AgriFORCE Growing Systems Announces Exclusive Distribution Agreement for Mexico
First year minimum revenue expected to be $600,000
VANCOUVER, British Columbia, Aug. 10, 2023 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (IP)-focused agtech company, has contracted Commercializadora DESICO, a leading distributor of AC, Heating and Air Ventilation systems for Greenhouses and the Food Manufacturing supply chain in Mexico, to be their exclusive distributor. Under the terms of the initial three year agreement, DESICO will promote, market, sell and service AgriFORCE’s innovative products focused on pathogen and VOC's elimination in the indoor farming market and food manufacturing across Mexico and purchase a minimum annual quantity of Hydroxyl generating devices with contracted minimum first year revenue to AgriFORCE above $600,000.
AgriFORCE’s disruptive technologies are designed to provide sustainable solutions to plant and food production that are better for people and the planet. AgriFORCE-RCS Hydroxyl devices are chemical-free technologies proven to eliminate pathogens, mold, mildew and VOCs in food production facilities and indoor farms.
AgriFORCE interim CEO, Richard Wong commented, “This is an important step in the multi-pronged approach to our RCS sales strategy into North American markets.”
“We are thrilled to partner with DESICO, a leading distributor with over 13 years of experience, to bring our cutting-edge technologies to Mexico,” said Mauro Pennella, President AgriFORCE Brands. “This partnership will allow AgriFORCE to enter the growing Controlled Environment Agriculture and Food Manufacturing verticals in Mexico with a proven and established solutions provider.”
“DESICO is committed to bringing innovative solutions to farmers and food producers across Mexico and Latin America,” said Hector Cardena, CEO of DESICO. “AgriFORCE-RCS’s devices are unlike anything currently available in our markets. By eliminating pathogens and VOC’s, AgriFORCE can truly revolutionize food safety and indoor farming. We look forward to working together to improve how food is grown and support greater access to fresh, local produce.”
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 August 10, 2023