AgriFORCE Growing Systems provides letter to shareholders

AgriFORCE Growing Systems provided the following update from the Company’s interim CEO and CFO, Richard Wong: “We continue to make meaningful progress in terms of technological enhancements, market penetration, and investments…. At the same time, we hear and share your disappointment with our recent share price weakness. This year there has been a massive erosion of the macro business environment, which has certainly contributed to this weakness… Businesses are continually looking for ways to reduce food spoilage, a multi-billion-dollar waste problem, while maximizing efficiency in the growing and processing of foods. Our solutions can aid in bringing more and better food to humans by improving food security through our GrowHouse technology, reducing food waste up and down the food supply chain through our RCS Hydroxyl pathogen and VOC killing machines, thereby reducing food costs to consumers… Our technologies are innovative and highly differentiated, providing key competitive advantages for the industry within the following three areas: 1. un(THINK) food processing technology for wheat: our patented process to improve food nutrition. 2. RCS Hydroxyl chemical free & human safe pathogen eliminating equipment: reduces food spoilage and provides safer food processing and delivery. 3. AgriFORCE ForceGH+ and new GrowHouse design: better food security in every geography and climate. un(THINK) Flour: We have finalized the first phase of our product development and qualified 3 types of wheat-based flours – Awakened Flours – that have the distinct advantage of being the only flours on the market that are processed from the entire kernel, resulting in a wheat flour…RCS Hydroxyl Bacteria Killer Devices: With these pathogens and VOC killer devices, we are pleased to report that our Mexican distributor has made significant progress in promoting our devices to some of the largest companies in the food manufacturing industry, including the poultry sector. These companies are currently testing these devices and we are optimistic about the results… GrowHouse Licensing & AgriFORCE Agtech Consulting: We are currently in discussions with industry segment equipment providers to license our technology. These discussions are progressing well, and we are optimistic about the outcome… M&A: As you know, the current market conditions have made M&A more challenging than ever before. With the increases in interest rates and capital market raises difficult, it has become much harder to meet both sellers’ expectations and financing requirements… Outlook: Challenges continue; however, we remain focused on building shareholder value through our current strategy of commercializing our more nutritious un(THINK) flour, reducing contamination and food spoilage in food supply chains through our RCS Hydroxyl devices, bringing our GrowHouse IP into the marketplace through equipment partnerships, and executing M&A. Overall, we are working on our 2024 strategic objectives, and while a few items are still progressing, we are determined to finish the year strong!”