Wide Open Agriculture signs MoU to sell Dirty Clean Food.

Wide Open Agriculture (WOA) has signed a memorandum of understanding (MoU) to sell its Dirty Clean Food brand to Australian agri-food major's CEO, Jay Albany, for A$1.5m. The agreement was signed on March 8th, and the brand, along with all its assets, will be bought by Albany's holding company, DCF Global Pty. As a result of the sale, Albany will step down as CEO of WOA, and Matthew Skinner, former CFO, will become interim CEO. The deal is subject to approval from WOA's shareholders and Albany securing working capital finance for DCF. The sale of Dirty Clean Food is expected to impact WOA's immediate short-term revenue stream, as the brand accounted for A$11.5m of the company's total revenue in the year ended June 2023. Dirty Clean Food is an online retail brand based in Western Australia that sells locally and ethically produced food and drink products. WOA plans to focus on commercializing its Buntine Protein ingredient made from the lupin bean grown in Western Australia. The company believes that the impact on revenue will be remedied by the commercialization of Buntine Protein and the refocusing of resources and capital into the production of plant-based proteins. [Extracted from the article]