TORONTO, ON / ACCESSWIRE / June 28, 2022 / Toronto based CO2 GRO Inc. ('GROW' or the 'Company') (TSXV:GROW)(OTCQB:BLONF)(Frankfurt:4021) is pleased to announce a second CO2 Delivery Solutions™ Commercial Technology Purchase ('Sale') by Hidroexpo S.A. de C.V. ('Hidroexpo') in El Salvador.
CO2 Delivery Solutions™ will be installed in the second of Hidroexpo's thirty-six similar one-hectare greenhouses (3,852,000 square feet total) that all grow bell peppers mainly for export. The first Sale to Hidroexpo (announced on November 6, 2021) was after a successful one-year Technology Trial ('Trial') that demonstrated nearly 20% more pepper production using CO2 Delivery Solutions™ versus peppers grown in ambient conditions. Hidroexpo's second grow season Trial has now been completed with over 30% more pepper production under the same conditions.
For competitive reasons, Hidroexpo stipulated that the terms of the second Sale (similar to the first Sale) including the purchase price and payment plan terms remain confidential.
Rodrigo Martinez, General Manager of Hidroexpo commented, 'We are very happy with the 20% and 30% yield improvements using CO2 Delivery Solutions™ over our past two growing seasons. Purchasing the technology again for a second greenhouse was an easy decision. Over time, we hope to install the technology in more of our greenhouses. We believe that CO2 Delivery Solutions™ can transform our business profitability and provide us a competitive edge in the Central America pepper production market.'
CO2 GRO's VP Sales & Strategic Alliances, Aaron Archibald commented, 'This is our first repeat Sale to a major international greenhouse vegetable grower. We look forward to helping Hidroexpo transform their business profitability and market position. Hidroexpo's two-year yield improvement data further validates our technology's benefits to other greenhouses globally that are currently conducting Trials or are interested in Trials.
Many of these Trials are due to be completed by late 2022 with similar yield results expected to those seen at Hidroexpo's pepper greenhouse. Upon completion of these Trials, we anticipate Sales for at least a portion of these growers' facilities.
Our sales pipeline of over 200 million square feet of protected grower area is a large revenue opportunity for us but tiny to date relative to the 600 billion square feet of protected vegetable facilities globally. If all protected vegetable growers installed our technology, it could lead to 100 million MT per year of additional food production, enough to meet the recommended annual fruit and vegetable needs for up to 500 million people.'
About CO2 GRO Inc.
CO2 GRO Inc. is a People, Planet, and Prosperity-focused precision ag-tech, clean-tech company.
We are on a mission to transform 600-billion sq. ft. of protected fruit & vegetable growth facilities so they can increase yield by 30% and feed half a billion more people around the world.
Our proprietary technology mists an aqueous CO2 solution directly onto plants in protected growth facilities. This enriches crops with CO2 , suppresses the growth of micro-pathogens, and increases high-yield, high-quality varieties of produce. Because our CO2 Delivery Solutions™ technology replaces atmospheric gassing, growers can lower their CO2 gas consumption by over 90%, reduce their ecological footprint, and lower production costs.
We support the protected food crop community in all seven continents and also work with floriculturists and growers of medicinal & non-food varieties of plants.
This press release contains statements which constitute 'forward‐looking information' within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words 'may,' 'would,' 'could,' 'should,' 'will,' 'intend,' 'plan,' 'anticipate,' 'believe,' 'estimate,' 'expect' or similar expressions and include information regarding: statements regarding the future direction of the Company; the ability of the Company to successfully achieve its business and financial objectives; plans for expansion and the ability of the Company to obtain, develop and foster its business relationships; and expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates that management considered reasonable at the date the statements are made. Such assumptions include but are not limited to: general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and technology offered by the Company's competitors; and that good relationships with business partners will be maintained. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; in particular, in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; the biotechnology industry and the greenhouse growers market are highly competitive, and technical advances in the industry will impact the success of the Company, and other risks described in the Company's filings that are available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.
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SOURCE: CO2 Gro Inc.
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