AgriFORCE Granted New U.S. Patent for Developmental Automated Growing Systems
AgriFORCE Growing Systems has received U.S. Patent #11,997,962 B2 for its 'Automated Growing Systems.' This patent enhances their IP portfolio in agriculture, focusing on indoor growing facilities through the use of conveyor belts and other mechanisms to move production lines of vegetation or flowering plants. The company aims to integrate this technology with their existing innovations to optimize agribusiness operations. Executive Consultant Jolie Kahn emphasized the patent's role in empowering farmers and agribusinesses while building long-term shareholder value.
- New patent #11,997,962 B2 strengthens AgriFORCE's intellectual property portfolio.
- The patent covers advanced automated growing systems for efficient indoor farming.
- Potential to integrate with existing innovations for optimized agribusiness operations.
- Executive Consultant Jolie Kahn highlights long-term shareholder value creation.
- No immediate financial data or revenue impact disclosed from the new patent.
- Implementation and integration costs for the new technology are not detailed.
- Market adoption and practical application of the patented technology remain uncertain.
The recent patent granted to AgriFORCE for their Automated Growing Systems marks a significant addition to the company's intellectual property portfolio. This technology is designed to enhance indoor agriculture by streamlining the movement of plants via automated conveyor belts and other mechanisms. This innovation could potentially reduce labor costs and improve efficiency in controlled environment agriculture (CEA), a sector that's gaining traction as traditional farming faces climate-related challenges.
An improvement in efficiency and reduction of labor costs are compelling benefits. However, the success of such a system depends on its integration with existing operations and its real-world performance. Investors should keep an eye on how AgriFORCE plans to commercialize this technology and its acceptance in the market.
Given the increasing interest in sustainable and efficient farming methods, this patent could position AgriFORCE as a leader in the AgTech industry. Yet, the practical implementation and cost-effectiveness of the system will be key determinants of its impact on the company's financials and stock performance.
This new patent strengthens AgriFORCE's position within the AgTech sector, especially in the niche of indoor farming solutions. Indoor farming is projected to grow as the demand for locally sourced and sustainable food increases. The automation aspect specifically targets the labor-intensive nature of farming, aiming to minimize human intervention and thus reduce operational costs.
However, for retail investors, it's important to consider the competitive landscape. Many players are entering the automated farming sector, armed with advanced technologies like AI and IoT. The unique selling point of AgriFORCE's solution will be its real-life performance and adaptability. Market adoption will be critical to watch, as it will indicate the technology's viability and potential for disrupting traditional farming methods.
Additionally, the company's ability to safeguard this technology from being easily replicated by competitors will be a point of interest. Strong IP protection can provide a competitive moat, so further patents and intellectual property development will be significant for long-term success.
Patent strengthens the Company’s agricultural IP portfolio
VANCOUVER, British Columbia, June 10, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (IP) focused AgTech company, announces the granting of U.S. Patent #11,997,962 B2, titled, “Automated Growing Systems” by the United States Patent and Trademark Office (USPTO). The patent adds to the Company’s intellectual property portfolio connected to agriculture and agribusiness.
The patent, which covers moving multiple production lines of either vegetation or flowering plants to different areas of a growing facility using conveyor belts and other mechanisms. The Company believes there are opportunities to incorporate this technology into their existing innovations for indoor growing facilities.
“This patent adds dynamic value to our ever-expanding portfolio of patented technology aimed at innovating agribusiness,” commented Jolie Kahn, AgriFORCE’s Executive Turnaround Consultant. “We remain committed to exploring new opportunities to empower farmers and agribusinesses to maximize their market position and build long-term shareholder value for our stakeholders.”
ABOUT AGRIFORCE
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.
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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.
Investor Relations:
Richard Wong, CFO, rwong@agriforcegs.com
CORE IR
investorrelations@agriforcegs.com
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