 |
|||||||||
November 10, 2022 – TheNewswire
Having been looking for a technology solution for the operation of indoor farming inside vacant office space for over 2 years, StarFort @ FARMZERO (FARMZERO) has signed a letter of intent (LOI) to obtain the Territory License rights within the Metro Area of Chicago. With several projects now being planned to start as early as January 2023, Agriplay Ventures Inc. (Agriplay) is excited to work with FARMZERO to bring a solution to food security and economic diversification to the Chicago area. “We have been working with industry leaders from all over the city to bring food security and new industry to Chicago, now with the Agriplay team and their technology we have a solution to make a truly meaningful impact on Chicago’s well-being and future.” said Russell Steinberg, Founder and CEO of FARMZERO.
Agriplay, under a Letter of Intent with FARMZERO, has secured a Territory Licensee LOI in the Territory of Chicago Metro Area (a geographic area within the state of Illinois) for a period of Ten years from the date of execution of the License agreement. The target territory contains an estimated population of 8.9M in 2022 and is valued at approximately $750K, USD.
Agriplay defines a territory 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 all of the materials and equipment necessary to plug’n’play the urban indoor farm for Metro Chicago, as well as provide support for the system. Under the agreement, FARMZERO would have full exclusive control over the territory to set up operations using Agriplay technology and set up inter-territory partnerships to the benefit of FARMZERO.
“The interest for Territory Licensing is overwhelming and honestly, ahead of schedule. FARMZERO completely understands our elevated urban farming strategy and is very eager to get this operating in Chicago as quickly as possible, it’s fantastic to work with someone so in alignment with our vision and goals,” says Dan Houston, President of Agriplay.
Agriplay’s proprietary growing system enables the Company to grow over 150 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 territory license validates our concept of repurposing commercial real estate into urban indoor farms and the necessity of the concept in major metropolitan areas. There are unused office towers everywhere and there is a need to add more fresh produce to people everywhere. Agriplay cannot fill the need fast enough and the licensing program will allow the concept to come to life faster, thus closing the gap on food scarcity, ” 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 / [email protected]
Copyright (c) 2022 TheNewswire – All rights reserved.
