AgriFORCE Growing Systems Completes
Acquisition of Food Production & Processing IP from Manna
Nutritional Group (MNG)
Adds patent pending technologies
for natural processing and conversion of grains, pulses and root
vegetables to low starch, low sugar, high protein and fiber rich
consumer products.
VANCOUVER,
B.C. - May 18th, 2022 --
InvestorsHub NewsWire -- AgriFORCE Growing
Systems Ltd. ("the Company")
(NASDAQ: AGRI; AGRIW), an intellectual property (IP)-focused
AgTech company dedicated to advancing sustainable cultivation and
crop processing across multiple verticals, today announced it has
completed the
previously announced acquisition of the intellectual property
of Manna Nutritional Group (MNG). The IP encompasses
patent-pending technologies to naturally process and convert grain,
pulses and root vegetables, resulting in low-starch, low-sugar,
high-protein, fiber-rich baking flour products, as well as a wide
range of breakfast cereals, juices, natural sweeteners and baking
enhancers. The core process is covered under a pending patent
application in the U.S. and key international
markets.
Independent lab testing indicates that MNG's soft white wheat
baking flour contains over 30 times the fiber, 3 times the protein,
and more than 80% less starch than conventional flour without
compromising taste, texture and quality[1]. The
Company's initial focus is on wheat, in which the flour has
applications for baked goods, breads and snacks.
As
further announced earlier this year, the
Company is on track to pilot test its first branded product in the
specialty flour category under the brand un(Think) Foods with
businesses and consumers later this year. The un(Think) brand aims
to evolve the way people think about their favorite foods and
create a new standard for nutrition.
The Company has also completed the engineering work for
small-scale manufacturing and has begun preparation for planned
production in Saskatchewan, Canada, with initial operations
expected to commence in second half of 2022.
"We are excited to close on the acquisition of the MNG
intellectual property, as it allows us to launch innovative
consumer products that leverage our broad industry expertise and
expanding multinational footprint," said AgriFORCE CEO Ingo
Mueller. "We have been working
aggressively behind the scenes since first announcing the planned
acquisition and look forward to launching our first product later
this year. In addition to our own
branded products, we are in discussions with food manufacturers to
private label a variety of consumer
products. We believe these products
address a multi-billion dollar, underserved market in the
all-natural flour, bakery and snack categories. Moreover, this
acquisition is aligned with our broader strategy of leveraging our
IP to meet the growing demand for healthy, delicious, and
nutritious foods".
Dr. Stu Gordon, Board Member of Manna Nutritional Group,
explained, "AgriFORCE is an ideal partner as they bring broad
international capabilities and relationships across the industry to
accelerate the commercialization of the MNG IP. The extensive
market research conducted by AgriFORCE further validated the
consumer demand for nutritious, high fiber, high protein low
carbohydrate food products that do not compromise on taste
consumers expect."
Additional details on the transaction are available in the
Company's Form 8-K, which will be filed with the Securities and
Exchange Commission and available on the Company's
website.
-
As per tests conducted by Eurofins Food Chemistry Testing
Madison, Inc.
About Manna Nutritional Group
LLC
Manna Nutritional Group LLC is a privately held developmental
stage firm based in Boise, Idaho. The Manna mission is to transform
the diet and health of consumers through their unique process that
naturally transforms grains, seeds and pulses into delicious,
nutritious, high-fiber, high-protein and ultra-low-starch baking
flours. The Manna team has created an opportunity for consumers to
have their cake (and bread, muffins and more) in a new, delicious
and nutritious way.
About AgriFORCE
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an
AgTech company focused on the development and acquisition of crop
production know-how and intellectual property augmented by advanced
AgTech facilities and solutions. Looking to serve the global
market, the Company's current focus is on North America, Europe and
Asia. The AgriFORCE vision is to be a leader in delivering
plant-based foods and products through advanced and sustainable
AgTech solution platforms that make positive change in the
world—from seed to table. The AgriFORCE goal: Clean. Green. Better.
Additional information about AgriFORCE is available at:
www.agriforcegs.com.
Follow AgriFORCE on
Twitter:
@agriforcegs
Follow 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 Pedersen
Tel: (604)
757-0952
Email:
ipedersen@agriforcegs.com
Investor
Relations:
Crescendo Communications,
LLC
David Waldman/Natalya
Rudman
Tel: (212)
671-1021
Email:
AGRI@crescendo-ir.com
Media
Relations:
Peppercomm
Kellyn Curtis /
Hannah Robbins
Tel: (415)
633-3205
Email:
AgriFORCE@peppercomm.com
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