VANCOUVER, British Columbia, July 17, 2017 (GLOBE NEWSWIRE) — Affinor Growers (CSE:AFI) (OTC:RSSFF) (Frankfurt:1AF) (“Affinor” or the “Corporation”) is pleased to provide our shareholders with a summary of the Company’s accomplishments in the past year and Affinor’s plans for the current year.
Affinor’s fiscal year end was May 31, 2017. Our ultimate goal continues to focus on becoming the leading technology developer and supplier of vertical farming equipment dramatically increasing the economics of farming, improving food security and increasing agriculture production for high value crops. With the help of our strategic partners and our technical team, Affinor’s immediate plans include continuing the development and commercialization of our patented technology and equipment, validation through third party partners, proving revenue models, and crop diversification.
Over the last year, Affinor has focused on strawberry development as fresh strawberries account for 80% of the total strawberry production in North America valued at $2.6 billion annually with several industry challenges making traditional strawberry growing an ongoing concern for long term viability. Affinor will continue to grow and harvest strawberries with our beta prototypes installed at the University of Fraser Valley throughout the summer, fall and winter of 2018. The focus will continue on standardizing crop models and determining best practices for commercialization. Other notable achievements over the last fiscal year included testing cannabis on a small 4 level vertical growing tower to determine if the high value crop can be utilized with the technology, increasing yields and production per square foot, with initial success.
Affinor’s goal over the next year is to shift from a development to an operational company focusing on generating revenue from vertical tower sales, license agreements and introducing new agriculture technologies. Our revenue models will include selling systems to growers resulting in a margin on the equipment, license fees, and collecting royalties on the revenues from production; as well as potentially using the equipment ourselves to grow and sell crops.
Project updates:
Commercial Farm in Abbotsford
Affinor expects to commission 32 towers in a commercial farm in Abbotsford British Columbia in late 2017 capable of growing over 21,000 plants. The facility will be one of our first license holders to commercially produce products using Affinor technology. We have partnered with a large strawberry producer in California that will supply the strawberry plants and help oversee the initial growing with an “On-Farm Test Agreement” executed March 27, 2017 (see news release “Affinor Growers Signs an “On-Farm Test Agreement” with California Berry Company”).
Beta Prototype Testing Update
Two 4 level beta prototype towers were installed installed in April, 2016, and December, 2016, at the University of the Fraser Valley (“UFV”) Surrey BC location in the agriculture research greenhouse (see news release Dec 6 2016, “Affinor Installs Second Tower at the Agriculture Research Demonstration Greenhouse BioPod Initiative”). One tower holds 128 strawberry plants within 100 square feet and the other 256 within 100 square feet. All crop model information, data, procedures and harvest quality is being documented to help prove operational and financial assumptions, revenue models, and best practices to standardize commercialization. The protocols and developed methods will help catalyze the commercial farm in Abbotsford when ready.
Affinor’s next objective is to produce strawberries throughout the winter with customized LED supplemental lighting for fruiting crops and diversify the crop trials with kale during the fall 2017.
Affinor and Cannabis Production
As cannabis becomes more established in North America, cost effective commercial production and greenhouse systems will be needed to improve production. Affinor sees this as an opportunity to diversify our technology into other markets with high value crops and be the first vertical system actively growing cannabis in Canada. Our first trial growing cannabis was completed in February 2017, with a grower in Mission BC (see news release Feb 27 2017 “Affinor Growers Installs Vertical Farming System for Medical Cannabis in Mission BC”) with encouraging results within four months (see news release May 29 2017 “Affinor Growers Completes Initial Medical Cannabis Growth Trial with 200% Production Increase.”) Affinor will continue to test cannabis, furthering yields and output by developing new crop models for short, high producing cannabis plants specific to the needs of the technology, at licensed sites. We are negotiating with cannabis growers throughout North America to help facilitate a larger pilot plant cannabis growth trial.
BC Tree Seedlings Development
Affinor executed a research and development license agreement to develop vertical growing systems to mass produce high quality, high stress resistance seedlings for the BC forestry market (see news release May 22 2017 “Affinor Growers Signs and “On-Site Test Agreement” to Develop Vertical Farming with Coniferous Tree Seedling”). 259 million trees were planted in 2016 with 266 million planned for 2017. Reforestation and silviculture are a large and growing market throughout North America requiring new technological solutions to keep up with demand.
License Agreements and Sales
Affinor has signed several license agreements throughout the fiscal year with various companies to use our technology based on our beta prototype concepts and preliminary production results. Each license agreement has the potential to generate significant equipment sales, long term royalties, ownership options and joint venture partnerships. For a complete list, please visit our website. We are also under license agreement negotiations with several international companies looking to build commercial facilities throughout the Caribbean, Europe, and Middle East.
About Affinor Growers Inc.
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol (“AFI”). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier and grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
“Jarrett Malnarick”
President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This News Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
CONTACT: For More Information, please contact: Jarrett Malnarick, President and CEO [email protected]