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AgriFORCE Provides Business Update Following Restructuring of Management

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AgriFORCE Growing Systems Ltd. provides a business update following management restructuring. The company is reallocating resources to focus on commercializing its products and analyzing suitable food verticals. The senior management team is well-positioned to drive revenue for UN(THINK) Foods, AgriFORCE-RCS, and the patented GrowHouse. The company has reduced its monthly operating cash burn by 31% and is working on completing announced acquisitions.
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VANCOUVER, British Columbia, July 24, 2023 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an agtech company focused on advancing sustainable cultivation and plant-based products, today provided a business update following the recent restructuring of management.

Richard Wong, interim CEO of AgriFORCE, stated, “We remain committed to pursuing business opportunities that drive organic growth, positive cash flow, and value for our shareholders. To assist with our growth strategy, we are reallocating our resources to focus on the commercialization of our products and are analyzing the food verticals best suited for our IP. With the current senior management team of Mauro Pennella, Troy McClellan, and Hernando Ruiz-Jimenez in place, we are well-positioned to execute on our business growth initiatives and drive near-term revenue for UN(THINK) Foods, AgriFORCE-RCS, and monetization of our patented GrowHouse. We look forward to reaching significant milestones and providing updates to our shareholders along the way.”

“Importantly, we have reduced our average monthly operating cash burn by approximately 31% since year end and continue to explore areas where we can remove non-essential expenses,” continued Mr. Wong. “Finally, we are working to complete our previously announced acquisitions and are progressing through due diligence.”

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.


Follow AgriFORCE on Twitter: @agriforcegs
Follow AgriFORCE on Facebook: AgriFORCE Growing Systems Ltd.
Connect with AgriFORCE on LinkedIn: AgriFORCE Growing Systems Ltd.

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.

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

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


FAQ

What is the name of the company providing the business update?

The company providing the business update is AgriFORCE Growing Systems Ltd.

What is the focus of AgriFORCE Growing Systems Ltd.?

AgriFORCE Growing Systems Ltd. is focused on advancing sustainable cultivation and plant-based products.

Who is the interim CEO of AgriFORCE?

The interim CEO of AgriFORCE is Richard Wong.

What is AgriFORCE reallocating its resources for?

AgriFORCE is reallocating its resources to focus on the commercialization of its products and analyzing suitable food verticals.

Which companies are expected to drive near-term revenue for AgriFORCE?

The companies expected to drive near-term revenue for AgriFORCE are UN(THINK) Foods, AgriFORCE-RCS, and the patented GrowHouse.

By how much has AgriFORCE reduced its average monthly operating cash burn?

AgriFORCE has reduced its average monthly operating cash burn by approximately 31% since year end.

What is AgriFORCE working on?

AgriFORCE is working on completing its previously announced acquisitions and progressing through due diligence.

AgriFORCE Growing Systems Ltd.

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About AGRI

agriforce is dedicated to transforming modern agricultural development through our proprietary patent pending facility design and automated growing system.