January 24, 2018 – Vancouver, British Columbia – Clean Seed Capital Group Ltd. (TSX-V: CSX) – announces that its wholly owned subsidiary, Clean Seed Agricultural Technologies Ltd. (“Clean Seed” or the “Company”), is the first Company approved for the patent box incentive program under the Saskatchewan Commercial Innovation Incentive (SCII) for its SMART Seeder™ technology. The program lowers the Saskatchewan corporate income tax rate from 12% to 6% per cent for 15 years commencing anytime in the future at the Company’s discretion.
The SCII program was developed to attract companies to commercialize their unique, exceptional intellectual property in Saskatchewan while having a Saskatchewan operating presence. The eligibility criteria for entrance into the program includes:
- there is no equivalent innovation in the Canadian marketplace.
- the innovation offers exceptional differentiation from competitive offerings.
- demonstrating new economic benefits to Saskatchewan by meeting at least two of five economic benchmarks.
The Saskatchewan Ministry of The Economy approved the scientific eligibility of our SMART Seeder™ technology for the innovation criteria. As part of our application, we proposed a new economic benchmark of the incremental value to a farmer from using the SMART Seeder™ technology as compared to widely used Air Seeder technology. Our economic benefit measures were approved by the Saskatchewan Ministry of Economy.
“Our team has worked extremely hard to develop, market and commercialize the SMART Seeder™ technology which has once again met the test. There is no equivalent innovation in the Canadian market place and we were able to demonstrate that our technology offers exceptional differentiation from competitive offerings. I am proud of our Company’s accomplishments and the validation by the due diligence process of the Saskatchewan Government.
We would like to thank the Saskatchewan Government and all individuals involved. The due diligence and evaluation process was extremely thorough and we are delighted to be the first company accepted into this creative program. As the Company commercializes its SMART Seeder™ technology, we plan to expand our operating presence in Saskatchewan” said Graeme Lempriere, CEO of Clean Seed.
“In the last election campaign, we promised Saskatchewan would be the first jurisdiction in North America to offer the patent box incentive, which has the potential to create thousands of jobs and attract millions of dollars in investment to our province,” Premier Brad Wall said. “We are following through on that promise with the approval of Clean Seed Agricultural Technologies’ application under the program.”