Vancouver, British Columbia, Feb. 04, 2025 (GLOBE NEWSWIRE) — AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), a trailblazing technology-driven innovator committed to sustainability and operational excellence, is enthusiastic to comment upon a transformative series of developments. In an explosive 75-day period, the Company has evolved into a fully operational bitcoin mining and agtech company with diversified revenue streams, setting new industry benchmarks for growth and innovation across both Canada and the U.S.
Unmatched Operational and Technological Breakthroughs
AgriFORCE now operates three strategically located sites—two in Ohio and one in Alberta—with a combined installed capacity of 5 MW. The state-of-the-art facilities are delivering solid mining metrics:
- Collective Hashrate: 18 PH/s
- Bitcoin Production: Approximately 0.057 BTC per day
- Miner Count: 1,120
- Energy Cost: $0.04 per kWh
- Unprecedented Uptime: Only 1 outage day recorded since November 30, 2024
This remarkable operational ramp-up has driven a more than 600% increase in hashrate since the commencement of operations of its Sturgeon, Alberta facility, firmly establishing AgriFORCE’s potential as a formidable competitor in the digital asset mining arena.
Strategic Acquisitions Powering Future Growth
In a bold, strategic move to amplify its growth trajectory, AgriFORCE acquired an innovatively efficient 5 MW bitcoin mining facility in Columbiana County, Ohio, for $4.5 million in cash. This facility, powered by natural gas flare energy, currently runs over 900 bitcoin mining units—with the potential to expand to 1,200 units—delivering immediate cash flow and extraordinary scalability. This acquisition is a cornerstone of AgriFORCE’s trailblazing strategy to leverage stranded gas assets while integrating sustainable energy and agricultural growth strategies.
Robust Financing Accelerates Expansion
Highlighting investor confidence and a bright future ahead, AgriFORCE has secured the first tranche of an up to $50 million financing facility from leading institutional investors. An initial $7 million tranche was deployed to complete the recent high-impact acquisitions. This significant financial backing not only underpins the Company’s aggressive expansion plans but also enables the rapid scaling of operations and the anticipated integration of pioneering sustainable technologies.
Jolie Kahn, CEO of AgriFORCE, stated,
“Our rapid growth, marked by a more than 600% increase in hashrate in under 60 days, is a testament to our innovative approach and the exceptional leadership driving AgriFORCE forward. The acquisition of high-potential assets in Ohio, combined with our trailblazing work repurposing waste heat and carbon emissions for anticipated sustainable agricultural initiatives in Ohio and Alberta, underscores our ability to redefine the intersection of cryptocurrency mining and environmental stewardship. With the support of our financing partners, we believe we are seizing a once-in-a-generation opportunity to revolutionize our industry and deliver extraordinary value to our shareholders.”
A Vision for Transformative Growth
AgriFORCE’s groundbreaking integration of bitcoin mining with sustainable agricultural practices is setting a new paradigm in the digital asset and environmental sectors. The secured financing gives us the runway to fuel further acquisitions and enable the expansion of operations, ensuring that AgriFORCE has the potential to remain at the forefront of the sustainable digital asset ecosystem.
By harnessing innovative technology and a robust operational framework, AgriFORCE is not only accelerating its growth but also paving the way for a future where profitability potential and sustainability go hand in hand.
About AgriFORCE Growing Systems Ltd.
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) is a forward-thinking technology company dedicated to solving critical challenges in agriculture, sustainability, and environmental stewardship. By leveraging advanced technologies and innovative business models, AgriFORCE aims to deliver value for shareholders while creating lasting benefits for communities and ecosystems.
Follow AgriFORCE on Social Media:
- Twitter: @agriforcegs
- Facebook: AgriFORCE Growing Systems Ltd.
- LinkedIn: AgriFORCE Growing Systems Ltd.
Forward-Looking Statements
Statements made in this press release include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by the use of words such as “may,” “will”, “plan,” “should,” “expect,” “anticipate,” “estimate,” “continue,” or comparable terminology. Such forward-looking statements are inherently subject to certain risks, trends and uncertainties, many of which the Company cannot predict with accuracy and some of which the Company might not even anticipate and involve factors that may cause actual results to differ materially from those projected or suggested. Readers are cautioned not to place undue reliance on these forward-looking statements and are advised to consider the factors listed above together with the additional factors under the heading “Risk Factors” in the Company’s Period Reports on Forms 10-K and 10-Q, as may be supplemented or amended by the Company’s Current Reports on Form 8-K. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise. No information in this press release should be construed as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.
For more information, visit www.agriforcegs.com.
For media inquiries, please contact:
Richard Wong
CFO
AgriForce Growing Systems Ltd.
1-778-658-0533
[email protected]
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