VANCOUVER, British Columbia, Nov. 13, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (the “Company”) (NASDAQ: AGRI), an intellectual property focused technology company, provides an update to shareholders highlighting the Company’s ongoing strategic shift toward advancement of its sustainable technology initiatives and its signing of a Letter of Intent (“LOI”) to purchase a Bitcoin mining facility in Alberta, Canada, powered by sustainable energy. AgriFORCE CEO Jolie Kahn stated, “Our strategic vis ...

VANCOUVER, British Columbia, Aug. 20, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (the “Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (IP) focused AgTech company, announces the granting of Patent #CN 202080073940.7 titled, “Automated Growing Systems” by the China National Intellectual Property Administration. The patent follows the grant of the corresponding U.S. patent announced in June 2024 and adds to the Company’s global intellectual property portfolio connected to agriculture an ...

Commercialization and Product Development - The company achieved milestones in the commercialization of UN(THINK) Awakened Flour™, producing several multi-ton batches and establishing supply chain logistics with warehouses in Canada and the US [122]. - The patented CERES-MNG process allows for flour that has 40 times more fiber, three times more protein, and 75% less net carbohydrates compared to regular all-purpose flour [127]. - The company is developing several finished product prototypes, including a line of pancake mixes, which are ready for consumer testing [123]. - The company is focused on the commercialization of Hydroxyl Devices and clean room systems to reduce pathogens and improve food safety in processing facilities worldwide [141]. Market Potential and Financial Projections - The global market size for target categories is estimated at $235 billion for breads, $72 billion for whole wheat flours, $19 billion for pulse flours, and $23 billion for dairy alternatives, with potential net revenues for AgriFORCE™ projected at $560 million [133]. Strategic Partnerships and Agreements - The company signed a definitive agreement to purchase a 14% ownership stake in Radical Clean Solutions, Inc. on October 1, 2023 [147]. - The company generated its first revenue from the sale of RCS devices in late 2023 and signed an exclusive distribution agreement in Mexico for AgriFORCE/RCS hydroxyl generating devices [148]. - The company plans to expand its distribution network into Latin America and Asia, leveraging its sales into the poultry industry in Mexico [149]. Technology and Innovation - The company is integrating artificial intelligence and blockchain into its business model to enhance agricultural practices and financing capabilities [137]. - The FORCEGH+ technology aims to optimize crop yields while significantly reducing the need for pesticides and conserving water [140]. Financial Performance and Position - The Company recorded a net loss of $7,559,799 for the six months ended June 30, 2024, compared to a net loss of $4,247,025 for the same period in 2023 [167]. - The Company held $2,937,496 in cash as of June 30, 2024, down from $3,878,578 at December 31, 2023 [168]. - Operating expenses decreased by $1,737,754 or 60% for the three months ended June 30, 2024, primarily due to reductions in consulting fees, wages, and share-based compensation [165]. - Operating expenses decreased by $3,251,158 or 57% for the six months ended June 30, 2024, due to similar factors affecting the three-month period [166]. - Net cash provided by financing activities for the six months ended June 30, 2024, was $2,250,000, a decrease from $4,615,385 in the same period of 2023 [172]. Capital Structure and Financing - The company intends to seek additional capital through debt or equity financing to fund operations, with substantial doubt about its ability to continue as a going concern for the next twelve months [169]. - A share repurchase program was authorized on June 17, 2024, allowing the Company to repurchase up to $1 million of its outstanding common shares over six months [159]. - The company issued 20,000 common shares with 20,000 warrants for $250,000 on June 20, 2023, and raised $939,695 from 124,652 common shares issued under the ATM public offerings agreement [174]. - An additional tranche of $2,750,000 in convertible debentures was purchased on October 18, 2023, with an exercise price of $2.62, adjusting previous debenture exercise prices [175]. - On November 30, 2023, another tranche of $2,750,000 in convertible debentures was issued at an exercise price of $0.90, further adjusting the exercise prices of multiple tranches [176]. - A total of $1,100,000 in convertible debentures was purchased on February 21, 2024, with an exercise price of $0.214, impacting the exercise prices of all previous tranches [177]. - The company experienced a non-cash change in fair value of derivative liabilities decreasing by $5,140,099 due to significant conversions of debentures and stock price stabilization [179]. - Loss on debt extinguishment cash adjustment increased by $2,298,369 due to unscheduled conversions of debentures into common shares [179]. - Loss on conversion of convertible debt cash adjustment rose by $958,877 due to higher premiums on shares issued compared to the previous year [179]. - The company issued 5,414,500 warrants with an additional tranche of $833,000 in convertible debentures on May 22, 2024, at an exercise price of $0.10 [179]. Employment and Operational Changes - The number of employees decreased from 15 to 7 during the three months ended June 30, 2024, contributing to reduced wages and salaries [165]. - The Company is focusing on organic growth of currently active ventures, leading to a significant decrease in M&A spending [165]. Off-Balance Sheet Arrangements - There were no off-balance sheet arrangements reported [180].

