AgriFORCE Announces Purchase Agreement with Stronghold Power Systems to Acquire Land for Planned Development of First Coachella Campus for Proprietary and State-of-the-Art CEA Facility
VANCOUVER, British Columbia, Sept. 22, 2022 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an intellectual property (IP)-focused AgTech company dedicated to advancing sustainable cultivation and crop optimization across multiple platforms, today announced it has entered into a three-way agreement with Stronghold Power Systems Inc. (SPSI) and Stronghold Engineering Inc. (SEI), whereby AgriFORCE will acquire and the Parties will jointly develop a 34-acre property, which will serve as the first Coachella Campus for AgriFORCE’s proprietary and state-of-the-art controlled environment agriculture (“CEA”) facilities.
- Through this property agreement, AgriFORCE estimates it will reduce the capital expenditures for the first site by $4.8 million in Phase 1 of the development.
- The campus will include cultivation facilities, featuring advanced facility design, automated integrated growing systems, and advanced environmental control systems, leveraging the Companys broad IP-based AgTech platform.
- Troy McClellan, President of AgriFORCE Solutions, stated AgriFORCE is thrilled to collaborate with Stronghold Engineering and Stronghold Power Systems to acquire this strategic property to develop our Coachella Campus.
- Scott Bailey, Founder of Stronghold Power Systems, Inc. and COO of Stronghold Engineering, Inc. shared, The team at Stronghold Power Systems is excited to be involved with this project.