Agrify’s Enters Into First Hydrocarbon Extraction Lab & Vertical Farming Unit Facility in California
2024年1月18日 - 9:30PM
Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a
leading provider of innovative cultivation and extraction solutions
for the cannabis industry, today announced it has entered into a
multi-million dollar sales agreement (“the Agreement”) with Ocean
Deep/Golden Lake Business Park, a California-based vertically
integrated cannabis operator. Ocean Deep will be extracting
products with Agrify’s turnkey PX30 Hydrocarbon Extraction Lab
Package to bolster its product offerings. Ocean Deep is also
expected to begin operation with an estimated 120 Vertical Farming
Units (“VFUs”) sold by the Company to produce high-quality cannabis
flower in 2024.
The PX30 Hydrocarbon Extraction System is the
largest system of Agrify’s PX-series. The PX30’s four 7.5 lbs.
material columns can be run in parallel, allowing a complete
30-pound batch cycle in under 60 minutes, and making it one of the
largest and fastest extractors on the market with up to 240+ lbs.
per 8-hour shift. This robust system is poised to offer enhanced
capabilities for hydrocarbon extraction, catering to the demands of
commercial operators focusing on large-scale batch processing and
extracting for the creation of direct-to-consumer products.
Raymond Chang, Chairman and CEO of Agrify,
shared that “We are very excited to announce this agreement for the
sale of our first combined VFU and PX30 Hydrocarbon Extraction Lab
facility in the state of California. We applaud our partner Ocean
Deep/Golden Lake Business Park’s foresight for selecting Agrify’s
technologies in the fiercely competitive California market. We
believe our superior cultivation and extraction technologies will
allow Ocean Deep to offer the highest quality and most consistent
products to its customers.”
The addition of Agrify’s UL-compliant Explosion
Proof (EXP) Rooms was, the Company believes, an ideal choice for
Ocean Deep’s C1D1 extraction lab. Agrify’s safe and easy to install
C1D1/C1D2 extraction rooms are designed to be easily set up in less
than one day and are equipped with a PSI technical report
certification for professional engineers to field verify in all 50
states.
“As CEO of Ocean Deep/Golden Lake Business Park,
it is with great enthusiasm that I disclose our new alliance with
Agrify, renowned for their trailblazing cannabis cultivation and
extraction innovations. Our southern California operations will
proudly serve as a showcase for their end-to-end cannabis
solutions,” said Mr. Sun, CEO of Ocean Deep/Golden Lake Business
Park. “We chose Agrify because their approach to the industry is
grounded in science and focuses on efficiency which resonate with
our mission to redefine industry benchmarks through the adoption of
forefront technologies that amplify our production capabilities and
assure superior product quality. We look forward to the
advancements and triumphs that our combined efforts will
yield.”
These industry developments illustrate the
continuous innovation and commitment to safety within the cannabis
sector as Agrify adapts to expanding market demands.
About Agrify
Agrify is a leading provider of innovative
cultivation and extraction solutions for the cannabis industry,
bringing data, science, and technology to the forefront of the
market. Our proprietary micro-environment-controlled Vertical
Farming Units (VFUs), enable cultivators to produce the highest
quality products with unmatched consistency, yield, and ROI (return
on investment) at scale. Our comprehensive extraction product line,
which includes hydrocarbon, ethanol, solventless extraction,
post-processing, and lab equipment, empowers producers to maximize
the quantity and quality of extract required for premium
concentrates. For more information, please visit our website at
http://www.agrify.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 concerning Agrify and other matters. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements including, without limitation, statements regarding the
number and type of products to be sold to Ocean Deep/Golden Lake
Business Park, the ability of those products to offer enhanced
capabilities for extraction, and the ability of Agrify’s
technologies to offer improved consistency and quality. In some
cases, you can identify forward-looking statements by terms such as
“may,” “will,” “should,” “expects,” “plans,” “anticipates,”
“could,” “intends,” “targets,” “projects,” “contemplates,”
“believes,” “estimates,” “predicts,” “potential,” or “continue” or
the negative of these terms or other similar expressions. The
forward-looking statements in this press release are only
predictions. We have based these forward-looking statements largely
on our current expectations and projections about future events and
financial trends that we believe may affect our business, financial
condition, and results of operations. Forward-looking statements
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance, or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements. You should carefully consider the risks
and uncertainties that affect our business, including those
described in our filings with the Securities and Exchange
Commission (“SEC”), including under the caption “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2022
that was filed with the SEC on November 28, 2023, which can be
obtained on the SEC website at www.sec.gov. These forward-looking
statements speak only as of the date of this communication. Except
as required by applicable law, we do not plan to publicly update or
revise any forward-looking statements, whether as a result of any
new information, future events, or otherwise. You are advised,
however, to consult any further disclosures we make on related
subjects in our public announcements and filings with the SEC.
Agrify Investor Relations
IR@agrify.com(857) 256-8110
Agrify (NASDAQ:AGFY)
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