- AgriFORCE Growing Systems Ltd AGRI -1.4% (Get Free Alerts for AGRI) has signed a Memorandum of Understanding (MoU) with Humboldt Bliss Ltd, an agriculture and aquaculture business based in Barbados, West Indies.
- The initial contract would be for a minimum 5-year term, and the contract would be backed by a rolling $5 million quarterly performance bond maintained by Humboldt.
- Under the MOU, the parties plan to deploy AgriFORCE’s intellectual property to cultivate and sell high-value medical and agricultural products into the Caribbean and global pharmaceutical and agriculture markets.
- AgriFORCE will be responsible for constructing and providing the full Standard Operating Procedures, while Humboldt will be responsible for securing the project’s land and facilities operations.
- Upon production, Humboldt has committed to remit a licensing and equipment leasing fee to AgriFORCE equal to a slight discount to a commercial index for a minimum of 14,300 pounds of medical and agricultural products per year.
- Price Action: AGRI shares traded higher by 3.93% at $2.38 on the last check Thursday.
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