TransAKT Acquires Tawainese Hydroponic Company Vegfab Agricultural Technology

TransAKT Ltd. and Vegfab Agricultural Co. Ltd. today announced that they have entered into a definitive agreement under which TransAKT will acquire Vegfab, a Taiwanese company, for the sum of $5.5 million.

A final agreement, contingent on the outcome of TransAKT's due diligence, is expected to be approved by the board of directors of both companies and be completed rather speedily—sometime in the next few weeks.

Vegfab is a manufacturer of highly innovative agricultural equipment used to grow a large variety of vegetables and fruit using simulated sunlight from LED lamps in proprietary a hydroponic system. Vegfab's product line includes systems for commercial production, and a new home growing system which allows families to grow safe, clean vegetables and fruit in their own homes.

"Vegfab's technology allows home and commercial users to grow vegetables and fruit using simulated sunlight produced by highly efficient LED lamps," explains James Wu, chairman of TransAKT. "Produce grown hydroponically using Vegfab's system grows faster than vegetables grown in soil and requires no chemical fertilizers or pesticides; you can trust that vegetables grown with Vegfab are clean and safe for your family."