AgriFORCE Provides Strategic Update
06 April 2023 - 11:00PM
AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ:
AGRI; AGRIW), an intellectual property (IP)-focused agtech
company dedicated to advancing sustainable cultivation practices
and food and plant products, today announced that as part of a
strategy to focus on projects expected to generate near-term,
positive cash flow, as well as reduce operating expenses and future
capex commitments, the Company has decided not to move forward with
the previously announced Stronghold agreement and related plans to
develop a 34-acre property in the City of Coachella, or the
Humboldt-Bliss agreement in Barbados.
AgriFORCE CEO, Ingo Mueller commented, “Given the current market
environment and our desire to minimize equity dilution, we have
taken steps to proactively reduce operating expenses, as well as
pare back longer-term, more capital intensive projects, whilst
continuing to advance our IP Portfolio as it pertains to food and
growing systems.”
“Towards this end, as we have previously disclosed, we have
undertaken an aggressive M&A strategy. Each of these in-process
transactions continue to progress and we believe will be highly
accretive and contribute significant cash flows. Meanwhile, we will
continue to work with the Barbados government on the food nutrition
and security feasibility analysis, utilizing the Company’s FORCEGH+
IP. We are also starting commercialization of our un(THINK) flour
products, and preparing for the launch of the Radical Clean
Solutions (RCS) hydroxyl technology for the destruction of
pathogens, mold and volatile organic compounds (VOCs) within
enclosed environments. We believe each of these initiatives can be
advanced through a capital-efficient licensing and go-to-market
strategy.”
Mueller further commented, “Overall, we are laser focused on
executing our M&A strategy and believe that this approach, as
well as new transformative opportunities we are actively pursuing,
will enable us to maximize value for our shareholders. We look
forward to providing updates on these and other developments in the
weeks and months ahead.”
ABOUT AGRIFORCE
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an
agtech company focused on building an integrated agtech platform
that combines the best technology, intellectual property, and
knowledge to solve an urgent problem – providing the best solutions
to help drive sustainable crops and nutritious food for people
around the world. The AgriFORCE vision is to be a global leader in
delivering plant-based foods and products through an advanced and
sustainable agtech platform that makes positive change in the
world—from seed to table. Additional information about AgriFORCE is
available at: www.agriforcegs.com.
Follow AgriFORCE on Twitter: @agriforcegsFollow AgriFORCE on
Facebook: AgriFORCE Growing Systems Ltd.Connect with AgriFORCE on
LinkedIn: AgriFORCE Growing Systems Ltd.
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. This announcement is for informational
purposes only and does not constitute an offer to sell or a
solicitation of an offer to buy securities of the issuer. Any offer
to sell or solicitation of an offer to buy securities of the issuer
may only be made pursuant to a valid prospectus pursuant to an
effective registration statement or pursuant to a valid exemption
from registration under the Securities Act of 1933, as amended and
the rules and regulations promulgated thereunder.
Company Contact:Ian PedersenTel: (604)
757-0952Email: ipedersen@agriforcegs.com
Investor Relations:Crescendo Communications,
LLCDavid Waldman/Alexandra SchiltTel: (212) 671-1021Email:
AGRI@crescendo-ir.com
Media Relations:PeppercommHannah RobbinsTel:
(415) 633-3205Email: AgriFORCE@peppercomm.com
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