Agrify Corporation Announces Turnkey Hydrocarbon Extraction Equipment Contract with Connecticut-Based Company New England Edibles, dba SoundView
March 28 2024 - 8:00AM
Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a
leading provider of innovative cultivation and extraction solutions
for the cannabis industry, today announced the signing of a Turnkey
Hydrocarbon Extraction and Lab Equipment Package with New England
Edibles, dba SoundView, (“SoundView” or the “Customer”), a licensed
operator based in Bristol, CT.
SoundView has purchased Agrify’s Turnkey
Hydrocarbon Extraction and Lab Equipment Package, which includes
Precision Extraction’s PX1 Hydrocarbon Extraction System, a Vacuum
Oven Package, a 5L G3 Short-Path Distillation System, and C1D1 Fume
Hood. In addition, SoundView has elected Agrify’s Precision
Development Group (“Precision Development Group” or “PDG”) services
to assist with a custom Concept Architecture Plan and Construction
Document Plan sets for SoundView to meet compliance with the State
of Connecticut to begin operation. Agrify’s PX1 Hydrocarbon
Extraction System is a small footprint extractor that allows for a
3-5 lbs. run capacity every 30-45 minutes. SoundView’s choice of
Agrify’s PX1 System will allow them to easily scale by adding PX
Hydrocarbon material columns to expand their throughput without
operational interruption.
Raymond Chang, Chairman and CEO of Agrify,
shared that “We are pleased that Agrify’s expansive portfolio of
products allows for our customers to enter new cannabis markets at
various scales. We believe our key to success has been Agrify’s
ability to provide turnkey support to our customers and eliminating
the need for our customers to integrate different solutions. It is
wonderful to partner with Soundview, one of the first Connecticut
woman and veteran owned startup cannabis companies that prides
themselves on promoting equity and inclusion in the industry and in
disproportionately impacted areas of the State.”
Nick Cimadon, CEO at SoundView said “We at
SoundView are extremely excited to be utilizing Precision
Extraction’s Hydrocarbon Extraction Equipment Package to process
and manufacture cannabis products to sell as wholesalers to
retailers in the CT market. Agrify is the ONE partner you need.
Their vertical integration of design, equipment, and training made
setting up our extraction capabilities straightforward and timely.”
SoundView currently holds a provisional license for food and
beverage adult use cannabis and has secured a facility in Bristol,
CT to begin operation this year.
For information about Agrify’s cultivation and
extraction technologies, please visit www.agrify.com to learn
more.
About AgrifyAgrify is a leading
provider of innovative cultivation and extraction solutions for the
cannabis industry, bringing data, science, and technology to the
forefront of the market. Our proprietary
micro-environment-controlled Vertical Farming Units (VFUs), enable
cultivators to produce the highest quality products with unmatched
consistency, yield, and ROI (return on investment) at scale. Our
comprehensive extraction product line, which includes hydrocarbon,
ethanol, solventless extraction, post-processing, and lab
equipment, empowers producers to maximize the quantity and quality
of extract required for premium concentrates. For more information,
please visit our website at http://www.agrify.com.
About New England Edibles, dba
SoundViewSoundView's mission is to harness the power of
cannabis through state-of-the-art extraction techniques and
innovative infusion methods to deliver safe, consistent, and
exceptional cannabis products. This work is personal to SoundView's
founding members, as they will be curating products that their very
own neighbors, friends, and family will look to consume. SoundView
strives to deliver premium cannabis products and experiences to its
consumers to help inspire well-being, enjoyment, and
exploration.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
concerning Agrify and other matters. All statements contained in
this press release that do not relate to matters of historical fact
should be considered forward-looking statements including, without
limitation, statements regarding the consummation of the
transaction with New England Edibles, installation of the
equipment, and the receipt of the lifetime of revenue from the
agreements. In some cases, you can identify forward-looking
statements by terms such as “may,” “will,” “should,” “expects,”
“plans,” “anticipates,” “could,” “intends,” “targets,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “potential,”
or “continue” or the negative of these terms or other similar
expressions. The forward-looking statements in this press release
are only predictions. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our business, financial condition, and results of operations.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that may cause our actual
results, performance, or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. You should carefully
consider the risks and uncertainties that affect our business,
including those described in our filings with the Securities and
Exchange Commission (“SEC”), including under the caption “Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2022 that was filed with the SEC on November 28, 2023,
which can be obtained on the SEC website at www.sec.gov. These
forward-looking statements speak only as of the date of this
communication. Except as required by applicable law, we do not plan
to publicly update or revise any forward-looking statements,
whether as a result of any new information, future events, or
otherwise. You are advised, however, to consult any further
disclosures we make on related subjects in our public announcements
and filings with the SEC.
Agrify Investor Relations
IR@agrify.com (857) 256-8110
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