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Ag Innovation Development Group Adds Two National Agricultural Industry Experts to Board of Directors

January 22, 2015 (Memphis, Tenn.)

Ag Innovation Development Group, LLC. (AgIDG), an agricultural-focused venture development company, today announced that Douglas L. Faulkner and Thomas “Bud” Hughes have joined its board of directors. In this role, they will help guide the company during its scale-up phase and through the commercialization of its first spin-off companies that address key issues in agriculture.

“AgIDG is focused on bridging the gap between innovation and commercialization, from early-stage agricultural research to adoption by farmers,” said Pete Nelson, chief executive officer of AgIDG. “Doug and Bud bring significant experience and leadership to our board, which will help us achieve our goal of launching and growing a robust portfolio of companies based on licensed technologies,” he said.

Douglas L. Faulkner has spent more than 20 years as a leader in expanding the global use of renewable energy and energy-efficient technologies. Throughout his careers in government and business, he has promoted market-based solutions and private-public partnerships. He is a former Acting Under Secretary of USDA Rural Development and Acting Assistant Secretary for the Office of Energy Efficiency and Renewable Energy at the U.S. Department of Energy. He is now President of Leatherstocking LLC, a clean-tech advisory firm.

Thomas F. (“Bud”) Hughes is a 30-year veteran of the seed and crop genetics industry and is a partner with Verdant Partners LLC., a leading business brokerage and consulting group for agribusiness. Hughes is the former CEO of Memphis-based Stoneville Pedigreed Seed Company, historically a global leader in advanced cotton genetics. Under Hughes’ direction, Stoneville successfully developed and commercialized the world’s first biotech cotton products, grew to record sales and earnings and, after several acquisitions, ended up as an integral component of the seed business at Bayer CropScience.

Doug and Bud join Peter Nelson, Brian Goodwin, founder of FBSciences, and Steve Bares, PhD, president and executive director of Memphis Bioworks Foundation, on AgIDG’s board of directors.

“We anticipate continued rapid growth with the addition of Doug and Bud to the board,” said Nelson. “They will help us enhance our national network of partnerships with venture capitalists, research institutions, farm organizations, and agricultural companies to invest with us in commercializing technologies that will help feed a growing population projected to reach over 9 billion by 2050,” he said.

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