VANCOUVER, British Columbia, May 29, 2020 (GLOBE NEWSWIRE) — Affinor Growers Inc. (“AFI” or the “Company”) (CSE:AFI, OTC:RSSFF, Frankfurt:1AF) provides a corporate update and update on the filing of the Company’s unaudited condensed interim financial statements for the nine months ended February 29, 2020.
Corporate Update
With the reality setting in that the Covid-19 pandemic is far from over and that social distancing and other restrictions could be in place for several months, it’s becoming more important than ever to have a consistent food supply that is secure, safe, and clean. With that in mind, Affinor is working harder than ever to commercialize its current technology and also working with Cobotix Manufacturing Inc. in developing additional vertical farming technologies to expand our product line.
Cannabis LED Light Grow Trials
In December 2019, the Company entered into an agreement with Fundamental Lighting Solutions Inc. (“Fundamental”) and Cannalife Solutions LLC (“Cannalife Solutions”) to test the LED cannabis lights. On the back of the first successful grow trial, completed in February 2020, the Company moved directly into a second grow trial. The Company is currently awaiting the final results of the second grow trial while moving into the third grow trial.
The advancement of the trials is a testament to the great cannabis LED lighting product that has been developed. We will continue to gain valuable data from these grow trials, that in turn, we will use to commercialize the cannabis LED lights. We are in the process of working with Fundamental Lighting and Cannalife Solutions to expand the testing program to convert a second room to the cannabis LED lights in the coming months.
Agreement with the University of Fraser Valley (“UFV”)
In February 2019, the Company entered into a two-year agreement with the UFV to complete strawberry grow trials in the newly designed soil-based, vertical growing tower with the use of the LED lights from Fundamental Lighting. The grow trials took place at The Surrey Biopod facility, a partnership between the University of the Fraser Valley, the John Volken Academy (“Volken Academy”), and the City of Surrey.
The growing trial was a success and we were able to showcase the growing ability of the towers and the high-quality strawberries being grown in the towers. The strawberries continue to grow well and we have donated the towers to the Volken Academy so that they may continue to use the technology and continue the great work they are doing at the Surrey Biopods.
As a Company, we want to continue advancing our technology and showcasing it to investors and potential customers. With that in mind, effective May 31, 2020, the Company decided to withdraw from the remaining year of the agreement. We will be shifting our focus to developing our own research and development facility, either wholly owned or through a collaboration with a partner. This will allow us to test all our technology, continue to develop additional technologies, all while having a showcase to market our technology to prospective investors and customers.
We want to thank the University of Fraser Valley and the Volken Academy for working with us over the past four years and providing us with an opportunity to develop and test our towers. We especially want to thank Dr. Laila Benkrima, who has been an extremely valuable resource during these grow trials and during the re-design of the towers in 2019.
Q3 Unaudited Condensed Interim Financial Statements
On April 28, 2020, the Company announced it would be relying on the Blanket Exemption Order to postpone the filing of the Financial Statements required by section 4.2 of National Instrument 51-102 and the filing of the MD&A required by subsection 5.1(2) of National Instrument 51-102.
The Company expects it will file the Financial Statements and MD&A on SEDAR on or about June 12, 2020. Until such time as the Financial Statements and MD&A are filed, management and other insiders of the Company are subject to an insider trading black-out policy that reflects the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
An update of material business developments since the filing of the Company’s second quarter 2020 interim financial statements and corresponding management’s discussion and analysis on January 29, 2020 was provided in the news release on April 20th, 2020. The Company announced the results of the first grow trial of the LED cannabis growing lights in conjunction with Fundamental Lighting Solutions and Cannalife Solutions LLC.
About Affinor Growers
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol (“AFI”). Affinor is focused on developing vertical farming technologies and using those technologies to grow fruits and vegetables in a sustainable manner.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
AFFINOR GROWERS INC.
www.affinorgrowers.com
For More Information, please contact: Randy Minhas, CEO [email protected]
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