AgriFORCE Growing Systems Ltd. (“the
Company”) (Nasdaq: AGRI), an innovative AgTech company
focused on developing and acquiring agriculture IP that advances
sustainable cultivation and processing for crops across multiple
verticals, announces that it has entered into a material definitive
agreement to acquire the intellectual property (IP) from Manna
Nutritional Group LLC (MNG), a privately held firm based in Boise,
Idaho. 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.
This all-natural process is designed to unlock
nutritional properties, flavor and other qualities in a range of
modern, ancient and heritage grains, pulses and root vegetables –
creating specialized all-natural baking and all-purpose flours,
sweeteners, juices, naturally sweet cereals and other valuable
products, providing numerous opportunities for dietary,
nutritional, performance and culinary applications.
Key identified advantages of this
production process:The Company’s independent lab testing
indicates that MNG’s soft white wheat baking flour contains up to
46% fiber, 23% protein and only 8% starch, which results in 45
times more fiber, up to 3 times more protein and provides only 11%
of the starch found in standard/commercial all-purpose baking
flour.
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The resulting products deliver a significantly
lower carbohydrate content than conventional processed flour-based
food products and are designed to provide significantly higher
levels of plant-based protein and natural fiber in addition to
other nutrients and enzymes – without compromising taste, texture
and quality.
Ingo Mueller, CEO of AgriFORCE, stated, “This
acquisition is the next step in our comprehensive strategy to
leverage IP to produce more sustainable, natural and better-quality
food, medicine and plant-based products. Imagine being able to eat
much healthier bread, pasta, cereals and a range of other products
made from wheat, seeds, pulses and legumes – that also taste good.”
He added: “By capturing even a small portion of the overall flour
market with our own brand and through relationships as an
ingredient supplier, we believe this IP represents an opportunity
that could transform the landscape of food production across a
multitude of categories.”
David Naccarato, COO and Acting CEO of Manna
Nutritional Group, commented, “Consumers strive to eat healthy
foods, but we often revert to unhealthy options because of the
taste, smell and texture.” He continued: “We believe that people
should not compromise the flavor, texture, aroma or quality of
their favorite dishes in order to eat healthier. Our proprietary
process, which we have been perfecting for the past six years, is
designed to provide the key ingredients for many of the foods that
people want to eat, combined with the nutrition and flavor they
desire. We look forward to a synergistic relationship with
AgriFORCE as we share the same vision, commitment and company
culture – all in support of providing consumers with healthier
choices.”
Mauro Pennella, President of AgriFORCE Brands
division further noted, “I am excited to spearhead the development
of these new products, which we will aim to commercialize towards
consumers, as well as through established food producers. We expect
to launch our first products, which will include a number of
specialized baking flours, in 2022.” He added: “We believe that we
have a transformative opportunity to generate a billion dollar
business with all-natural products in the flours, bakery and snack
categories, as well as dairy alternatives, high-performance drinks,
nutrition and performance bars and other categories that will cater
to the highly motivated and growing demographic of wellness-focused
millennials and health-conscious baby boomers. In North America,
these groups alone represent over 40% of the population and more
than half of food expenditures. Plant-based proteins, such as meat
alternatives, are changing the game for burgers, so imagine what a
high-fiber, high-protein, low-carb wheat bun could add to the
mix.”
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 AgriFORCEAgriFORCE
Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an AgTech
company focused on developing and acquiring agriculture IP that
changes the way plant cultivation and processing is done to provide
more sustainable and better quality food, pharmaceuticals,
nutraceuticals, plant-based products and ingredients. Our vision is
to be a leader in delivering plant-based foods and products through
advanced and sustainable AgTech solutions. The Company’s
foundational IP includes a proprietary facility design and
automated growing system for high-value crops focused on improving
the way that crops are grown. The Company calls its facility design
and automated growing system the “AgriFORCE Grow House.” The
Company has designed its AgriFORCE Grow House to produce in
virtually any environmental condition and to optimize crop yields
to as near their full genetic potential possible, while using
substantially fewer natural resources and eliminating the need for
the use of herbicides, pesticides and/or irradiation. The AgriFORCE
goal: Clean. Green. Better.
Additional information about the Company is
available at: www.agriforcegs.com.
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.
Company Contact:Ian PedersenTel: (604)
757-0952Email: ipedersen@agriforcegs.com
Investor Relations:Crescendo Communications,
LLCDavid Waldman/Natalya RudmanTel: (212) 671-1021Email:
AGRI@crescendo-ir.com
Media Relations:AHA Creative Strategies
Inc.Ruth AtherleyTel: (604) 846-8461Email: ruth@ahacreative.com
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