VANCOUVER, British Columbia, April 18, 2018 (GLOBE NEWSWIRE) — Vertical Designs Colombia Inc. SAS. (“Vertical Designs Colombia”) is a privately held whole owned subsidiary of Vertical Designs LTD based in Abbotsford, BC, Canada currently signed under a Letter Of Intent to enter the public markets with Bullion Gold on the TSX.V.
Affinor Growers (CSE:AFI) is pleased to announce that on April 17, 2018 a Letter of Intent between licensee Vertical Designs Colombia and Petrocol Holdings Ltd, a privately held company that has an application applied for to mass produce medical cannabis on property currently owned by Petrocol Holdings Ltd in Colombia. Once definitive agreement is agreed and executed no later than July 20, 2018, the immediate plan is to begin the installation of 50 of the Affinor Growers Patented Vertical Farming Towers after Cannabis Production license is granted from federal government of Colombia. The first 50 rotating stainless steel towers will produce roughly 35 to 40 lbs. of dried mass every 60 days per tower which takes up about 120 square feet foot print each growing right outside with fruiting cycle all year naturally in sun and organic engineered soil. The 3 years plan is to ramp up production and begin to supply the Tobacco, Pharma Industry and become the leader with low cost high quality trusted product and ramp up over 2 years to 5000 towers which will produce anywhere from 1,050,000 lbs. to 1,200,000 lbs. per year at this location. The estimated revenues from selling the premium organic product at a rough wholesale price of $200.00 per lbs USD equates to over $200,000,000 USD per year gross revenue with and estimated gross profit margin of $140,000,000 USD per year once running full capacity creating roughly 300 jobs and giving Affinor Growers a purchase order for $1,000,000.00 for the first 50 towers and $100,000,000.00 over a period of 2 years for 5,000 more to the project while adding to the Agriculture GDP of Colombia.
As per the Exclusive Caribbean license released February 21, 2018, Affinor Growers the patent holders of the Vertical Farming Technology will receive a 10% voting shares ownership in Vertical Designs Colombia and will receive 1 seat on the board in exchange for the exclusive license to mass produce Fruits, Vegetables and Cannabis. Affinor Growers will appoint Mr. Nick Brusatore to help ensure all Governance and Protocol is met for the rapidly growing development in Colombia.
About Affinor Growers
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 and Cannabis using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier and grower, using exclusive vertical farming techniques.
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
AFFINOR GROWERS INC.
For More Information, please contact:
Nicholas Brusatore, CEO