AgroFresh Makes Minority Investment in Proprietary Container System for Produce Freshness Being Developed by RipeLocker, LLC
November 29 2016 - 4:15PM
Business Wire
AgroFresh Solutions, Inc. (NASDAQ: AGFS), a global leader in
produce freshness solutions, has made a minority investment in
RipeLocker, LLC and its proprietary system for low-pressure vacuum
containers that aim to extend the shelf life and reduce the decay
of perishable produce.
RipeLocker, a start-up company led by food industry veteran
George Lobisser, uses a unique, patent pending system to provide a
portable solution for maintaining the atmospheric pressure,
humidity and gas composition that is intended to best preserve the
quality of perishable fruits. A potential breakthrough for the food
industry, RipeLocker seeks to resolve the issue of cost-effectively
maintaining the quality of the produce as it goes through adverse
operating and environmental conditions along the post-harvest
distribution chain.
RipeLocker seeks to leverage the existing logistics chain for
storing and transporting perishable food but with longer shelf life
for retailers and consumers, and less loss of produce and
significant added value for growers. RipeLocker is being tested by
major fruit grower/packers.
“RipeLocker is another potential avenue for AgroFresh to expand
into new technologies serving the high-value segments of the
produce industry, including the organic segment of the market,”
said Jordi Ferre, CEO of AgroFresh. “We are pleased to be making an
early investment in RipeLocker, and excited about the prospects for
its technology.”
Among the key potential markets for RipeLocker are highly
perishable fruits and vegetables. RipeLocker has the potential to
significantly reduce the damage frequently experienced using the
current storage and shipping processes. This is particularly true
for crops like cherries that are increasingly being exported
overseas via ocean freight.
Mr. Lobisser was added to AgroFresh’s board of directors in
September 2016. He has been in the post-harvest produce business
for more than 15 years, and served as president and chief executive
officer of Pace International, LLC for 12 years prior to its sale
to Valent BioSciences.
About AgroFresh
AgroFresh Solutions, Inc. (NASDAQ: AGFS) is a global
horticultural produce industry leader, providing a portfolio of
innovative products and specialty services to maintain the
freshness, quality and value of fresh produce and flowers. Its core
products include SmartFresh™, the proven post-harvest freshness
protection technology for produce; Harvista™, the advanced
pre-harvest technology for apples and pears; RipeLock™, the
innovative post-harvest quality system for bananas, and
LandSpring™, an innovative pre-planting application for tomatoes
and peppers to reduce transplant stress. AgroFresh currently
operates commercially in more than 40 countries and employs more
than 170 people worldwide. For more information, visit
www.AgroFresh.com.
™Trademark of AgroFresh Inc. ©2016 AgroFresh
Solutions, Inc. All rights reserved.
Forward-Looking Statements
In addition to historical information, this release may contain
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical facts, included in this release that
address activities, events or developments that the Company expects
or anticipates will or may occur in the future are forward-looking
statements and are identified with, but not limited to, words such
as “anticipate”, “believe”, “expect”, “estimate”, “plan”,
“outlook”, and “project” and other similar expressions (or the
negative versions of such words or expressions). Forward-looking
statements include, without limitation, all statements regarding
RipeLocker LLC’s technology and prospects, and information
concerning the Company’s possible or assumed future results of
operations, including all statements regarding anticipated future
growth, adoption of the Company’s products, business strategies,
competitive position, industry environment, potential growth
opportunities and the effects of regulation. These statements are
based on management’s current expectations and beliefs, as well as
a number of assumptions concerning future events. Such
forward-looking statements are subject to known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside the Company’s management’s control that could
cause actual results to differ materially from the results
discussed in the forward-looking statements. These risks include,
without limitation, the risk of increased competition; the ability
of the business to grow and manage growth profitably; changes in
applicable laws or regulations, and the possibility that the
Company may be adversely affected by other economic, business,
and/or competitive factors. Additional risks and uncertainties are
identified and discussed in the Company’s filings with the SEC,
which are available at the SEC’s website at www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20161129006037/en/
AgroFresh Solutions, Inc.Donna Greiner, +1
610-244-6665DAGreiner@agrofresh.comorInvestor RelationsKatherine
Harper, +1 267-317-9025Kharper@AgroFresh.com
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