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AgriFORCE Growing Systems Completes Acquisition of Food Production & Processing IP from Manna Nutritional Group (MNG)
Globe Newswire 18-May-2022 9:00 AM
VANCOUVER, British Columbia, May 18, 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 processing across multiple verticals, today announced it has completed the previously announced acquisition of the intellectual property of Manna Nutritional Group (MNG). The IP encompasses patent-pending technologies to naturally process and convert grain, pulses and root vegetables, resulting in low-starch, low-sugar, high-protein, fiber-rich baking flour products, as well as a wide range of breakfast cereals, juices, natural sweeteners and baking enhancers. The core process is covered under a pending patent application in the U.S. and key international markets.
Independent lab testing indicates that MNG's soft white wheat baking flour contains over 30 times the fiber, 3 times the protein, and more than 80% less starch than conventional flour without compromising taste, texture and quality[1]. The Company's initial focus is on wheat, in which the flour has applications for baked goods, breads and snacks.
As further announced earlier this year, the Company is on track to pilot test its first branded product in the specialty flour category under the brand un(Think) Foods with businesses and consumers later this year. The un(Think) brand aims to evolve the way people think about their favorite foods and create a new standard for nutrition.
The Company has also completed the engineering work for small-scale manufacturing and has begun preparation for planned production in Saskatchewan, Canada, with initial operations expected to commence in second half of 2022.
"We are excited to close on the acquisition of the MNG intellectual property, as it allows us to launch innovative consumer products that leverage our broad industry expertise and expanding multinational footprint," said AgriFORCE CEO Ingo Mueller. "We have been working aggressively behind the scenes since first announcing the planned acquisition and look forward to launching our first product later this year. In addition to our own branded products, we are in discussions with food manufacturers to private label a variety of consumer products. We believe these products address a multi-billion dollar, underserved market in the all-natural flour, bakery and snack categories. Moreover, this acquisition is aligned with our broader strategy of leveraging our IP to meet the growing demand for healthy, delicious, and nutritious foods".
Dr. Stu Gordon, Board Member of Manna Nutritional Group, explained, "AgriFORCE is an ideal partner as they bring broad international capabilities and relationships across the industry to accelerate the commercialization of the MNG IP. The extensive market research conducted by AgriFORCE further validated the consumer demand for nutritious, high fiber, high protein low carbohydrate food products that do not compromise on taste consumers expect."
Additional details on the transaction are available in the Company's Form 8-K, which will be filed with the Securities and Exchange Commission and available on the Company's website.
1. As per tests conducted by Eurofins Food Chemistry Testing Madison, Inc.
About Manna Nutritional Group LLC Manna Nutritional Group LLC is a privately held developmental stage firm based in Boise, Idaho. The Manna mission is to transform the diet and health of consumers through their unique process that naturally transforms grains, seeds and pulses into delicious, nutritious, high-fiber, high-protein and ultra-low-starch baking flours. The Manna team has created an opportunity for consumers to have their cake (and bread, muffins and more) in a new, delicious and nutritious way.
About AgriFORCE AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI, AGRIW))) is an AgTech company focused on the development and acquisition of crop production know-how and intellectual property augmented by advanced AgTech facilities and solutions. Looking to serve the global market, the Company's current focus is on North America, Europe and Asia. The AgriFORCE vision is to be a leader in delivering plant-based foods and products through advanced and sustainable AgTech solution platforms that make positive change in the world—from seed to table. The AgriFORCE goal: Clean. Green. Better. Additional information about AgriFORCE is available at: www.agriforcegs.com.
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities of the issuer. Any offer to sell or solicitation of an offer to buy securities of the issuer may only be made pursuant to a valid prospectus pursuant to an effective registration statement or pursuant to a valid exemption from registration under the Securities Act of 1933, as amended and the rules and regulations promulgated thereunder.
