Freight Farms Drives Growth of Container Farm Adoption Across Nonprofit, Healthcare and Education Sectors

Over 220 farms sold in 2023 with strong institutional growth ahead of previously announced business combination with Agrinam

BOSTON, Jan. 31, 2024 /PRNewswire/ -- Freight Farms, Inc. ("Freight Farms"), an innovative agtech company and leader in hydroponic container farming, and Agrinam Acquisition Corporation (TSX:AGRI.U) ("Agrinam") announced substantial growth in year-over-year orders of Freight Farms' flagship Greenery farm in 2023 (32%), showcasing need from institutions and communities for localized, sustainable food. To meet this demand, Freight Farms saw customers scaling the number of farm units in their operations increase by approximately 70%, driven primarily by growth of 147% in non-profit and healthcare customers and 27% in education customers.

This continued momentum sets the stage for the newest iteration of Freight Farms' container farm, the Garden. This year, Freight Farms expects to unveil the Garden through strategic partnerships – starting with the Museum of Science, Boston – to showcase how it seamlessly integrates into educational settings, public areas and institutions within the hospitality and nonprofit sectors. Market production is expected to begin in 2025.

In addition, this growth report follows the previously announced public business combination between Agrinam, Freight Farms and Agrinam Merger Sub, Inc., a wholly owned subsidiary of Agrinam, whereby Agrinam will acquire all of the issued and outstanding shares of Freight Farms by way of a triangular merger (the "Business Combination"). This includes, as a condition to closing, that the resulting company from the Business Combination be listed on the Toronto Stock Exchange.

The Garden builds upon the success of the Greenery, a commercial-scale, modular farm leveraging the most advanced hydroponic, vertical farming and controlled-environment technology. Greenery farmers can produce 2-6 tons of annual harvest with 90% less water and land usage than traditional field-based farming – all within a 40' shipping container. The Garden will leverage these technologies in a smaller, more aesthetic design, providing an interactive extension to existing farming facilities, with the goal of attracting visitors and creating a more immersive experience for sustainable agriculture.

"We are thrilled to see continued growth of our farms and where they've taken root at community organizations, hospitals, restaurants and universities. This aligns with our goal to shift the paradigm of local food production – moving farms instead of food – to ensure decentralized and democratized access to fresh produce," said Rick Vanzura, CEO of Freight Farms. "The Greenery's robust food production capabilities truly make it our powerhouse product, and showcase pieces like the Garden have become increasingly popular, particularly among institutions. We anticipate our customer base will expand in these sectors as a growing trend and a new goal emerges: to not only showcase sustainable agriculture, but educate about its multiple applications."

Amid rising demand in key industries for sustainable and locally-sourced food solutions, Freight Farms has experienced a substantial 62% increase in orders from institutional customers between 2022 and 2023, contributing to a 51% increase in revenue for this group.

Some organizations to highlight include:

Nonprofit

• Puerto Rico's Farm in the City has leveraged Freight Farms' products to supply its communities with high quality, locally-grown fresh produce for over the last five years. Farm in the City is a family-owned business with a mission to provide employment to local farmers and address food security issues post-Hurricane Maria through collaboration with the local government, banks and grocery stores. In 2023, the organization purchased 10 new farms, bringing the total number of farms in its operation to over 20.
• Boys & Girls Clubs of Metro South, located in Brockton and Taunton, Massachusetts, uses Freight Farms to run programming for club members. The organization acquired one new farm last year, building upon its two existing farm locations. The container farms provide several community engagement and educational opportunities, from involving local volunteers to STEM learning, nutrition education, healthy habits and social emotional learning programming. Produce grown by club members and volunteers in the farms helps to improve food access among the children, their families and the greater community – any food not consumed by club families is donated to local food pantries.

Healthcare

• AdventHealth Celebration is the first hospital in Central Florida to have an agricultural program on its campus and the first in the southeastern United States to use Freight Farms technology, providing a scope of care beyond medical services. The produce harvested is accessible to medical center staff and available through a food pantry for employees. AdventHealth Celebration has future plans to use their Freight Farms for therapeutic horticulture and educational outreach among staff and local members of the community to underscore the need for more sustainable food sources. The AdventHealth Foundation purchased two new farms for the hospital last year, bringing the total number of farms on the campus to three.

