AGRINAM ACQ A REST VTG SH - AGAQF STOCK NEWS

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Agrinam Acquisition Corporation (TSX:AGRI.U) is a special purpose acquisition corporation headquartered in British Columbia. Established to facilitate the acquisition of businesses or assets via mergers, amalgamations, share exchanges, or other business combinations, Agrinam serves as a pivotal entity connecting investors with innovative companies.

Recently, Agrinam has been in the spotlight due to its proposed business combination with Freight Farms, Inc., a trailblazer in the agtech sector. Freight Farms is renowned for its vertical hydroponic farms housed within intermodal shipping containers, aimed at promoting sustainable, hyper-local food production. Founded in 2012, Freight Farms has evolved its product line to include the Greenery™ container farm, catering to a global customer base that spans small businesses, corporate clients, hospitality, retail, education, and nonprofit sectors.

Freight Farms has demonstrated significant growth and innovation in recent times. In the fourth quarter of 2023, the company reported orders for 95 farms—an 83% year-over-year increase and a 111% sequential rise. This surge includes orders for their new Garden model. Revenue for the quarter is anticipated to exceed figures from both the third quarter of 2023 and the fourth quarter of 2022, although it remains subject to audit. Freight Farms has also set a new benchmark in yield research, achieving over 280K ounces per farm, a substantial improvement from the previous 180K+ ounces.

Other notable developments include the completion and delivery of the 50 Hz version of the latest Greenery 7 model, which boasts enhanced performance, stability improvements, and reduced costs. Additionally, the initial five production units of the Garden model have been built, with high-visibility placements expected to be announced in early 2024.

CEO Rick Vanzura expressed optimism about the company's progress, citing the strong order growth and a substantial backlog that represents approximately half of the forecasted revenue for fiscal 2024. The proposed business combination with Agrinam is on track and anticipated to close in the first quarter of 2024.

Agrinam's and Freight Farms' forward-looking statements reflect their current expectations and assumptions, which are subject to change based on numerous factors and risks. Readers are encouraged to review Agrinam's public filings on SEDAR+ for comprehensive information.

For more details, visit Agrinam’s official website at www.agrinamspac.com and Freight Farms at www.freightfarms.com.

01/09/2024 07:00 AM

News

Freight Farms, Inc., Provides Q4 Business Update

Rhea-AI Summary

Agrinam Acquisition Corporation (AGRI.U) and Freight Farms, Inc. provide an update on the 2023 fourth quarter performance and operations. Freight Farms received orders for 95 farms, a year-over-year increase of 83%. Revenue for the fourth quarter is expected to be higher than the third quarter of fiscal 2023 and the fourth quarter of 2022. Yield research established a new benchmark of 280K+ ounces for a full farm. The initial five production units of the Garden have been built. The proposed business combination with Agrinam remains on track.

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FAQ

What is Agrinam Acquisition Corporation?

Agrinam Acquisition Corporation (TSX:AGRI.U) is a special purpose acquisition corporation focused on acquiring businesses or assets through various business combinations.

Who is Freight Farms?

Freight Farms is an innovative agtech company that designs vertical hydroponic farms within shipping containers to promote sustainable, local food production.

What recent achievements has Freight Farms reported?

In Q4 2023, Freight Farms received 95 farm orders, an 83% year-over-year increase, and set new yield benchmarks of over 280K ounces per farm.

What is the significance of the business combination between Agrinam and Freight Farms?

The combination aims to leverage Agrinam's acquisition capabilities with Freight Farms' innovative agtech solutions, expected to close in Q1 2024.

What is the new Garden model by Freight Farms?

The Garden model is Freight Farms' latest product, with the initial production units completed and high-visibility placements expected in early 2024.

How has Freight Farms' revenue performed recently?

Freight Farms expects Q4 2023 revenue to surpass both Q3 2023 and Q4 2022 figures, despite inventory limitations and pending audit.

What innovations has Freight Farms introduced recently?

Freight Farms delivered the 50 Hz version of the Greenery 7 model, which includes performance enhancements, stability improvements, and cost reductions.

Where can investors find more information about Agrinam and Freight Farms?

Investors can review public filings on SEDAR+ for detailed information and visit Agrinam's and Freight Farms' official websites.

What is the backlog for Freight Farms?

Freight Farms' backlog, representing farms sold but not yet recognized as revenue, accounts for approximately half of the forecasted revenue for fiscal 2024.