TORONTO, Dec. 12, 2018 /CNW/ - Toronto based CO2 GRO Inc.
("GROW") (TSX-V: GROW, OTCQB: BLONF, Frankfurt: 4021) is pleased to announce the
signing of its first Commercial Agreement.
GROW has granted a technology site license to US based
Tumbleweed Farms a greenhouse grower for a patent protected CO2
Foliar Spray system. The technology site license term is perpetual.
Engineering installation starts immediately for completion in
January 2019. The date of the
agreement is December 4, 2018.
Fees upon start-up will be paid monthly on a per square foot
basis. Fees charged will cover engineering support, installation,
monitoring and telemetry of GROW's Foliar Spray technology as well
as the technology site license.
This US grower was more than satisfied with all of GROW's plant
science research and commercial grow trial results so went directly
to a commercial installation.
John Archibald, CEO, stated "This
is the first of a series of expected Commercial Agreements in four
plant verticals GROW is targeting for 2019 – indoor and outdoor
cannabis, hemp, flowers and leafy vegetables in North America. While the revenues from this
technology site license will be modest initially there is the
potential for revenues to grow significantly over
time".
About CO2 GRO Inc.
GROW's mission is to accelerate all indoor and outdoor value
plant growth naturally, safely, and economically using its patented
advanced CO2 Foliar Spray technologies. GROW's global target plant
markets are retail food at $8
trillion per year (Plunkett
Mar 2017) and retail non-food at an estimated $1.2 trillion per year with retail tobacco at
$760 billion (BA Tobacco estimate),
floriculture at $100 billion by 2022
(MarketResearch.Biz estimate) and legal cannabis at $50 billion per year by 2022 (Bay St. Analyst
estimates).
GROW's CO2 technologies are commercially proven, scalable and
easily adopted into existing irrigation systems. GROW's proven crop
yield enhancements and revenue model are compelling for growers and
Agri-industrial partners.
GROW's sole focus is working with its plant grower and
Agri-industrial partners in proving and adopting its CO2
technologies for specific growers' plant yield needs.
The CO2 technologies work by transferring CO2 gas into water and
foliar spraying water across the entire plant leaf surface area,
which is a semi permeable membrane. The dissolved concentrated CO2
then penetrates a leaf's surface area naturally like nicotine
naturally dissolves through human skin from a nicotine
patch.
Foliar spraying of natural water, dissolved nutrients and
chemicals on plant leaves has been used for over 60 years by
millions of indoor and outdoor plant growers. To date, outdoor
growers have not had any way to enhance plant CO2 gas uptake
for faster growth.
Indoor use of CO2 gassing has enhanced plant yields for over 60
years. However, about 60% of the CO2 gas is typically lost through
ventilation. Current greenhouse CO2 gassing levels of up to 1500
PPM are also not ideal for worker health and safety. GROW's safer
infused CO2 foliar spray can be used by indoor and outdoor plant
growers with minimal CO2 gas lost and much greater plant
bioavailability resulting in higher yields.
Forward-Looking Statements This news release
may contain forward-looking statements that are based on CO2GRO's
expectations, estimates and projections regarding its business and
the economic environment in which it operates. These statements are
not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. Therefore,
actual outcomes and results may differ materially from those
expressed in these forward-looking statements and readers should
not place undue reliance on such statements. Statements speak only
as of the date on which they are made, and the Company undertakes
no obligation to update them publicly to reflect new information or
the occurrence of future events or circumstances, unless otherwise
required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE CO2 GRO Inc.