CAN (AB): Definitive agreement signed to build geothermal agricultural site

Freshbay has signed a definitive agreement with Affinor Growers to construct a geothermal agricultural site near Hinton, Alberta, spanning approximately 864,000 square feet of greenhouse facilities. Leveraging Affinor's technologies, Freshbay will focus on the cultivation and commercialization of its premium Affrinoira Fragaria strawberries, renowned for their exceptional taste and quality.

Under the Definitive Agreement, Affinor will provide Freshbay with the necessary products and services to support strawberry production at the project site, including the installation of 17,530 vertical hydroponic towers, 34 polycarbonate Atlantis greenhouses, and an automated irrigation and fertilization system. Additionally, Affinor has facilitated the introduction between Freshbay and Berrymobile Fruit Distribution Inc., ensuring offtake for the strawberries grown on-site.

Freshbay is committed to advancing sustainable indoor farming practices, and this strategic partnership with Affinor will propel our mission forward. By harnessing geothermal energy and innovative technologies, we aim to deliver fresh, healthy, and locally sourced produce to consumers while minimizing our environmental footprint.
"As Freshbay embarks on this pre-launch project in its infancy, we are excited to partner with Affinor Growers," said Vic Reddy, CEO of Freshbay. "Together, we will create a groundbreaking geothermal agricultural site that revolutionizes the way strawberries are cultivated, setting a new standard for sustainability and quality in the industry."
The successful execution of this Definitive Agreement is contingent upon Freshbay securing adequate financing and the agreement on a work schedule for the project. Upon satisfaction of these conditions, Freshbay will make an aggregate payment of CAD$135,757,350 to Affinor.

For more information:
Vic Reddy, CEO
Freshbay Inc.
Tel.: 800-430-4610

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