Strategic acquisition strengthens IP portfolio with the addition of patent-pending technology proven to eliminate pathogens in food production and storage facilities and indoor farms, commercial and industrial applications, hospitals, schools, residential applications and more
VANCOUVER, British Columbia, Aug. 28, 2024 (GLOBE NEWSWIRE) — AgriFORCE Growing Systems Ltd. (the “Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (“IP”) focused technology company, announces the closing of the acquisition of the assets of Radical Clean Solutions Limited (“RCS”) for which the Company has held worldwide rights in the agriculture space.
The RCS Hydroxyl Technology generates and distributes hydroxyl radicals, highly reactive molecules that target and break down pathogens, virus, mold, volatile organic compounds, and other contaminants at an atomic level. Hydroxyl radicals, often referred to as “nature’s detergent,” exist naturally in the outdoor environment and are a key part of the natural cleaning process of the atmosphere. RCS has harnessed the power of hydroxyl radicals in a controlled indoor environment, allowing for the broad-spectrum disinfection and decontamination without the use of toxic chemicals. This technology is environmentally friendly and compatible with people, pets and plants. AgriFORCE previously acquired the worldwide rights to exclusively commercialize and distribute the RCS technology in controlled environment agriculture and food manufacturing and transport and subsequently invested a 14% stake in RCS in 2023.
Company CEO, Jolie Kahn, stated, “As food safety concerns continue to impact manufacturing and produce packing facilities worldwide, this acquisition strengthens our IP portfolio with a patent-pending technology proven to eliminate pathogens without the use of harmful chemicals. Additionally, the worldwide market for the RCS technology applies to hospitals, homes, schools, offices, people transport, and multiple other commercial and industrial applications. This transaction represents our go-forward strategy, allowing us to expand our reach beyond the agriculture sector into a wider sustainable technology development strategy that we believe will drive revenue progression and long-term shareholder value.”
Under the terms of the Agreement, the Company has also entered into a two-year consulting agreement with RCS Chief Executive Officer Roger Slotkin, who will be heading the development and manufacturing of the product line and servicing as President of RCS, commented, “We believe the tailwind created by AgriFORCE’s agricultural and CEA domain expertise, along with new access to capital and distribution initiatives RCS has already taken worldwide, will accelerate the commercialization of our technology across food production, healthcare, and both commercial and consumer markets. I look forward to working closely with management to implement a global distribution strategy.”
ABOUT AGRIFORCE
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is a technology development company focused on building an integrated platform that combines the best technology, intellectual property, and knowledge to solve urgent problems. Additional information about AgriFORCE is available at: www.agriforcegs.com.
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Forward-Looking Statements
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
