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TheNewswire - December 16, 2022 - Determination and focused intent has worked well for FARMZERO to convert the Letter of Intent (LOI) into a formal agreement with AgriPlay Ventures Inc. (Company) securing the Territorial License for the Chicago Metropolitan Area.
The excitement builds further knowing that design and development has already begun on five projects that are expected to be operational within 3 years and will convert over 2.1M square feet of Chicago into productive indoor farming operations, estimated to collectively yield 31.3M lbs of fresh produce for the Chicago area.
“We knew we had to move fast on this initiative and thus worked quickly with the team to secure this Territorial License agreement. This was a pivotal step in the development of the projects we are working on in the Chicago area” said Russell Steinberg, Founder and CEO of FARMZERO; “2023 is going to bring excitement and food security to the people of Chicago! as we look to transform multiple locations into several of the world's largest indoor farms and transform the international and economic identify of our city”
With this ten-year agreement, Agriplay will procure the hardware and software for the territory and is valued at approximately $771K USD. Agriplay will also be working closely with FARMZER0 and its partners in the Chicago area on the projects currently in development over the next few years.
A territory is defined as a legally recognized jurisdiction inside of any country, including but not limited to municipalities, counties, provinces, states and/or the entire country itself. Within the agreement, Agriplay will supply the growing system technology to plug’n’play the urban indoor farm for Metro Chicago, as well as provide support for the system. Under the agreement, FARMZERO now has exclusivity over the territory to set up operations using the technology as well as forming inter-territory partnerships to the benefit of FARMZERO.
“I am really excited about our working relationship with FARMZER0 and the incredible projects in Chicago. Most of the projects currently in development with FARMZER0 and its international partners are at least double the size of the current largest vertical farm in the world. The commitment to make this happen quickly really means we are aligned with our vision and goals to address food security globally,” says Dan Houston, President of Agriplay.
Agriplay’s proprietary growing system technology enables the Company to grow hundreds of different varieties of fresh greenhouse vegetables without the consumption footprint of traditional indoor farming.
Agriplay systems can grow almost any variety of fresh fruit and vegetable; uses up to 3 times less energy, and is up to 40 times more scalable than traditional vertical farms. The Company is currently working to convert over 2.67 million square feet of commercial real estate into productive vertical farms in the Calgary market, supplying previously imported greenhouse vegetables to the Alberta market.
“The execution of this agreement has also included discussions with political bodies within both our respective cities. Calgary and Chicago are cities with high commercial real estate opportunities for conversion. Both cities are committed to sustainable revitalization plans to bring economic recovery and food security to Calgarians and Chicagoans. This is a big deal for both our cities and the world beyond. ” says Dan Houston.
About Agriplay Ventures Inc.
Agriplay Ventures Inc. of Calgary, Alberta is an elevated, urban farming company that works with community stakeholders in commercial real estate markets to dramatically improve asset value through the conversion and operation of elevated urban farming facilities. Using proprietary technology, Agriplay uses advanced automation, machine learning, and artificial intelligence to leverage, augment, and transition local labour to service local demands for food.
For more information: Anna Greco-Taylor / media@agriplay.com
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