Patent Application Published for AgriFORCE GrowHouse Facility and Related IP

Rhea-AI Summary

AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) announced the publication of a U.S. patent application titled "Structures for Growing Plants". This patent emphasizes innovations in GrowHouse design, incorporating IoT, AI, and enhanced insulation for energy efficiency. It aims to provide a cost-effective alternative to traditional greenhouses, enhancing yield potential. The publication aligns with the company's plans to launch new facilities and follows a definitive agreement to acquire Delphy Groep BV, an AgTech consultancy, to boost market presence.

Positive

• Patent application published for innovative GrowHouse design, enhancing potential for sustainable cultivation.
• Incorporation of IoT and AI technology in GrowHouse aims to maximize energy efficiency and crop yield.
• Definitive agreement to acquire Delphy Groep BV, expanding market reach and expertise.

Negative

• None.

VANCOUVER, British Columbia, Feb. 18, 2022 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company") (NASDAQ: AGRI; AGRIW), an IP-focused AgTech company dedicated to advancing sustainable cultivation and crop processing across multiple verticals, announced today that a U.S.patent application entitled “Structures for Growing Plants” (U.S. patent serial number 17/436,275) has been published by the U.S. Patent and Trademark Office¹. There are corresponding patent publications in other countries, such as Canada, China, and Europe.

The published patent application¹ highlights innovative design elements of the GrowHouse structure and operational systems, which can allow for: transmissive panels that maximize the full light spectrum; Internet-of-Things (IoT) technologies, automation and use of artificial intelligence (AI); enhanced insulation for maximizing energy efficiency; foam generators for temperature and ultraviolet light control; and a sealed positive pressure environment that provides optimal temperature, humidity, velocity, filtration, and sanitation of airflow.

Troy McClellan, President of AgriFORCE Solutions, commented: “We could not be more excited to announce this published patent application¹, which significantly bolsters our growing IP portfolio. Conventional greenhouses have numerous drawbacks. They are often inefficient and do not provide an ideal environment for plants to reach their full genetic potential. Additionally, current architectural structures utilize columns and trusses, which create shade and make it difficult to optimize automated systems. In comparison, our facility design is far more cost effective, energy efficient, and allows for increased growing area, enabling our customers to deliver significant yield gains compared to traditional indoor growing systems. This is the first in a series of patent applications around our proprietary facilities, which can be constructed in virtually any environment and close to consumers, providing a local, pesticide-free, fresh, and sustainably grown product offering.”

Ingo Mueller, CEO of AgriFORCE Growing Systems, added “The publication of this patent application¹ is timely, given we have plans to launch a number of these facilities in the near term. The overall market feedback on our facilities has been encouraging, given the improved yields and operating economics. Moreover, with the recent announcement of our definitive agreement to acquire Delphy Groep BV (Delphy), a Netherlands-based AgTech consultancy firm with multinational operations across Europe, Russia, Asia, and Africa, we look forward to leveraging their extensive experience, established customer base, and deep industry relationships to accelerate the deployment of our GrowHouse facilities in additional markets worldwide.”

1. Upon publication of a patent application, entities are liable to the patent holder to pay “reasonable compensation” for activities that would have infringed the patent if it had been granted on the publication day. The patent publication can also be cited by patent examiners to reject patent applications directed to the same subject matter.
   

About AgriFORCE

AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an AgTech company focused on the development and acquisition of crop production know-how and intellectual property augmented by advanced AgTech facilities and solutions. Looking to serve the global market, the Company’s current focus is on North America, Europe, and Asia. The AgriFORCE vision is to be a leader in delivering plant-based foods and products through advanced and sustainable AgTech solution platforms that make positive change in the world—from seed to table. The AgriFORCE goal: Clean. Green. Better. 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.

Company Contact:
Ian Pedersen
Tel: (604) 757-0952
Email: ipedersen@agriforcegs.com

Investor Relations:
Crescendo Communications, LLC
David Waldman/Natalya Rudman
Tel: (212) 671-1021
Email: AGRI@crescendo-ir.com

Media Relations:
AHA Creative Strategies Inc.
Ruth Atherley
Tel: (604) 846-8461
Email: ruth@ahacreative.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bfc4dc82-fd2b-40fd-86f5-4b365f3e1856

FAQ

What is the significance of AgriFORCE's recent patent application?

AgriFORCE's patent application focuses on innovative GrowHouse designs which leverage IoT and AI technology to enhance energy efficiency and crop yields.

How does the patent application impact AgriFORCE's business?

The patent strengthens AgriFORCE's intellectual property portfolio, positioning the company for future growth in sustainable cultivation technologies.

What is the timeline for AgriFORCE's facility launches?

AgriFORCE has plans to launch several GrowHouse facilities in the near term, aiming to capitalize on the positive market feedback.

What does the acquisition of Delphy Groep BV mean for AgriFORCE?

The acquisition provides AgriFORCE with expanded industry expertise and a customer base, facilitating the deployment of its GrowHouse facilities globally.