RotoGro executed a binding Technology License Agreement with Verity Greens Inc. for the grand of manufacturing and technology use licenses. The agreement provides RotoGro with a foothold in the expanding indoor urban vertical farming space as a technology and services provider globally.
The agreement also facilitates the payment of annual software licensing fees and a long-term net profit share from the sale (by Verity) of perishable foods cultivated at facilities utilizing RotoGro technology for the initial 20-year term of the agreement. All of which are expected to generate long-term sustained recurring for RotoGro.
The agreement is designed to provide RotoGro with a foothold in the expanding indoor urban vertical farming space as a technology and services provider. It facilitates RotoGro providing Verity Greens with the opportunity to use and manufacture the company's patented and proprietary cultivation technology in the perishable foods field, consistent with the company's strategy to engage in less capital-intensive business partnerships and collaborations.
Read the complete agreement here.