African Discovery Group (AFDG) enters into business combination with MPS Infrastructure

CAIRO, Dec. 5, 2024 /PRNewswire/ -- African Discovery Group (AFDG) has signed a letter of intent for a business combination with MPS infrastructure Inc. in a stock-based transaction creating a sustainable energy and water company.     

The Transaction is expected to close in 4Q2024, subject to shareholder approval, customary due diligence and documentation. As part of the Transaction, AFDG is expected to issue shares to the target company and existing operating team. The transaction is expected to result in the existing AFDG shareholders retaining a minority ownership of the company. In conjunction with the closing, the combined company intends to hire a Chief Executive Officer.

Speaking in Riyadh, Kingdom of Saudi Arabia, AFDG Chairman, Alan Kessler, stated, "MPS and Bjorn have worked tirelessly to create substantial value via their projects. We are highly enthusiastic to move forward under Bjorn's leadership in such a paradigm changing fashion for our company and our shareholders."

Premise for the transaction

The key immediate value proposition is the development and operation of a project for the supply of Green Hydrogen to be located at Abu Qir Fertilizer's Facility in Alexandria, Egypt. The 125 MW Electrolyzer facility is expected to produce 50 MT of Green Hydrogen per day and 400 MT of medical grade oxygen per day. Green hydrogen's principal purpose is to help reduce the CO2 footprint by replacing grey, or fossil fuel derived, hydrogen.

Name change and management replacement

It is expected that post the closing of the transaction, Bjorn Q Aaserod the current executive chairman of MPS infrastructure will continue in his role, with Alan Kessler the current Chairman and CEO of African Discovery Group resigning as Chief Executive Officer, but will remain a member of the board of directors. Chris Haaland and Knut Arne Svarteberg, current directors of MPS Infrastructure Inc. will remain as Directors. Furthermore, new Directors will be proposed and elected in the current months in anticipation of a potential uplisting to a major US exchange.

It is additionally expected that the company will change its name from both the acquiring company African Discovery Group as well as the target company MPS to a new name, that encompasses the leapfrogging nature and paradigm changing provision of energy and power into the coming century.

About African Discovery Group

African Discovery Group, Inc., is a Delaware corporation, dedicated to the development of the African continent. AFDG's wholly-owned subsidiary, ADG Subsidiary Corp., is a Delaware corporation ("ADG"). AFDG's primary businesses from which ADG currently generates revenues and from which it intends to generate revenues in the future, include agriculture/sustainability, power, media, strategic minerals, and finance sectors on the African continent. The Company, through its wholly-owned subsidiary, is committed to all aspects of environmental, social and governance issues in its business.

About MPS

MPS is a project development company focused on sustainable green energy, electricity and water infrastructure. MPS has a focus on developing projects for Green Energy utilizing water electrolysis technology and renewable electricity for Green Hydrogen, Oxygen and Green Ammonia. The company is focusing on the entire value chain of renewable power generation and electrification including PV Solar, Wind, Hydro and emerging technologies.

Contact: [email protected]

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SOURCE African Discovery Group