Nature's Miracle to further develop MiracleFarm through new joint development agreement

Nature's Miracle Holdings entered into a Joint Development Agreement with Afafa to design, develop, manufacture, and sell MiracleFarm "5+1" container farm units exclusively.

MiracleFarm plans to utilize industrial robots inside the container to maintain the micro environment inside the MiracleFarm containers. MiracleFarm can also be deployed with solar power generation as well as mobile energy storage units, depending on locations. Nature's Miracle will jointly develop MiracleFarm with AFAFA by investing in research, design of the product, material costing and final manufacturing processes of units. AFAFA will become the manufacturing partner, while Nature's Miracle will be the exclusive partner for marketing, sales, and distribution in North America, Europe, Asia, and the Middle East. Nature's Miracle is planning to launch our Miracle Farm "5+1" container farm units in North America in mid-2024.

"A pressing significant issue with the vertical farming industry in North America has been the high cost of constructing vertical farming facilities as well as high maintenance and operating costs. We believe MiracleFarm will address this issue by reducing the building cost of vertical farming facilities. In addition, the utilization of automation, as well as the deployment of renewable energy, is expected to reduce operating costs. We have been a leader in designing and sourcing products for the controlled environment agriculture industry." said Tie "James" Li, Chairman and Chief Executive Officer of Nature's Miracle. "We hope the launch of MiracleFarm "5+1" will make the vertical farming industry in North America more sustainable by reducing both the initial Capex as well as the ongoing operating costs. Our deep knowledge of the sector helps us design and build practical and cost-efficient solutions in an industry concerned with high capital expenditures. The "5+1" series can be applied in both urban and rural areas and as a sustainable alternative to traditional farming methods."

According to David Lu, CEO of Afafa, Inc. "We have chosen to partner exclusively with Nature's Miracle in the development and launch of the MiracleFarm 5+1 units. Their sales footprint in North America is compelling, and we are quite pleased with the results of the product development process and prospects for demand in North America and other markets."