Agrify Corporation Announces $500K Turnkey Extraction Equipment Deal with Grotech Farms LLC in Bridgeton, NJ
June 11 2024 - 7:30AM
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 $500K
Turnkey Hydrocarbon Extraction and Lab Equipment Package with
Grotech Farms LLC (“Grotech” or the “Customer”), an annual licensed
cannabis operator founded by Miriam Porter and partners.
Grotech Farms has purchased Agrify’s Turnkey
PX10 Hydrocarbon Extraction and Lab Equipment Package, which
includes a PX10 Hydrocarbon Extractor, Cascade Sciences Vacuum
Ovens, a 10L Decarboxylation Package, Diamond-Miners, and a
Short-Path Distillation System. Grotech Farms will be creating a
wide range of craft concentrates, live resin, and distillate to
introduce to the Garden State. In addition, Grotech Farms has also
purchased Agrify’s UL-Compliant C1D1 Explosion Proof Room to
operate and extract quality products in. Agrify’s safe and easy to
install C1D1/C1D2 extraction rooms are designed to be easily set up
in less than one day and are equipped with a PSI technical report
certification for professional engineers to field verify in all 50
states.
Raymond Chang, Chairman and CEO of Agrify,
shared that “We are extremely excited to be Grotech Farm’s
extraction technology partner of choice. It’s fantastic to see the
continuous adoption of Agrify’s extraction technologies in the
Garden State. We are thrilled to be part of the process in creating
high quality extracts as a form of plant medicine in partnership
with a company that is rooted in quality.”
“We have years of experience working with
Precision Extraction equipment and we see them as a perfect fit for
our toll processing operation to come online in the very near
future.” Says Miriam Porter, CEO at Grotech Farms, “We have been
really pleased with their equipment and are looking forward to
bringing extraction-based products to the New Jersey market.”
For information about Agrify’s cultivation and
extraction technologies, please visit www.agrify.com to learn
more.
About Agrify
Agrify 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.
Forward-Looking Statements
This 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 Grotech Farms LLC,
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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