Represents collaboration with Stronghold Engineering Inc. and Stronghold Power Systems Inc. within the City of Coachella
At full operational optimization, administration believes every new facility may generate in extra of $40 million of annualized, high-margin IP royalty and leasing charges to the Company 1
Multiple services deliberate to allow cultivators to provide prime quality crops and meant to offer native jobs to help the neighborhood
VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) — AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an mental property (IP)-focused AgTech firm devoted to advancing sustainable cultivation and crop optimization throughout a number of platforms, in the present day introduced it has entered right into a three-way settlement with Stronghold Power Systems Inc. (SPSI) and Stronghold Engineering Inc. (SEI), whereby AgriFORCE will purchase and the Parties will collectively develop a 34-acre property, which can function the primary Coachella Campus for AgriFORCE’s proprietary and state-of-the-art managed surroundings agriculture (“CEA”) services.
The settlement represents a collaboration between AgriFORCE, SEI and SPSI, within the City of Coachella. SPSI is a subsidiary/division of SEI, a California-based, nationally famend design and building agency. SEI has been nominated as the final contractor for the challenge. The property is strategically situated with entry to energy that will probably be offered by SPSI, in addition to distribution networks supported by the City of Coachella.
At full operational optimization, every new facility is anticipated to generate in extra of $40 million of annualized, high-margin IP royalty and leasing charges to the Company.1 The buy worth for the land is $2.8 million of AgriFORCE widespread inventory and $1.5 million of money on the time of property switch, which is anticipated through the first quarter of 2023. Additionally, based on the phrases of the acquisition settlement, infrastructure prices are to be principally born by SEI, which upon completion is anticipated to boost the worth of the AgriFORCE property. Through this property settlement, AgriFORCE estimates it should scale back the capital expenditures for the primary web site by $4.8 million in Phase 1 of the event. The Parties count on to finance the steadiness of building by challenge financing, primarily based on long-term buyer agreements.
The campus will embody cultivation services, that includes superior facility design, automated built-in rising methods, and superior environmental management methods, leveraging the Company’s broad IP-based AgTech platform. These services are designed to make the most of much less assets than conventional CEA services, comparable to water and electrical energy, in addition to ship optimized crops for the good thing about clients.
Troy McClellan, President of AgriFORCE Solutions, said “AgriFORCE is thrilled to collaborate with Stronghold Engineering and Stronghold Power Systems to acquire this strategic property to develop our Coachella Campus. This collaboration enables us to advance deployment of our proprietary IP to deliver cutting edge agricultural facilities and operating procedures, allowing the production of better crops. We believe that once completed, this development will bring enhanced agriculture, job opportunities, as well as community engagement activities, illustrating our commitment to positively transform farm, food, and family every day, everywhere.”
Scott Bailey, Founder of Stronghold Power Systems, Inc. and COO of Stronghold Engineering, Inc. shared, “The team at Stronghold Power Systems is excited to be involved with this project. We have been working with AgriFORCE for approximately four years now and it’s great to see this come to fruition. It is a culmination of many hours of hard work by all of our companies and stakeholders to bring a world class research and development center to the Coachella Valley, focused on new agricultural grow technologies. We are proud to be in this alliance with AgriFORCE, as we support their mission to making positive changes in the world through sustainability and improving agriculture for our future.”
1Based solely on present market costs (as of September 16th, 2022) and AgriFORCE’s inner engineering and monetary modelling. This is simply an estimate and never a projection of future efficiency. The Company’s potential to satisfy any estimates is topic to many components, comparable to, however not solely, market situations, demand, power majeure occasions, amongst others.
About Stronghold Power Systems Inc.
Stronghold Power Systems Inc. was fashioned to offer revolutionary options for Municipalities and Developers seeking to construct or broaden their present energy era capabilities. The firm makes a speciality of offering multi-faceted options for purchasers which might embody designing, constructing, financing, working and sustaining their electrical methods. With in depth expertise in mid to massive scale photo voltaic improvement, in addition to micro-grid design and building, Stronghold Power Systems can provide turnkey options that reach exterior of conventional energy methods.
www.strongholdpowersystem.com
About Stronghold Engineering Inc.
Stronghold Engineering, Inc. is an ENR-ranked, award-winning design and building agency specializing in famend tasks for among the nation’s largest organizations. Started as a small electrical contracting operation from their kitchen desk, husband and spouse workforce, Scott & Beverly Bailey, have invested over 30 years in Stronghold. Their efforts have helped develop the corporate right into a full-scale design and building agency that has accomplished a wide selection of technically difficult tasks together with high-profile ground-up services, historic renovations, important seismic upgrades, and enormous energy era methods deriving from each renewable and non-renewable sources. Stronghold has additionally carried out appreciable work within the civil, electrical, and infrastructure fields, with over 500 federal contracts accomplished and whole tasks exceeding $2.5 billion in building value.
www.strongholdengineering.com
About AgriFORCE
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an AgTech firm targeted on the event and acquisition of crop manufacturing know-how and mental property augmented by superior AgTech services and options. Looking to serve the worldwide market, the Company’s present focus is on North and Central America, Europe, and Asia. The AgriFORCE imaginative and prescient is to be a pacesetter in delivering plant-based meals and merchandise by superior and sustainable AgTech answer platforms that make constructive change on this planet—from seed to desk. The AgriFORCE objective: Clean. Green. Better. Additional details about AgriFORCE is out there at: www.agriforcegs.com.
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Connect with AgriFORCE on LinkedIn: AgriFORCE Growing Systems Ltd.
This press launch incorporates forward-looking statements inside the that means of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements apart from statements of historic info included on this press launch could represent forward-looking statements and usually are not ensures of future efficiency, situation or outcomes and contain quite a few dangers and uncertainties. Actual outcomes could differ materially from these within the forward-looking statements because of quite a few components, together with these described every so often in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no obligation to replace any forward-looking assertion made herein. All forward-looking statements communicate solely as of the date of this press launch.
This announcement is for informational functions solely and doesn’t represent a suggestion to promote or a solicitation of a suggestion to purchase securities of the issuer. Any provide to promote or solicitation of a suggestion to purchase securities of the issuer could solely be made pursuant to a sound prospectus pursuant to an efficient registration assertion or pursuant to a sound exemption from registration below the Securities Act of 1933, as amended and the principles and rules promulgated thereunder.
Company Contact:
Ian Pedersen
Tel: (604) 757-0952
Email: [email protected]
Investor Relations:
Crescendo Communications, LLC
David Waldman/Natalya Rudman
Tel: (212) 671-1021
Email: [email protected]
Media Relations:
Peppercomm
Hannah Robbins
Tel: (415) 633-3205
Email: [email protected]
