Affinor Growers Announces Two Licensing Agreements
Ryan Allway
October 23rd, 2014
News, Top News
Affinor Growers Licenses Vertical Growing Technology from GeoNovus
Affinor Growers (CSE:AFI)(RSSFF)(1AF.F) (“Affinor” or the “Corporation) announced today that it will sub-license it’s patented, food growing technology (the “Technology”) licensed from Vertical Design Ltd. previously announced on October 22, 2014, to GeoNovus Minerals Corp. (TSX VENTURE:GNM)(GMINF) (hereinafter “GeoNovus”) giving them access to the agricultural market place (the “Agreement”).
This marks the start of Affinor’s plan to sublicense the Technology around the world, to the exclusion of Ontario, Alberta and the Maritimes (the «Territory»). This agreement will give GeoNovus access to innovative, fully sustainable and complete growing solutions, which are the result of over 12 years of R&D based on predecessor systems, prototypes, and significant third party validation. GeoNovus will be sub-licensed to use these enhanced farming methods including the proprietary mechanical pollination system, to grow various crops year-round, indoors regardless of seasonality with near zero water waste.
Under the Agreement, Affinor is sublicensing a vertical growing technology to GeoNovus for a facility in Langley, British Columbia, as well as in Uruguay, in exchange for six million (6,000,000) common shares of GeoNovus on signature of the Agreement, and another six million (6,000,000) common shares in six (6) months following the signature of the Agreement, subject to regulatory approval. GeoNovus will also pay a royalty of 3% to Affinor on all of its net sales. Pursuant to the Agreement, Affinor will act as a consultant to GeoNovus by bringing its expertise to implement the Technology and making this project a success for all parties.
GeoNovus president Mike England states, “This licensing agreement will allow GeoNovus access to one of the world’s most advanced and potentially profitable vertical farming systems. This technology compliments our current Uruguayan operations and opens up tremendous potential within the multi-billion dollar agricultural market place.”
Nick Brusatore, Chairman, comments: “We are thrilled to see our food model to emerge and partnering with GeoNovus and providing them with an exclusive license for our vertical growing technology in Uruguay and in Langley, BC. Not only does this give Affinor a potential royalty stream from GeoNovus’ future vertical growing operations but will also provide valuable testing and data from world class scientific facilities in Uruguay while opening-up the Mercosur region for future business“.
About Affinor Growers Inc.
Affinor Growers is a diversified 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 high quality medical Marijuana. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
Sebastien Plouffe, President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This News Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Affinor Growers Signs Exclusive Licensing Agreement With Vertical Design.
Affinor Growers (CSE:AFI)(RSSFF)(1AF.F) (“Affinor” or the “Corporation) announced today that it has enter into an Exclusive Patent License Agreement (the «Agreement») with Vertical Designs Ltd. (“VDL”) to become the commercial licensor of VDL patented, food growing technology (the «Technology») on a worldwide territory excluding only Ontario, Alberta and the Maritimes (the «Territory»).
Under the terms of the Agreement, Affinor will use VDL’s Technology to produce high quality non-GMO fruits and vegetables, royalty free to VDL. An initial entry fee is paid to VDL by the issuance of 722,222 common shares of Affinor. This Agreement will allow Affinor to mass-produce all crops worldwide using VDL Technology, starting with the plant in Quebec. 100 % of the profits generated by the plant in St-Chrysostome, or any other facility operated in the future by the Corporation, will belong to Affinor.
Also under the Agreement, Affinor will be able to sublicense VDL Technology for fruits and vegetables to any other company or facility on the Territory and receive a royalty on sub-licensed production. Affinor will receive 50% of any fee or royalty paid to it by any sublicensee of the VDL Technology, the other portion being paid to VDL.
Sebastien Plouffe, President and CEO, comments: “this exclusive licensing agreement with VDL is huge and it shall benefit to Affinor shareholders. Instead of paying $15 million to acquire VDL, we avoid dilution by paying only 722,222 shares and to be the exclusive commercial licensor and we have the possibility to produce food almost anywhere in the world using VDL’s technology”.
About Affinor Growers Inc.
Affinor Growers is a diversified 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 high quality medical Marijuana. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
Sebastien Plouffe, President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com. This News Release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.Disclaimer: Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. Emerging Growth LLC dba TDM Financial, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
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