AgriFORCE Provides Business Update Following Restructuring of Management
24 Julio 2023 - 7:30AM
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: @agriforcegsFollow 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 PedersenTel: (604)
757-0952Email: ipedersen@agriforcegs.com
Investor Relations:Crescendo Communications,
LLCDavid Waldman/Alexandra SchiltTel: (212)
671-1021Email: AGRI@crescendo-ir.com
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