Benzinga | Sep 9, 2021 03:26PM EDT

AgriFORCE Signs MoU With Barbados-Based Humboldt Bliss

* AgriFORCE Growing Systems Ltd (NASDAQ: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.