AgriFORCE – Barbados sign MOU to collaborate on the market evaluation and development of controlled environment facilities

VANCOUVER, British Columbia – AgriFORCE Growing Systems Ltd., (“the Company”) (NASDAQ: AGRI; AGRIW), an Intellectual Property (IP) – focused AgTech company dedicated to advancing sustainable cultivation and crop processing across multiple verticals, announced a collaboration with the government of Barbados.

As a first step, AgriFORCE and Delphy Groep BV (Delphy) plan to conduct a feasibility and technical study by the summer of 2023 related to the development of controlled environment agriculture facilities (CEA) for fruits and vegetables. These facilities are intended to supply schools, hospitals, government offices and institutions, as well as retail and food service establishments on the island and for export to other Caribbean markets.

These planned facilities would be in addition to the Company’s previously announced agreement to deploy its proprietary FORCEGH+ facility and IP in Barbados.

The feasibility and technical study is intended to define the crops and overall regional demand, facility specifications and land requirements for the supply of these crops to the Barbados market and for export in the Caribbean region. It is expected the feasibility study would be completed in approximately 120 days.

At the study’s conclusion, the involved parties anticipate entering into a definitive agreement related to the building of the facilities, offtake determinations for a portion of the production, and other key considerations.

Kaye-Anne Greenidge, chief executive officer, Invest Barbados, noted:

“Invest Barbados looks forward to the outcomes of this timely study. Specifically, we anticipate the establishment of a facility which will bring new investment, jobs, knowledge and skill transfer, among other benefits, to Barbados.”

Commenting on the collaboration, AgriFORCE chief executive officer, Ingo Mueller, shared:

“We look forward to commencing this important feasibility and technical study with the government of Barbados for CEA food production facilities. Caribbean nations, including Barbados, rely heavily on imported food, some of which lacks the necessary nutrition and is often subject to high costs. Despite the country’s challenging tropical climate, a CEA solution powered by AgriFORCE IP can supply nutritious fruits and vegetables year-round, for governmental institutions, as well as retail customers in Barbados and surrounding Caribbean nations.

“This collaboration is another significant step in what we hope to be a meaningful and long-term opportunity in Barbados. We look forward to working closely with the government of Barbados and its agencies to address the challenges of nutrition, wellness, and food security in the region.”