VANCOUVER, British Columbia, June 26, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (the "Company") (NASDAQ:AGRI, AGRIW))) announces that it has retained Barrett Mooney as an Agricultural Technical Consultant. Barrett Mooney, Ph.D. has an extensive track record of growing agriculture and sustainability businesses. He currently provides strategic advisory services to growing big data and analytics companies. Dr. Mooney served as the CEO and Chairman of the Board for a NYSE-listed aerospace and defe ...

Core Viewpoint - 2024 is identified as a transformational year for AgriFORCE, focusing on innovation in the agriculture industry through technology patenting and partnerships, while realigning its business plan to better fit attainable opportunities in a challenging microcap market [1][2] Business Strategy - The first half of 2024 is dedicated to examining assets and developing a direction to create shareholder value, with a focus on ESG issues and climate change [2] - The strategy includes monetizing the exclusive RCS systems license and marketing Awaken Grains flour™, while expanding into the Carbon Credit and Renewable Energy Credit markets [2][3] Current Status - The company aims to enhance shareholder value by developing a pipeline of products aligned with its vision for carbon neutrality in agriculture [3] - Two parallel paths are being followed: maximizing the value of existing assets and seeking accretive acquisitions and partnerships [3] Financial Management - AgriFORCE is committed to cost-effective operations, reducing outstanding debentures from approximately $11.4 million to $7.9 million, a 31% reduction [4] - A $1 million share repurchase program has been approved to demonstrate commitment to shareholders [4] Technology and Product Development - The company is utilizing its technology portfolio to maximize yield and profitability through Radical Clean Solutions (RCS) devices, which reduce spoilage and greenhouse gas emissions [5] - Awaken Grains flour™ is being developed with significant nutritional advantages, including five times the fiber and three times the protein compared to generic flour [6] Vision and Future Initiatives - AgriFORCE aims to empower farmers to become Carbon Credit developers through sustainable practices and technology [7] - The company plans to develop and acquire technology for managing Carbon Credits and Renewable Energy Credits, providing financial freedom to farmers [11] Management Changes - Recent changes in senior management include the appointment of David Welch as Chairman and Jolie Kahn as CEO, along with the addition of consultants with expertise in AgTech [8][10] - The leadership team brings valuable experience in agricultural technology and regulatory landscapes, which is crucial for the company's success [9][10] Commitment to Innovation - The company is diving into environmental credit farming to bolster its portfolio and pioneer foundational systems for the agricultural sector [12] - AgriFORCE expresses gratitude to shareholders for their support and emphasizes the potential for innovative success moving forward [12]

VANCOUVER, British Columbia, June 20, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (the “Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (IP) focused AgTech company, issues a letter to shareholders from Chairman, David Welch, and CEO, Jolie Kahn. Dear shareholders: 2024 is a transformational year for AgriFORCE. Since inception, it has focused on innovation within the agriculture industry, primarily through patenting new technology or seeking to acquire or partner with innovative compani ...

VANCOUVER, British Columbia, June 18, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (IP) focused AgTech company, announces the appointment of Jolie Kahn as new Chief Executive Officer for the Company. David Welch, AgriFORCE Chairman, comments, “Jolie brings significant experience and pedigree to the Company at a key inflection point in our development. Her deep experience in blockchain, cryptocurrency and helping public companies navi ...

VANCOUVER, British Columbia, June 18, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (IP) focused AgTech company, announces the appointment of Jolie Kahn as new Chief Executive Officer for the Company. David Welch, AgriFORCE Chairman, comments, “Jolie brings significant experience and pedigree to the Company at a key inflection point in our development. Her deep experience in blockchain, cryptocurrency and helping public companies navi ...

VANCOUVER, British Columbia, June 17, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (IP) focused AgTech company, announces a share repurchase program. The Company’s Board of Directors (the “Board”) today authorized a share repurchase program under which the Company may repurchase up to $1 million of its outstanding common shares, for a period of six months, subject to contractual requirements (the “Repurchase Program”). The Board will ...

VANCOUVER, British Columbia, June 17, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (IP) focused AgTech company, announces a share repurchase program. The Company’s Board of Directors (the “Board”) today authorized a share repurchase program under which the Company may repurchase up to $1 million of its outstanding common shares, for a period of six months, subject to contractual requirements (the “Repurchase Program”). The Board will ...