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Toronto and boston, January 9, 2024 /PRNewswire/ — Agrinum Acquisition Corporation (TSX:AGRI.U) (“agrinum“) and Freight Farms, Inc. (“cargo farmThe company, a fast-growing, innovative agritech company and a leader in the global revolution for sustainable, hyper-local, hyper-perishable food production, today announced Freight Farm’s fourth quarter 2023 financial results. and announced the latest information regarding management. In particular, Agrinum and Freight note that farms are looking at the following preliminary results:
Agrinum Acquisition Corporation
- Freight Farms received 95 farm orders in the fourth quarter of 2023, an increase of 83% year over year, including two orders for new garden models. On a sequential basis, orders increased 111% from 45 orders in the third quarter to 33 orders in the second quarter.
- Fourth quarter revenues are expected to be higher than the third quarter of fiscal 2023 and the fourth quarter of 2022. Revenues are limited by existing inventory and remain subject to audit and review by Freight Farm’s auditors.
- The yield study established a new benchmark of more than 280,000 ounces for the entire farm, compared to more than 180,000 ounces assumed in the current financial model for cargo farms. Individual panel results are even more positive, indicating the potential for further yield increases in 2024.
- The 50 Hz version of the latest Greenery 7 model is complete and shipping. This version features several performance enhancements and stability improvements, as well as lower cost.
- The Garden’s first five production units are under construction, including a high-visibility layout expected to be unveiled in the first quarter of 2024.
“We are very pleased with our fourth quarter results, which reflect strong momentum across our businesses,” he said. rick vanzulaCEO. “Order growth significantly exceeded plans and backlog.1 It currently represents about half of the projected revenue for fiscal year 2024. We also continue to make steady progress on our key growth initiatives and innovation agenda, providing further tailwinds into 2024. Our proposed business combination with Agrinum is progressing well and we expect the transaction to close during his first quarter of 2024. ”
Freight Farm’s final fiscal year 2023 results will be included in the audited financial statements and management’s discussion and analysis, copies of which are available under Agrinum’s profile on SEDAR+ (www.sedarplus.com).
About Agrinum Acquisition Corporation
Agrinam Acquisition Corporation is a special purpose acquisition corporation organized under the laws of the State of Agrinam. british columbia of one or more businesses or assets, directly or indirectly, by merger, amalgamation, arrangement, stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination to the extent specified; Purpose of carrying out the acquisition. period. For more information, please visit www.agrinamspac.com.
About Freight Farm
Founded in 2012 with a mission to democratize and decentralize local production of fresh, healthy food, Freight Farms debuts the first vertical hydroponic farm built inside an intermodal shipping container . Since its inception, Freight Farms has refined its product offerings to reach Greenery™ container farms. Freight Farmers makes up the world’s largest network of IoT-connected farms, with customers around the world ranging from small and medium-sized farmers to businesses, hospitality, retail, education, and non-profit sectors. AgTech Breakthrough named his Freight Farms his 2022 “IoT Monitoring Solution of the Year” for its Farmhand® IoT automation software. For more information, please visit https://www.freightfarms.com/.
Forward-looking statements
Certain information contained in this press release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include words such as “expects,” “anticipates,” “believes,” “predicts,” “may,” “estimates,” “goals,” “intends” and similar words. Often identified by use, but not always. “plans,” “seeks,” “will,” “may,” “should” and similar expressions and words suggesting future results.This press release includes, among other things, Freight Farm’s 2023 financial performance and operations, fourth quarter 2023 revenues, fiscal 2024 yield growth, Freight Farm’s order backlog and Biosphere 2 Garden and Science Museum. boston. The information contained in this press release does not constitute a statement of financial results and all information contained is subject to change. Once available, readers are strongly encouraged to read Freight Farm’s audited annual financial statements and management’s discussion and analysis thereof, as described above. A copy is available from Agrinum’s profile on his SEDAR+ at www.sedarplus.com.
These forward-looking statements are based on Agrinum’s and Freight Farm’s perception of historical trends, current conditions and expectations, and other factors that Agrinum and Freight Farm believe are appropriate in the circumstances. and Freight Farm’s important factors and expectations and assumptions. Agrinum and Freight Farm’s estimates, beliefs and assumptions are inherently subject to uncertainties and contingencies regarding future events and are therefore subject to change. A number of risks and uncertainties could cause actual events or results to differ materially from the estimates, beliefs and assumptions expressed or implied by the forward-looking statements in this press release. SEDAR+ (www.sedarplus.com). For more information about Agrinum and Freight Farm, investors are encouraged to review Agrinum’s public filings on SEDAR+ at www.sedarplus.com.
Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Agrinum’s and Freight Farm’s expectations only as of the date of this press release. Agrinum and Freight Farm undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. yeah.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities listed below. US. This security has not been and will not be registered under the United States Securities Act of 1933, as amended (“US securities laws“) or state securities laws and may not be offered or sold: US A U.S. Person (as that term is defined in Regulation S of the U.S. Securities Act), unless registered under the U.S. Securities Act and applicable state securities laws, or unless an exemption from such registration is available. ).
Notes regarding forward-looking financial information
To the extent any forward-looking statements in this presentation constitute “forward-looking financial information” or “financial outlook” within the meaning of applicable Canadian securities laws, such information is Readers are cautioned not to place undue reliance on such forward-looking financial information or projections, which may not be appropriate for other purposes. Forward-looking financial information and financial outlooks, like forward-looking statements generally, are based on assumptions and are not subject to the risks described under the heading “Forward-Looking Statements” above. receive. Cargo Farm’s actual financial condition and results of operations may differ materially from management’s current expectations, and as a result, Cargo Farm’s revenues and expenses may differ materially from the profile provided. Such information is presented for illustrative purposes only and may not be indicative of Cargo Farm’s actual financial condition or results of operations.
Non-IFRS measures
Certain non-IFRS financial measures are used to measure, compare and describe Freight Farm’s results of operations and financial performance. These measures are commonly used by companies operating in the industry as useful indicators for measuring performance. However, these measures do not have a standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other listed companies. These measures should be considered supplementary in nature and should not be considered as a substitute for the relevant financial information prepared in accordance with IFRS. Freight Farms defines such financial measures as follows:
“Backlog” is defined as farms that have been sold but not recognized as revenue. Freight Farms believes that backlog is a useful metric because it reflects the committed revenue expected to be realized in future periods.
For more information, please contact us below.
Investor contact information:
reed anderson,ICR
[email protected]
Media contact:
kale decker,ICR
[email protected]
1 Represents a non-IFRS measure. “”Please refer to.Non-IFRS measuresSee below for more information.
SOURCE Cargo Farm
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