AgriFORCE and the Government of Barbados Sign MOU to Collaborate on the Market Evaluation and Development of Controlled Environment Facilities in Barbados to Address Nutrition and Food Security in the Caribbean
VANCOUVER, British Columbia, Jan. 18, 2023 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company") (NASDAQ: AGRI; AGRIW), an Intellectual Property (IP) -focused AgTech company dedicated to advancing sustainable cultivation and crop processing across multiple verticals, today announced a collaboration with the government of Barbados. As a first step, AgriFORCE and Delphy Groep BV (Delphy) plan to conduct a feasibility and technical study by the summer of 2023 related to the development of controlled environment agriculture facilities (CEA) for fruits and vegetables. These facilities are intended to supply schools, hospitals, government offices and institutions, as well as retail and food service establishments on the island and for export to other Caribbean markets. These planned facilities would be in addition to the Company’s previously announced agreement to deploy its proprietary FORCEGH+ facility and IP in Barbados.
The feasibility and technical study is intended to define the crops and overall regional demand, facility specifications and land requirements for the supply of these crops to the Barbados market and for export in the Caribbean region. It is expected the feasibility study would be completed in approximately 120 days. At the study’s conclusion, the involved parties anticipate entering into a definitive agreement related to the building of the facilities, offtake determinations for a portion of the production, and other key considerations.
Ms. Kaye-Anne Greenidge, CEO, Invest Barbados noted, “Invest Barbados looks forward to the outcomes of this timely study. Specifically, we anticipate the establishment of a facility which will bring new investment, jobs, knowledge and skill transfer, among other benefits, to Barbados.”
Commenting on the collaboration, AgriFORCE CEO Ingo Mueller shared: “We look forward to commencing this important feasibility and technical study with the Government of Barbados for CEA food production facilities. Caribbean nations, including Barbados, rely heavily on imported food, some of which lacks the necessary nutrition and is often subject to high costs. Despite the country’s challenging tropical climate, a CEA solution powered by AgriFORCE IP can supply nutritious fruits and vegetables year-round, for governmental institutions, as well as retail customers in Barbados and surrounding Caribbean nations. This collaboration is another significant step in what we hope to be a meaningful and long-term opportunity in Barbados. We look forward to working closely with the Government of Barbados and its agencies to address the challenges of nutrition, wellness, and food security in the region.”
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.
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.
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Released January 18, 2023