Benzinga | Oct 27, 2021 11:35AM EDT

Why AgriFORCE Growing Systems Stock Is Soaring Today

AgriFORCE Growing Systems Ltd (NASDAQ:AGRI) is surging higher Wednesday after the company announced it entered into a binding letter of intent to acquire a leading AgTech European consultancy.

With global operations and over 200 employees, this AgTech consultancy achieved 2020 annual consulting audited revenues of over $26 million, according to the press release.

AgriFORCE Growing Systems said it plans to leverage the consultancy's experience, established customer base and deep industry relationships to accelerate deployment of its proprietary AgriFORCE Grow House. The company also plans to build on the consultancy's growth through expansion of its consulting operations and the establishment of a research and development center in North America.

"Both AgriFORCE and this leading European AgTech consultancy are dedicated to making positive change in the lives of farmers and consumers. This is an unprecedented opportunity for exceptional innovation and through our synergies, expanded growth in both North America and Europe for both organizations," said Ingo Mueller, CEO of AgriFORCE Growing Systems.

AgriFORCE Growing Systems is dedicated to transforming modern agricultural development through its proprietary patent-pending facility design and automated growing system.

AGRI Price Action: AgriFORCE Growing Systems is making new 52-week highs Wednesday.

The stock was up 124.50% at $4.89 at time of publication.