Over 220 farms sold in 2023 with strong
institutional growth
ahead of previously announced business combination with Agrinam
BOSTON, Jan. 31,
2024 /PRNewswire/ -- Freight Farms, Inc.
("Freight Farms"), an innovative agtech
company and leader in hydroponic container
farming, and Agrinam Acquisition Corporation (TSX:AGRI.U)
("Agrinam")
announced substantial growth in year-over-year
orders of Freight Farms' flagship Greenery farm in 2023 (32%),
showcasing need from institutions and communities for localized,
sustainable food. To meet this demand, Freight Farms saw customers
scaling the number of farm units in their operations increase by
approximately 70%, driven primarily by growth of 147% in non-profit
and healthcare customers and 27% in education customers.
This continued momentum sets the stage for the newest iteration
of Freight Farms' container farm, the Garden. This year, Freight
Farms expects to unveil the Garden through strategic partnerships –
starting with the Museum of Science, Boston – to showcase how it seamlessly
integrates into educational settings, public areas and institutions
within the hospitality and nonprofit sectors. Market production is
expected to begin in 2025.
In addition, this growth report follows the previously announced
public business combination between Agrinam, Freight Farms and
Agrinam Merger Sub, Inc., a wholly owned subsidiary of Agrinam,
whereby Agrinam will acquire all of the issued and outstanding
shares of Freight Farms by way of a triangular merger (the
"Business Combination"). This includes, as a condition to closing,
that the resulting company from the Business Combination be listed
on the Toronto Stock Exchange.
The Garden builds upon the success of the Greenery, a
commercial-scale, modular farm leveraging the most advanced
hydroponic, vertical farming and controlled-environment technology.
Greenery farmers can produce 2-6 tons of annual harvest with 90%
less water and land usage than traditional field-based farming –
all within a 40' shipping container. The Garden will leverage these
technologies in a smaller, more aesthetic design, providing an
interactive extension to existing farming facilities, with the goal
of attracting visitors and creating a more immersive experience for
sustainable agriculture.
"We are thrilled to see continued growth of our farms and where
they've taken root at community organizations, hospitals,
restaurants and universities. This aligns with our goal to shift
the paradigm of local food production – moving farms instead of
food – to ensure decentralized and democratized access
to fresh produce," said Rick
Vanzura, CEO of Freight Farms. "The Greenery's robust food
production capabilities truly make it our powerhouse product, and
showcase pieces like the Garden have become increasingly popular,
particularly among institutions. We anticipate our customer base
will expand in these sectors as a growing trend and a new goal
emerges: to not only showcase sustainable agriculture, but educate
about its multiple applications."
Amid rising demand in key industries for sustainable and
locally-sourced food solutions, Freight Farms has experienced a
substantial 62% increase in orders from institutional customers
between 2022 and 2023, contributing to a 51% increase in revenue
for this group.
Some organizations to highlight include:
Nonprofit
- Puerto Rico's Farm in the
City has leveraged Freight Farms' products to supply its
communities with high quality, locally-grown fresh produce for over the last five years.
Farm in the City is a family-owned business with a mission to
provide employment to local farmers and address food security
issues post-Hurricane Maria through
collaboration with the local government, banks
and grocery stores. In 2023, the organization
purchased 10 new farms, bringing the total number of farms in its
operation to over 20.
- Boys & Girls Clubs of Metro South, located in Brockton and Taunton, Massachusetts, uses Freight Farms to
run programming for club members. The organization acquired one new
farm last year, building upon its two existing farm locations. The
container farms provide several community engagement and
educational opportunities, from involving local volunteers to STEM
learning, nutrition education, healthy habits and social emotional
learning programming. Produce grown by club members and volunteers
in the farms helps to improve food access among the children, their
families and the greater community – any food not consumed by club
families is donated to local food pantries.
Healthcare
- AdventHealth Celebration is the first hospital in
Central Florida to have an
agricultural program on its campus and the first in the
southeastern United States to use
Freight Farms technology, providing a scope of care beyond medical
services. The produce harvested is accessible to medical center
staff and available through a food pantry for employees.
AdventHealth Celebration has future plans to use their Freight
Farms for therapeutic horticulture and educational outreach among
staff and local members of the community to underscore the need for
more sustainable food sources. The AdventHealth
Foundation purchased
two new farms for the hospital last year, bringing
the total number of farms on the campus to three.
Education
- University of Arizona's Biosphere 2, an
experimental research facility, uses Freight Farms technology as
part of its larger initiative to advance the understanding of
natural and human-made ecosystems and increase the resilience and
sustainability of Earth systems. The Biosphere 2 Greenery grows
fresh produce for the university and community food organizations,
including the University of Arizona
Campus Pantry and the Impact of Southern
Arizona community food bank. In the face of a rapidly
changing environment, Freight Farms and Biosphere 2 share a
collective goal to explore new ways of growing food for the future.
