to place undue reliance on these forward-looking statements.
Forward-looking statements speak only as of the date hereof and are
based on current expectations and involve a number of assumptions,
risks and uncertainties that could cause actual results to differ
materially from those projected. A number of the matters discussed
herein that are not historical or current facts deal with potential
future circumstances and developments which may or may not
materialize. This press release speaks only as of its date, and
except as required by law, we disclaim any duty to update the
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