African Agriculture Reports Expanded Activities Expects to Significantly Increase Production in 2024

Rhea-AI Summary

African Agriculture Holdings Inc. (Nasdaq:AAGR) provides an operational update following its recent merger to become a publicly listed company. The company is expanding its alfalfa production in Senegal and aims to become the first pure-play African agricultural company listed in the U.S. African Agriculture Holdings has begun alfalfa production on approximately 300 hectares out of a total of 25,000 hectares of dedicated farmland secured in Senegal. Orders for additional seeds and crop irrigation equipment have been placed to expand land utilization to approximately 1,000 hectares and significantly enhance production in 2024. The company's mission is to help unlock Africa’s potential through investments in infrastructure, irrigation, and new technologies, with plans to broaden its product offering and expand its geographic footprint.

New York, Dec. 11, 2023 (GLOBE NEWSWIRE) -- African Agriculture Holdings Inc. (Nasdaq:AAGR), a global food security company operating a commercial-scale alfalfa farm, today provided an operational update following its recent merger to become a publicly listed company.

African Agriculture Holdings’ expanding alfalfa production in Senegal

Alan Kessler, Chairman and CEO of African Agriculture, commented, “We intend to accelerate our operational activities following our recent merger and listing on Nasdaq, resulting in African Agriculture becoming  the first pure-play African agricultural company listed in the U.S. Previously, we began alfalfa production on approximately 300 hectares out of a total of 25,000 hectares of dedicated farmland we secured in Senegal. We recently placed orders for additional seeds and crop irrigation equipment, which we believe will allow us to expand land utilization by more than three-fold to approximately 1,000 hectares and significantly enhance production in 2024. Importantly, according to World Bank data approximately 60% of the world's remaining arable land is located in Africa, and we believe Africa is poised to become the new breadbasket of the world. Our mission is to help unlock Africa’s potential through investments in infrastructure, irrigation and new technologies. Looking ahead, our strategy not only involves increasing alfalfa production on our 25,000 hectares of fertile farmland, but also broadening our product offering and expanding our geographic footprint. We could not be more excited about the outlook for the business and look forward to empowering local communities, through sustainable impact investments, to help address the global need for food security.”

About African Agriculture

African Agriculture is a pioneering company dedicated to securing food and protein for the coming century. Born out of a global necessity, it focuses on harnessing Africa's vast agricultural potential. With 60% of the world's remaining arable land, Africa stands as a powerhouse of untapped resources, offering abundant sunshine, plentiful rain, and fertile soil. African Agriculture's mission is to optimize yields and harvests, creating sustainable job opportunities for local communities while delivering significant value to its shareholders. To learn more about African Agriculture, Inc., visit: https://africanagriculture.com/

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which involve substantial risks and uncertainties. Forward-looking statements contained in this press release include, but are not limited to, statements about the expansion of our operations, the opportunities available to African Agriculture in the African continent, and potential benefits to local communities and businesses.

You should not rely upon forward-looking statements as predictions of future events, the outcome of which are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to differ materially from those described in the forward-looking statements, including those more fully described in our most recent filings with the Securities and Exchange Commission.

Forward-looking statements represent our beliefs and assumptions only as of the date such statements are made and we undertake no obligation to update any forward-looking statements, except as required by law.

Investor Contact:
David Waldman/Ted Ayvas
Crescendo Communications, LLC
Tel: (212) 671-1020
Email: AAGR@Crescendo-IR.com

Media Contact:
Brigit Hennaman
Rubenstein Public Relations
Email: bhennaman@rubensteinpr.com  

Company Contact:
Maxine Gordon, Head of Academics, Media, and Public Relations
African Agriculture Inc.
Email: mg@africanagriculture.com

Attachment

• African Agriculture Holdings Inc.

FAQ

What is the name of the company providing the operational update?

African Agriculture Holdings Inc. (Nasdaq:AAGR) is providing the operational update.

Where is the company expanding its alfalfa production?

African Agriculture Holdings is expanding its alfalfa production in Senegal.

What is the company's mission?

The company's mission is to help unlock Africa’s potential through investments in infrastructure, irrigation, and new technologies.

What is the company's strategy for the future?

The company's strategy involves increasing alfalfa production on its 25,000 hectares of fertile farmland, broadening its product offering, and expanding its geographic footprint.