Agrify Corporation Announces $500,000 Turnkey Extraction Equipment Agreement with Grotech Farms LLC in Bridgeton, New Jersey

TROY, Mich., June 11, 2024 (GLOBE NEWSWIRE) — Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the industry Cannabis, today announced the signing of a $500,000 turnkey hydrocarbon extraction and laboratory equipment package with Grotech Farms LLC (“Grotech” or the “Customer”), an operator cannabis company licensed annually founded by Miriam Porter and her partners.

Grotech Farms purchased the PX10 Hydrocarbon Extraction and Laboratory Equipment Turnkey Package from Agify, which includes PX10 Hydrocarbon Extractor, Cascade Sciences Vacuum Ovens, 10L Decarboxylation Package , diamond miners and a short path distillation system. Grotech Farms will create a wide range of craft concentrates, live resin and distillate to showcase the Garden State. In addition, Grotech Farms also purchased the UL-compliant C1D1 explosion-proof room from Agrify to operate and extract quality products. Agrify’s safe and easy-to-install C1D1/C1D2 extraction rooms are designed to be easily installed in less than a day and are equipped with PSI technical report certification allowing professional engineers to field verify in all 50 states.

Raymond Chang, Chairman and CEO of Agrify, said: “We are extremely pleased to be Grotech Farm’s extraction technology partner of choice. It’s fantastic to see the continued adoption of Agrify extraction technologies in the Garden State. We are excited to participate in the process of creating high-quality extracts as a form of plant medicine in partnership with a company rooted in quality.

“We have years of experience working with precision mining equipment and see it as the ideal solution for our toll processing operations to come online in the very near future.” Miriam Porter, CEO of Grotech Farms, says, “We have been very pleased with their equipment and look forward to bringing extraction-based products to the New Jersey market. »

For more information on Agrify’s cultivation and extraction technologies, please visit www.agrify.com to learn more.

About Agrify

Agrify is a leading provider of innovative cultivation and extraction solutions for the cannabis industry, bringing data, science and technology to the forefront of the market. Our proprietary micro-environmentally controlled Vertical Farming Units (VFU) enable growers to produce the highest quality products with unmatched consistency, yield and ROI (return on investment) at scale. Our comprehensive line of extraction products, which includes hydrocarbon, ethanol, solventless extraction, post-processing and laboratory equipment, allows producers to maximize the quantity and quality of extract required for premium concentrates. For more information, please visit our website at http://www.agrify.com.

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Forward-looking statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Agrify and other matters. All statements contained in this press release that do not address historical facts should be considered forward-looking statements, including, without limitation, statements regarding the completion of the transaction with Grotech Farms LLC, the installation of the equipment and receipt of lifetime income from the agreements. In some cases, you can identify forward-looking statements by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, “has the intention, “objectives,” “projects,” “plans,” “believes,” “estimates,” “predicts,” “potential” or “continues” or the negative of these terms or other similar expressions. Forward-looking statements contained in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections regarding future events and financial trends that we believe may affect our business and financial condition. and our results of operations Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or achieved. implied by the forward-looking statements. You should carefully consider the risks and uncertainties affecting our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the heading “Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2022 which was filed with the SEC on November 28, 2023, which is available on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, you are advised to review any other disclosures we make on related matters in our public announcements and filings with the SEC.

Agrify Investor Relations

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