Affinor Growers Inc.
CNSX : AFI
FRANKFURT : 1AF
OTCQB : RSSFF

Affinor Growers Inc.

October 02, 2015 15:51 ET

Affinor Growers Announces Senior Management Changes

VANCOUVER, CANADA--(Marketwired - Oct. 2, 2015) - Affinor Growers (CSE:AFI)(OTCQB:RSSFF)(FRANKFURT:1AF) ("Affinor" or the "Corporation), a diversified agriculture and biotechnology company with proprietary vertical farming systems, announces that the Board of Directors have appointed Mr. Jarrett Malnarick as interim CEO and Mr. Mark T Brown as CFO. The management changes reflect the plans for the company's next phases of growth. Mr. Sebastien Plouffe and Mr. Hugh Bowman have both resigned from their positions as of today. Mr. Peirre C Miron, the former CFO has also resigned as CFO and Director and Affinor has concluded a termination agreement with him.

The board would like to thank Mr. Plouffe, Bowman and Miron for their guidance, leadership and input during the early days of Affinor's development. Mr. Sebastien Plouffe, former President and CEO, comments: "I became Affinor's CEO in 2013 and since then I grew the company and helped significantly to build and do something good for the shareholders. For personal reasons, it's time for me to leave. I believe in the success of the Company and the changes in the management are positive. I will continue to support the Company and I wish all the best to Affinor."

Mr. Jarrett Malnarick has been appointed as the interim CEO. He has been Affinor's COO for the past year and a half and is knowledgeable about the technology and company direction. Mr. Malnarick is known for his hands on approach and has over 15 years of experience in product development, retail logistics, operational systems development, effective team building and regulatory compliance. Mr. Malnarick has held a number of executive positions and has earned a Bachelor of Science from the University of Victoria.

Mr. Malnarick, Affinor's new interim CEO, comments: "I am honored to have been selected for the interim CEO and feel a strong sense of commitment to Affinor, the directors and investors. I am excited to work with the board and staff to deliver on the priorities set for Affinor."

Mr. Mark T. Brown B. Comm. CPA, CA, is the President of Pacific Opportunity Capital Ltd., in Vancouver B.C. Mr. Brown has assisted in the successful establishment of several private and public companies. In the public company sector, Mr. Brown has played key roles in the success of several companies which his team at Pacific Opportunity has listed the TSXV, the TSX and the NYSE Mkt Exchanges. His corporate focus is merger and acquisition transactions, financing, strategic corporate planning, and corporate development. One of the companies founded by the team at Pacific Opportunity was built into a plus $500 million market capitalization entity and they have had many smaller success over the past 20 years.

Prior to joining Pacific Opportunity, Mr. Brown managed the financial departments of two TSE 300 companies, Miramar Mining Corp. and Eldorado Gold Ltd. Mr. Brown has a Bachelor of Commerce from the University of British Columbia and qualified as a Chartered Accountant in 1993, while working with PricewaterhouseCoopers in Vancouver. Mr. Brown's family history includes having run large greenhouse operations near Vancouver for many years as Brown Brothers Florists and he looks forward to working with the team at Affinor in working to modernize these processes.

The main reasons of those changes are to improve efficiency of the Corporation and to reduce the burn rate. In that sense, the Corporation is also moving the office to Vancouver. The Quebec development project is still a priority and when the full financing will be in place, a special team will be hired specifically for the project. Regarding this project, negotiations are continuing in order to finance it with the right strategic partners in the industry. Affinor is also focusing on technology licensing opportunities, selling the equipment to strategic partners mainly in the food industry to demonstrate the quality of the products and the economic viability of the model.

The Corporation has also agreed to settle a total of $78,207 of debt relating to consulting fees and service fees to certain arm's-length and non-arm's-length parties by issuing an aggregate of 1,303,450 common shares of Affinor at a deemed price of six cents per share. Further, the Corporation has granted, in compliance with their option plan, hundred thousand incentive stock options to a consultant. Each option is exercisable into a common share of Affinor at ten cents per common share for a period of two years.

About Affinor Growers Inc.

Affinor Growers is a diversified 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. Affinor is committed to becoming a pre-eminent 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.

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