CO2 GRO Signs ~CAD $1 million Sales Contract with El Salvador-based Hidroexpo

TORONTO, ON / ACCESSWIRE / June 20, 2023 / CO2 GRO Inc. (TSXV:GROW)(OTCQB:BLONF)(Frankfurt:4021) Forum is excited to announce its largest sales contract to-date with El Salvador-based greenhouse pepper grower Hidroexpo S.A. de C.V. (Hidroexpo). The Sales Contract is based on a multi-year Pay-for-Use model worth ~CAD $800,000, in addition to the previously announced Sales Contracts of ~CAD $200,000, with Hidroexpo.

This sales contract is a result of CO2 GRO's Technology Adaptation Trials (TAPs) with Hidroexpo, the first of which was initiated in September 2021 and delivered a 20% increase in pepper production; and the second in April 2022 which delivered a 30% increase after technology protocol optimization.

Hidroexpo's choice of the Pay-for-Use option that CO2 GRO offers will create a long-term partnership, which is expected to accelerate larger sales contracts with other customers.

Hidroexpo's General Manager, Rodrigo Martinez commented, "After using CO2 GRO's aqueous CO₂ technology over the past two seasons, we have decided to expand its deployment to additional greenhouses at our facility and are confident that it can provide more benefits to our operations. We believe that the additional production and profits can help transform our business and enable us to expand our operations over the coming years. We look forward to cultivating our partnership with CO2 GRO and enhancing both our businesses for many years to come."

"Our multi-year Pay-for-Use contract option provides for recurring cash flow and allows more greenhouses to adopt our technology sooner and on a larger scale. Having closed this sales contract with Hidroexpo, we look forward to helping them continue to boost yields at more of their greenhouses as well as inspire more growers who have shown great interest in our technology's benefits to move forward" said John Archibald, CEO, CO2 GRO Inc.

"This sales contract, combined with our recently announced ~CAD $500,000 sales contract with a Canadian greenhouse vegetable grower, brings our total sales contracts since our inception to approximately CAD $2.1 million. This is a significant sales milestone that we look forward to building upon in the second half of 2023."

About CO2 GRO Inc.

CO2 GRO Inc. is an innovative precision ag tech company focused on delivering CO2 Delivery Solutions™ to the global protected agricultural sector. Its patented technology helps growers increase crop yields and profits by enhancing plant growth, resilience, quality and water-use efficiency through aqueous CO₂ misting. CO2 GRO Inc. is committed to fostering sustainable agriculture practices and reducing the industry's environmental footprint, while supporting the well-being of its employees and local communities. For more information, please visit www.co2gro.ca.

Forward-Looking Statements

This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: statements regarding the future direction of the Company; the ability of the Company to successfully achieve its business and financial objectives; plans for expansion and the ability of the Company to obtain, develop and foster its business relationships; and expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐ looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates that management considered reasonable at the date the statements are made. Such assumptions include but are not limited to: general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and technology offered by the Company's competitors; and that good relationships with business partners will be maintained. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; in particular, in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; the biotechnology industry and the greenhouse growers market are highly competitive, and technical advances in the industry will impact the success of the Company, and other risks described in the Company's filings that are available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please visit www.co2gro.ca or contact:
Soumik Roy
416.475.3806
ir@co2gro.ca

SOURCE: CO2 Gro Inc.

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