|By Marketwired .||
|July 11, 2014 03:12 PM EDT||
MONTREAL, CANADA -- (Marketwired) -- 07/11/14 -- Affinor Growers (CSE: AFI)(FRANKFURT: 1AF)(OTCQB: RSSFF) ("Affinor" or the "Corporation) has signed a LOI to acquire all the assets of 0993341 "BC" Ltd related to the operation of the Vancouver rooftop growing facility, located at 523/535 Richards Street, subject to due diligence. The IP from this acquisition is very important to Affinor Growers and will be useful in future development and production aspects.
North America's first 'vertical crop' urban farming system closed operations and filed for bankruptcy after Alterrus Systems and Local Garden Vancouver failed to match their running costs. The vertical farm opened in November 2012 in downtown Vancouver atop a parkade at 535 Richards Street. According to Vancouver news sources, the 5,700 square foot facility experienced a significant mechanical failure in late December 2013, which impaired their ability to safely and effectively operate.
This acquisition will allow Affinor Growers to retrofit the facility and start growing strawberries immediately using the recently acquired Vertical Designs Ltd. technology. Affinor Growers will now be able to fast track operations and demonstrate viability to the market and add another profitable revenue stream.
This is also a great opportunity for the City of Vancouver to continue their vision of growing fresh urban food and replacing much of the imported produce that comes from 1,500 to 2,000 kilometers away. The Vancouver Food Strategy has a plan to create a just and sustainable food system for the city. It builds on years of food systems initiatives and grassroots community development, considering all aspects of the food system, from seed to table to compost heap and back again. Affinor Growers is excited to participate in Vancouver's goal to become the "greenest" city by 2020.
Under the terms, Affinor Growers will pay a minimum of $250,000 in cash and the balance to $1.4 million in stock.
About Affinor Growers Inc.
Affinor Growers is a diversified publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries and high quality medical Marijuana. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
Sebastien Plouffe, President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This News Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.