TORONTO and BOSTON, Jan. 9, 2024
/PRNewswire/ -- Agrinam Acquisition Corporation (TSX:AGRI.U)
("Agrinam") and Freight Farms, Inc. ("Freight
Farms"), a rapidly growing innovative agtech company and a
leader in the global revolution for sustainable, hyper-local and
ultra-fresh food production, today provided an update on the 2023
fourth quarter performance and operations of Freight Farms.
Specifically, Agrinam and Freight Farms note the following
preliminary results:
- Freight Farms received orders for 95 farms during the fourth
quarter of 2023, a year-over-year increase of 83%, including two
orders for its new Garden model. On a sequential basis, orders were
up 111% from 45 in the third quarter and compared to 33 orders in
the second quarter.
- Revenue for the fourth quarter is expected to be higher than
third quarter of fiscal 2023 as well as the fourth quarter of 2022.
Revenue was limited by existing inventory and remains subject to
audit and review by Freight Farms auditor.
- Yield research established a new benchmark of 280K+ ounces for
a full farm versus the 180K+ assumed in Freight Farms' current
financial model. Individual panel results were even stronger,
pointing to the way to further increases in yield in 2024.
- The 50 Hz version of the latest Greenery 7 model, which
features several performance enhancements and stability
improvements as well as lower costs, was completed and
shipped.
- The initial five production units of the Garden have been built
and this includes high visibility placements that we anticipate
announcing in the first quarter of 2024.
"We are very pleased with our fourth quarter results reflecting
strong momentum across our business," said Rick Vanzura, CEO. "Order growth was well
above plan and backlog1 now represents approximately
half of fiscal 2024 forecasted revenue. We also continued to make
steady progress on key growth initiatives and our innovation
agenda, providing further tailwinds as 2024 unfolds. Our
proposed business combination with Agrinam remains on track and we
continue to expect the transaction to close during the first
quarter of 2024."
Freight Farms final results for fiscal 2023 will be included in
its audited financial statements and management's discussion and
analysis, copies of which will be available under Agrinam's profile
on SEDAR+ at www.sedarplus.com.
About Agrinam Acquisition Corporation
Agrinam Acquisition Corporation is a special purpose acquisition
corporation incorporated under the laws of the Province of
British Columbia for the purpose
of effecting, directly or indirectly, an acquisition of one or more
businesses or assets, by way of a merger, amalgamation,
arrangement, share exchange, asset acquisition, share purchase,
reorganization, or any other similar business combination within a
specified period of time. For more information, visit
www.agrinamspac.com.
About Freight Farms
Founded in 2012, Freight Farms debuted the first vertical
hydroponic farm built inside an intermodal shipping container with
the mission of democratizing and decentralizing the local
production of fresh, healthy food. Since its inception, Freight
Farms has refined its product offering to arrive at the Greenery™
container farm. With global customers ranging from small business
farmers to the corporate, hospitality, retail, education, and
nonprofit sectors, Freight Farmers make up one of the largest
network of IoT connected farms in the world. AgTech
Breakthrough named Freight Farms the 2022 "IoT Monitoring Solution
of the Year" for its farmhand® IoT automation software. For more
information, 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 are often, but not
always identified by the use of words such as "expect",
"anticipate", "believe", "foresee", "could", "estimate", "goal",
"intend", "plan", "seek", "will", "may" and "should" and similar
expressions or words suggesting future outcomes. This press release
includes forward-looking information and statements pertaining to,
among other things, the 2023 financial performance and operations
of Freight Farms, revenue for the fourth quarter of 2023, yield
increases for fiscal 2024, Freight Farms' backlog and the placement
of the Garden at Biosphere 2 and the Museum of Science in
Boston. The information contained
in this press release does not constitute an announcement of
financial results and all information included is subject to change
and once available, readers are strongly encouraged to read Freight
Farms audited annual financial statements and management's
discussion and analysis thereon, which as noted above, copies of
which will be available on Agrinam's profile on SEDAR+ at
www.sedarplus.com.
These forward-looking statements reflect material factors and
expectations and assumptions of Agrinam and Freight Farms which are
based on Agrinam's and Freight Farms' perception of historical
trends, current conditions and expectations, as well as other
factors believed to be appropriate in the circumstances. Agrinam's
and Freight Farms' estimates, beliefs and assumptions are
inherently subject to uncertainties and contingencies regarding
future events and as such, are subject to change. Numerous risks
and uncertainties could cause the actual events and results to
differ materially from the estimates, beliefs and assumptions
expressed or implied in the forward-looking statements in this
press release, including those risks disclosed in the preliminary
non-offering prospectus of Agrinam available on SEDAR+ at
www.sedarplus.com. For more information on Agrinam and Freight
Farms, investors are encouraged to review Agrinam's public filings
on SEDAR+ at www.sedarplus.com.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect Agrinam's and Freight
Farms' expectations only as of the date of this press release.
Agrinam and Freight Farms disclaim any 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.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States or
to U.S. Persons (as such term is defined in Regulation S under the
U.S. Securities Act) unless registered under the U.S. Securities
Act and applicable state securities laws or an exemption from such
registration is available.
Cautionary Note Regarding Future-Oriented Financial
Information
To the extent any forward-looking statement in this presentation
constitutes " future-oriented financial information" or "financial
outlooks" within the meaning of applicable Canadian securities
laws, such information is being provided to demonstrate the
anticipated financial and operational performance of Freight Farms
and the reader is cautioned that this information may not be
appropriate for any other purpose and the reader should not place
undue reliance on such future-oriented financial information and
financial outlooks. Future-oriented financial information and
financial outlooks, as with forward-looking statements generally,
are, without limitation, based on the assumptions and subject to
risks as set out above under the heading "Forward Looking
Statements". The actual financial position and results of
operations for Freight Farms may differ materially from
management's current expectations and, as a result, the Freight
Farms' revenue and expenses may differ materially from the profiles
provided. Such information is presented for illustrative purposes
only and may not be an indication of the Freight Farms' actual
financial position or results of operations.
Non-IFRS Measures
Certain non-IFRS financial measures are used to measure, compare
and explain the operating results and financial performance of
Freight Farms. These measures are commonly used by companies
operating in the industry as useful metrics for measuring
performance. However, they do not have any standardized meaning
prescribed by IFRS and are not necessarily comparable to similar
measures presented by other publicly traded entities. These
measures should be considered as supplemental in nature and not as
a substitute for related financial information prepared in
accordance with IFRS. Freight Farms defines such financial measures
as follows:
"Backlog" is defined as farms sold and not recognized as
revenue. Freight Farms views backlog as a useful measure as it
reflects committed revenue that is expected to be realized in
future periods.
For further information contact:
Investor Contact:
Reed
Anderson, ICR
FreightFarmsIR@icrinc.com
Media Contact:
Keil
Decker, ICR
FreightFarmsPR@icrinc.com
1 Represents a non-IFRS measure. See the
"Non-IFRS Measures" below for more information.
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SOURCE Freight Farms