The University of Arizona added one new
Garden to its Biosphere 2 facility in 2023.
Freight Farms is seeking to revolutionize local
food access, championing a sustainable and resilient future through
hyper-local, water-efficient food production and significantly
reducing food miles. This work was recognized in 2023, when Freight
Farms' Greenery won a Gold Stevie Award for Technical
Innovation of the Year and its farmhand®
software won an AgTech Breakthrough Award for IoT
Monitoring Solution of the Year.
About Freight Farms
Founded in 2012, Freight Farms
debuted the first vertical hydroponic farm built inside an
intermodal shipping container with the mission of democratizing and
decentralizing the local production of fresh, healthy food. Since
its inception, Freight Farms has refined its product offering to
arrive at the Greenery™ container farm. With global customers
ranging from small business farmers to the corporate, hospitality,
retail, education, and nonprofit sectors, Freight Farmers make up
one of the largest network of IoT connected farms in the world.
AgTech Breakthrough named Freight Farms the 2022 "IoT Monitoring
Solution of the Year" for its farmhand® IoT automation
software. For more information, visit
https://www.freightfarms.com/.
About Agrinam Acquisition Corporation
Agrinam
Acquisition Corporation is a special purpose acquisition
corporation incorporated under the laws of the Province of
British Columbia for the purpose
of effecting, directly or indirectly, an acquisition of one or more
businesses or assets, by way of a merger, amalgamation,
arrangement, share exchange, asset acquisition, share purchase,
reorganization, or any other similar business combination within a
specified period of time.
Forward Looking Information
Certain information
contained in this press release may be forward-looking statements
within the meaning of Canadian securities laws. Forward-looking
statements are often, but not always identified by the use of words
such as "expect", "anticipate", "believe", "foresee", "could",
"estimate", "goal", "intend", "plan", "seek", "will", "may" and
"should" and similar expressions or words suggesting future
outcomes. This press release includes forward-looking information
and statements pertaining to, among other things, the Business
Combination.
These forward-looking statements reflect material factors and
expectations and assumptions of Agrinam and Freight Farms
including, without limitation, expectations and assumptions
relating to the expansion of Freights Farms' customer base in the
community organizations, hospitals, restaurants and universities
sectors, expectations and assumptions relating to Agrinam and
Freight Farms being able to receive all required regulatory and
shareholder approvals and current estimates and assumptions
regarding the Business Combination, which are based on Agrinam's
and Freight Farms' perception of historical trends, current
conditions and expectations, as well as other factors believed to
be appropriate in the circumstances. Agrinam's and Freight Farms'
estimates, beliefs and assumptions are inherently subject to
uncertainties and contingencies regarding future events and as
such, are subject to change. Projected timelines included in this
press release are used for illustrative purposes only, are not
forecasts and may not reflect actual results. Numerous risks and
uncertainties could cause the actual events and results to differ
materially from the estimates, beliefs and assumptions expressed or
implied in the forward-looking statements in this press release,
including, but not limited to: the conditions to the consummation
of the Business Combination may not be satisfied or waived; risks
relating to the failure to obtain necessary shareholder, court, and
regulatory approvals for the Business Combination; the filing
and/or mailing of documentation relating to the Business
Combination may not be completed on a timely basis; high levels of
redemptions by Agrinam shareholders; the Business Combination may
be modified, restructured or terminated; events or series of events
may cause business interruptions; and the availability of equity
and debt financing and/or refinancing on acceptable terms.
There are numerous risk factors related to the Business
Combination that investors should take into account, including,
without limitation: the ability of the resulting company from the
Business Combination to meet TSX or other stock exchange listing
standards following the consummation of the Business Combination;
the Business Combination may not be completed within Agrinam's
permitted timeline to complete a qualifying acquisition or the
potential failure to obtain an extension of Agrinam's qualifying
acquisition deadline if sought by Agrinam; and other factors
discussed under "Risk Factors" in Agrinam's preliminary
non-offering prospectus that was filed on November 10, 2023 Prospectus.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Other risks and uncertainties not presently known to
Agrinam and Freight Farms or that they presently believe are not
material could also cause actual results or events to differ
materially from those expressed in the forward-looking statements
contained in this press release. Additional information on these
and other factors that could affect events and results are included
in other documents and reports that will be filed by Agrinam with
applicable securities regulatory authorities and may be accessed
through the SEDAR+ website (www.sedarplus.ca). Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect Agrinam's and Freight Farms' expectations
only as of the date of this press release. Agrinam and Freight
Farms disclaim any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
law.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States or
to U.S. Persons (as such term is defined in Regulation S under the
U.S. Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available.
For further information, contact:
Media
Contact:
RH Strategic
FreightFarmsPR@rhstrategic.com
Investor Contact:
ICR
FreightFarmsIR@icrinc.com
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SOURCE Freight Farms