Education

• University of Arizona's Biosphere 2, an experimental research facility, uses Freight Farms technology as part of its larger initiative to advance the understanding of natural and human-made ecosystems and increase the resilience and sustainability of Earth systems. The Biosphere 2 Greenery grows fresh produce for the university and community food organizations, including the University of Arizona Campus Pantry and the Impact of Southern Arizona community food bank. In the face of a rapidly changing environment, Freight Farms and Biosphere 2 share a collective goal to explore new ways of growing food for the future. The University of Arizona added one new Garden to its Biosphere 2 facility in 2023.

Freight Farms is seeking to revolutionize local food access, championing a sustainable and resilient future through hyper-local, water-efficient food production and significantly reducing food miles. This work was recognized in 2023, when Freight Farms' Greenery won a Gold Stevie Award for Technical Innovation of the Year and its farmhand^® software won an AgTech Breakthrough Award for IoT Monitoring Solution of the Year.

About Freight Farms
Founded in 2012, Freight Farms debuted the first vertical hydroponic farm built inside an intermodal shipping container with the mission of democratizing and decentralizing the local production of fresh, healthy food. Since its inception, Freight Farms has refined its product offering to arrive at the Greenery™ container farm. With global customers ranging from small business farmers to the corporate, hospitality, retail, education, and nonprofit sectors, Freight Farmers make up one of the largest network of IoT connected farms in the world. AgTech Breakthrough named Freight Farms the 2022 "IoT Monitoring Solution of the Year" for its farmhand^® IoT automation software. For more information, visit https://www.freightfarms.com/.

About Agrinam Acquisition Corporation
Agrinam Acquisition Corporation is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization, or any other similar business combination within a specified period of time.

Forward Looking Information
Certain information contained in this press release may be forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may" and "should" and similar expressions or words suggesting future outcomes. This press release includes forward-looking information and statements pertaining to, among other things, the Business Combination.

These forward-looking statements reflect material factors and expectations and assumptions of Agrinam and Freight Farms including, without limitation, expectations and assumptions relating to the expansion of Freights Farms' customer base in the community organizations, hospitals, restaurants and universities sectors, expectations and assumptions relating to Agrinam and Freight Farms being able to receive all required regulatory and shareholder approvals and current estimates and assumptions regarding the Business Combination, which are based on Agrinam's and Freight Farms' perception of historical trends, current conditions and expectations, as well as other factors believed to be appropriate in the circumstances. Agrinam's and Freight Farms' estimates, beliefs and assumptions are inherently subject to uncertainties and contingencies regarding future events and as such, are subject to change. Projected timelines included in this press release are used for illustrative purposes only, are not forecasts and may not reflect actual results. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements in this press release, including, but not limited to: the conditions to the consummation of the Business Combination may not be satisfied or waived; risks relating to the failure to obtain necessary shareholder, court, and regulatory approvals for the Business Combination; the filing and/or mailing of documentation relating to the Business Combination may not be completed on a timely basis; high levels of redemptions by Agrinam shareholders; the Business Combination may be modified, restructured or terminated; events or series of events may cause business interruptions; and the availability of equity and debt financing and/or refinancing on acceptable terms.

There are numerous risk factors related to the Business Combination that investors should take into account, including, without limitation: the ability of the resulting company from the Business Combination to meet TSX or other stock exchange listing standards following the consummation of the Business Combination; the Business Combination may not be completed within Agrinam's permitted timeline to complete a qualifying acquisition or the potential failure to obtain an extension of Agrinam's qualifying acquisition deadline if sought by Agrinam; and other factors discussed under "Risk Factors" in Agrinam's preliminary non-offering prospectus that was filed on November 10, 2023  Prospectus.

Readers are cautioned that the foregoing list of factors is not exhaustive. Other risks and uncertainties not presently known to Agrinam and Freight Farms or that they presently believe are not material could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained in this press release. Additional information on these and other factors that could affect events and results are included in other documents and reports that will be filed by Agrinam with applicable securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca). Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Agrinam's and Freight Farms' expectations only as of the date of this press release. Agrinam and Freight Farms disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.   

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Media Contact:
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