AgriFORCE awarded patent for crop protection technology

VANCOUVER - AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), a micro-cap agricultural technology company with a market value of $2.31 million, has been granted a U.S. patent for a new crop protection system. According to InvestingPro data, the company maintains a stronger cash position relative to its debt obligations, potentially supporting its innovation initiatives. The patent, issued today, covers the design of integrated agricultural systems for generating hydroxyl radicals without the use of chemicals.

The patented technology, developed by the company’s Radical Clean Solutions (RCS) division, aims to provide a safer method for growers to reduce mold, viruses, and volatile organic compounds (VOCs) in the cultivation of fruits, vegetables, and other plants. It can be incorporated into existing heating and ventilation systems or function as a standalone unit. This innovation also has the potential to decrease levels of ethylene gas, a contributor to the ripening process, thereby extending the shelf life of produce. InvestingPro analysis reveals the company’s overall financial health score stands at 1.3, rated as ’WEAK’, with investors anticipating significant revenue growth in the current fiscal year.

Roger M. Slotkin, the founder of RCS, expressed optimism about the company’s direction, stating that multiple patents have been filed for applications of their technology across different sectors, including agriculture. He anticipates the approval of several additional patents in the coming months.

AgriFORCE Growing Systems Ltd. is committed to addressing critical issues in agriculture, sustainability, and environmental stewardship through advanced technologies and innovative business models. The company’s goal is to generate shareholder value while providing lasting benefits to communities and ecosystems. Despite a challenging year with the stock down over 90%, InvestingPro’s Fair Value analysis suggests the stock may be currently undervalued, with the next earnings report expected in approximately 20 days.

This news is based on a press release statement and does not include any speculative or forward-looking statements beyond those made by the company representatives. The information provided is intended to offer a factual report on AgriFORCE’s recent patent award and its implications for the agricultural sector.

In other recent news, AgriFORCE Growing Systems Ltd. has reported significant developments in its operations, particularly in the digital asset mining sector. The company has expanded its bitcoin mining capacity with three new sites, two located in Ohio and one in Alberta, boasting a combined capacity of 5 megawatts. This expansion has resulted in a collective hashrate of 18 petahashes per second and a bitcoin production rate of approximately 0.057 BTC per day. Additionally, AgriFORCE has acquired a 5 MW bitcoin mining facility in Columbiana County, Ohio, for $4.5 million, enhancing its operational capabilities with over 900 bitcoin mining units.

The Ohio facility, which runs on natural gas flare energy, aligns with AgriFORCE’s commitment to sustainability and offers potential expansion to 1,200 units. This acquisition was partially funded by the first tranche of an up to $50 million financing from institutional investors, with an initial $7 million used to support recent purchases. CEO Jolie Kahn and Chairman David Welch have both expressed confidence in the company’s strategy to integrate sustainable energy practices with cryptocurrency mining. AgriFORCE’s vision includes further acquisitions and operational expansions, aiming to set a new standard for profitability and environmental responsibility in the digital asset ecosystem.

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