Affinor Growers Licensee Signs Term Sheet For $6 Million to Build Vertical Farm in Ontario
VANCOUVER, British Columbia, April 12, 2018 – Affinor Growers Ltd. (“Affinor Growers”) (CSE:AFI) (OTC:RSSFF) (Frankfurt:1AF). Affinor Growers is pleased to announce that our Exclusive license holder of the province of Ontario Urban Vertical Farms Inc has signed and accepted a term sheet for $6 million in equity from Zygoz Equity Partners Inc, The agreement was signed April 11th 2018, all funding will come from Zygoz Equity Partners Inc in exchange for a 20% stake in Urban Vertical Farms Inc, and will commence building in Ontario this summer, The facility will be approximately 45,000 square feet and will begin with sixty 10 level vertical towers capable of producing an estimated $ 300,000 gross monthly revenue at roughly 35% net margin, Urban Vertical Farms plans to grow the business with Zygoz Equity Partners Inc through further licencing and expansion as demand continues to rise around the world. Affinor Growers is expected to receive a purchase order for approximately $1.2 million in late Aug 2018 for 60 rotating vertical towers slated for the project that will complete before end of 2018.
Zygoz Equity Partners
Zygoz Equity Partners (ZEP) is made up of visionary men and women with decades of successful business experience on an international level, who have joined together, to invest in change – in a sustainable future. A key requirement is that the Company has or is a technology or innovation that helps people and the Planet. http://www.zygoz.info/
Brian Harris, Managing Partner at ZEP says, “UVF is a perfect example the type of Company we want to invest in. It has assembled an impressive management team for the business, field tested the system and has clients for its products already lined up. It will cash flow from day one, has great margins with huge demand in Ontario alone. On top of that UVF is in discussions with Affinor Growers to expand the licencing as the operations grow – something that our international partners like to see. And because we will have a sizeable 20% equity position in the business, we intend to scale the business quickly to take full advantage of the market opportunity.”
Jerry Stefaniuk, CEO Urban Vertical Farms Inc
I am very pleased working with Zygoz Equity Partners to begin the quest for vertical farming in Ontario, I believe this is the future of farming and am excited to be in the forefront as a pioneer assisting the world with clean safe sustainable food production for the world.
About Affinor Growers
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol (“AFI”). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries and Cannabis using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier and grower, using exclusive vertical farming techniques.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
AFFINOR GROWERS INC.
Congratulations to both Urban Vertical Farms Inc and Zygoz Equity Partners Inc for getting this done, Affinor Growers is looking forward to working together with these two entities and sees larger opportunities going forward around the world as demand continues to rise.
For More Information, please contact:
Nicholas Brusatore, CEO