Affinor Growers Inc.

Affinor Growers Inc.

January 14, 2016 10:07 ET

Affinor Growers Completes Second Vertical Farming IP Acquisition & Updates Market on Michigan USA Test

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 14, 2016) - Affinor Growers (CSE:AFI)(OTCQB:RSSFF)(FRANKFURT:1AF) ("Affinor" or the "Corporation), a diversified agriculture and biotechnology company with proprietary vertical farming systems, is pleased to announce the signing of 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 which 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 greenhouse.

Acquisition of the License Agreements

Vertical Designs Ltd. had previously granted certain licenses to use the vertical growing technology to third parties and with this agreement, Affinor become the licensor and 100% owner of the technology. Affinor looks forward to working with the licensees in further advancing the implementation and use of the vertical farming technology.

Terms of the Agreement

The technology acquisition agreement calls for the issuance of 10 million common shares to the vendor, Vertical Designs Ltd., upon the completion of the transfer of the Patents to Affinor, which is currently underway and expected to be completed in 30 to 60 days. The shares were issued at an agreed upon value of $0.10 per share and will have a four month hold period, valuing the transaction at a $1 million purchase price, as in the original option agreement.

Update on the Michigan Test of the Vertical Farming System

Affinor is also very pleased to say 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 with in the next 60 days.

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


Jarrett Malnarick, President & CEO

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.


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 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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