Affinor Growers has signed the second IP acquisition agreement with Vertical Designs Ltd. to acquire both the remaining Patents regarding the proprietary vertical farming systems and the license agreements with certain partners covering various provinces of Canada.
Jarrett Malnarick, President & CEO, noted that, "This acquisition gives Affinor 100% ownership of the vertical growing technology, which is a key step at this time, with the implementation of the technology currently underway in Michigan."
Acquisition of the Patents
The Patents are now in the process of being transferred to Affinor and were acquired under an option that Affinor acquired under its initial purchase of certain technologies developed by Vertical Designs Ltd. This agreement will give Affinor Growers two complete commercially ready designs, which Affinor can use to address many of the world's needs for mass production of plants anywhere in the world, indoors or in the greenhouse.
Acquisition of the License Agreement
Vertical Designs Ltd. had previously granted certain licenses to use the vertical growing technology to third parties, and with this agreement, Affinor became the licensor and 100% owner of the technology. Affinor looks forward to working with the licensees to further advance the implementation and use of vertical farming technology.
The test running in Michigan State with the major food producer is on pace and doing very well, as expected. The equipment was installed in late November, and the strawberry plants were planted in early December. The plants are healthy and appear to be thriving. The equipment is operating as designed, including at all levels of the structure, and within the parameters of water usage. Affinor expects the plants to bear fruit within the next 60 days.
