AFFINOR GROWERS ENTERS AGREEMENT WITH FARMX
Affinor Growers Inc. has entered into an agriculture technology agreement with FARMX Produce Inc. dated Sept. 1, 2024. Pursuant to the terms of the and conditions of the agreement, Affinor has granted FARMX rights to use and exploit the company’s industrial designs for the cultivation of romaine lettuce and other leafy greens (the licensed IP) and certain know-how associated therewith, as follows:
- A two-year exclusive right to use and exploit the licensed IP in British Columbia;
- A 20-year non-exclusive right to use and exploit the licensed IP in Canada (excluding British Columbia).
As outlined in the terms of the agreement, the licences granted and FARMX’s right to use the licensed IP is subject to the following conditions:
- FARMX will exclusively source and purchase any and all equipment required to use the licensed IP, including but not limited to vertical towers, greenhouses and any other equipment required to utilize the licensed IP (the equipment), from Affinor (unless Affinor, in its sole discretion waives the right to be the exclusive equipment provider for any equipment).
- FARMX will purchase the necessary equipment from Affinor required to use the licensed IP for a minimum 60,000-square-foot facility in British Columbia.
- Within six months of the effective date of the agreement, FARMX will either have (i) made the equipment purchase for a minimum 60,000-square-foot facility, or (ii) paid Affinor a non-refundable deposit of $5-million, which will be applied toward FARMX’s payment for its purchase of the equipment. However, if FARMX has not made the purchase of equipment as required and/or has not paid the deposit, then Affinor has the right to either allow FARMX to have another six months to make the required purchase of the equipment or else to terminate the exclusive licence such that FARMX’s rights shall convert to non-exclusive.
Nick Brusatore, the company’s chief executive officer, stated as follows: “I am very excited to collaborate with FARMX for their anticipated 100,000-square-foot Vancouver Island greenhouse operation that will utilize Affinor’s growing system technology for the cultivation of romaine lettuce and other leafy greens. Affinor’s newly designed automated roller system allows for fast and easy harvesting while producing approximately 56 heads of lettuce annually per square foot. Affinor’s growing system is designed for 20,000-square-foot greenhouse installations that are fully scalable to suit specific supply demands in each region or territory.”
About Affinor Growers Inc.
Affinor is a publicly traded company listed on the Canadian Securities Exchange under the symbol AFI and on the OTC Pink under the symbol RSSFF. Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits and vegetables in a sustainable manner.
We seek Safe Harbor.
Affinor Growers Inc.
Nick Brusatore
Director /CEO
nick@affinorgrowers.com