Welcome to our dedicated page for Co2 Gro news (Ticker: BLONF), a resource for investors and traders seeking the latest updates and insights on Co2 Gro stock.
CO2 Gro Inc. was a Canadian agricultural technology company that developed aqueous carbon dioxide enrichment systems for greenhouse operations before suspending business activities. The company specialized in technology that dissolved CO2 gas into water for direct application to plant leaves, enabling photosynthetic enrichment in vented greenhouse facilities.
The company's technology addressed limitations in traditional atmospheric CO2 gassing, which loses effectiveness in greenhouses requiring ventilation for temperature control. By applying dissolved CO2 directly to leaf surfaces through misting systems, the technology made CO2 enrichment practical for the majority of global greenhouse operations that utilize open-venting designs. Trials demonstrated yield increases ranging from 20% to 38% across various crops including peppers, tomatoes, lettuce, roses, and other horticultural products.
CO2 Gro operated through a technology licensing and systems sales model, working with greenhouse growers in North America, South America, and other regions. The company conducted technology adaptation projects with operations growing vegetables, flowers, leafy greens, and specialty crops. The aqueous enrichment approach used substantially less CO2 gas than traditional atmospheric methods while achieving comparable or superior crop performance results.
Despite technical validation through multiple commercial installations and successful trials, the company faced financial difficulties and was unable to secure additional capital. The inability to obtain debt or equity financing led to suspension of operations, resignation of the board and executive leadership, and implementation of a cease trade order. The company sought parties interested in acquiring its assets or assuming control of operations.
Corporate actions included delays in financial reporting, leadership transitions, and ultimately complete suspension of business activities. The company's experience illustrated challenges in commercializing agricultural technology innovations even when technical performance has been demonstrated through field trials and early commercial deployments.
CO2 GRO announced the resignations of four board members: Mr. Samuel Kanes, Mr. Tom Wiltrout, Ms. Rose Marie Gage, and Mr. Gordon Surgeoner. Mr. Surgeoner and Ms. Gage were part of a special committee formed in April 2024. Mr. Michal Boyd remains the sole committee member. The company failed to secure additional debt or equity funding and has suspended operations. CO2 GRO is seeking parties to take control or purchase its assets. A cease trade order remains in effect until a transaction is finalized. The TSX Venture Exchange disclaims any responsibility for the release's accuracy.
CO2 GRO Inc. announces the resignation of Mr. John Archibald as President and CEO, with the Board initiating a search for a new CEO. A committee of independent board members has been formed to oversee discussions on strategic initiatives, potential partnerships, or asset sales.
FAQ
What is the current stock price of Co2 Gro (BLONF)?
What is the market cap of Co2 Gro (BLONF)?
