AgriFORCE Announces Memorandum of
Understanding to Deploy its Proprietary Facility and Intellectual
Property in Barbados for the Production of High Value Medical and
Agricultural Products
VANCOUVER,
B.C. – September
9th, 2021 -- InvestorsHub NewsWire -- AgriFORCE Growing
Systems Ltd. ("the
Company") (NASDAQ: AGRI;AGRIW), an innovative
AgTech company focused on developing and acquiring agriculture IP
that advances sustainable cultivation and processing for crops
across multiple verticals, today announced the signing of a
Memorandum of Understanding ("MOU") with Humboldt Bliss, Ltd.
("Humboldt"), an
agriculture and aquaculture business based in Barbados, West
Indies.
Pursuant to the MOU, the
parties plan to deploy AgriFORCE's foundational intellectual
property – including a proprietary facility design, production and
operation technologies, and automated growing system (AgriFORCE
Grow House) for the cultivation and sale of high value medical and
agricultural products into the Caribbean and global
pharmaceutical and agriculture
markets.
Under
the terms of the MOU, it is anticipated that AgriFORCE will be
responsible for the construction and providing the full Standard
Operating Procedure's ('SOP's') of the AgriFORCE Grow House, while
Humboldt will be responsible for securing the project's land and
facilities operations. Upon production, Humboldt has committed to
remit a licensing and equipment leasing fee to AgriFORCE equal to a
slight discount to a commercial index for a minimum of 14,300
pounds of high value medical and agricultural products per year. As
an example, given a current index price of approximately $1,900 per
pound with a 10% discount, a 14,300 pound annual minimum could
potentially yield annual gross revenue of
$24,500,000.[1]
The
initial contract would be for a minimum 5-year term. The contract
would be backed by a rolling $5 million quarterly performance bond
maintained by Humboldt.
Commenting on the
MOU, AgriFORCE's CEO Ingo Mueller stated, "Barbados is an
exceptional opportunity to showcase our technology with the
country's challenging tropical climate, as well as the limestone
rich soil conditions found on the island. In turn, we believe this
will add high-paying and technical jobs to the Barbadian economy
and contribute significant cash flow and robust economic
opportunities to AgriFORCE."
The
MOU is subject to execution of definitive documentation acceptable
to both parties. The intent of both parties is to identify a
property within 90 days and enter into a Definitive Agreement
within 120 days of the date of the MOU.
About Humboldt
HUMBOLDT is an agriculture and aquaculture business based in
Barbados, West Indies with deep roots and ties into the Barbadian
business landscape. Through its subsidiaries, HUMBOLDT has applied
for licensure and entered into various licensing deals, leases and
partnerships in Barbados to sell, distribute and cultivate high
value medical and agricultural products for Caribbean markets.
Humboldt has entered licensing deals with a United States based
Multi-state operator; as well as Honey Vape, a multi-state e-pen
manufacturer, to work in partnership in expansion throughout the
Caribbean.
About AgriFORCE
AgriFORCE Growing
Systems Ltd.
(NASDAQ: AGRI;
AGRIW)
is an AgTech company focused on developing and acquiring
agriculture IP that changes the way plant cultivation and
processing is done to provide more sustainable and better quality
food, pharmaceuticals, nutraceuticals and plant based products and
ingredients. Our vision is to be a leader in delivering plant-based
foods and products through advanced and sustainable AG Tech
Solutions. The Company's foundational IP includes a proprietary
facility design and automated growing system for high-value crops
focused on improving the way that crops are grown. The Company
calls its facility design and automated growing system the
"AgriFORCE Grow House." The Company has designed its AgriFORCE Grow
House to produce in virtually any environmental condition and to
optimize crop yields to as near their full genetic potential
possible, while using substantially fewer natural resources and
eliminating the need for the use of pesticides and/or irradiation.
The AgriFORCE goal: Clean. Green. Better.
Additional information about the Company is available
at: www.agriforcegs.com.
This press release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Statements other than statements of
historical facts included in this press release may constitute
forward-looking statements and are not guarantees of future
performance, condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements as a result of a number of factors,
including those described from time to time in our filings with the
Securities and Exchange Commission and elsewhere. The Company
undertakes no duty to update any forward-looking statement made
herein. All forward-looking statements speak only as of the date of
this press release.
Company
Contact:
Ian
Pedersen
Tel:
(604) 757-0952
Email:
ipedersen@agriforcegs.com
Investor
Relations:
Crescendo
Communications, LLC
David
Waldman/Natalya Rudman
Tel:
(212) 671-1021
Email:
AGRI@crescendo-ir.com
Media
Relations:
AHA
Creative Strategies Inc.
Ruth
Atherley
Tel:
(604) 846-8461
Email:
ruth@ahacreative.com