VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 31, 2016) - Affinor Growers (CSE:AFI)(CSE:AFI.CN)(OTCQB:RSSFF)(FRANKFURT:1AF) ("Affinor" or the "Corporation), a diversified agriculture and biotechnology company with proprietary vertical farming systems, has signed several license agreements with companies to use Affinor's technology over the last year. Each license agreement has the potential to generate significant equipment sales, long term royalties, ownership options and joint venture partnerships if the partner is successful in financing and building the vertical farms as planned.
The private non-exclusive license issued in British Columbia Canada, as announced April 27, 2016, has recently received a permit to build a vertical farm from the City of Abbotsford and are expecting to break ground in November. This license agreement has also been amended so that Affinor gets 10% ownership of the licensee company for the $100,000 license fee. This allows the partner to move ahead with construction faster and gives Affinor a share of the profits from this farm that is close to Affinor's Vancouver base.
Affinor is also pleased to announce that the holder of the non-exclusive license issued in Tennessee, as announced May 25, 2016, has recently received a letter from the City of Portland's Mayor supporting a new facility with Affinor Growers vertical farming technology. They plan to start construction in early 2017.
Affinor's board of directors has also approved the grant of 700,000 stock options exercisable at $0.17 per share and expiring October 25, 2019.
About Affinor Growers Inc.
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier and grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
Jarrett Malnarick, President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This News Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.