(MENAFN- GlobeNewsWire - Nasdaq) Letter of Intent signed to acquire 5MW bitcoin mining facility in Madison Township, Ohio
VANCOUVER, British Columbia, Dec. 10, 2024 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI), a technology-driven company committed to sustainable innovation, has signed a Letter of Intent (LOI) to acquire a Bitcoin mining facility in Madison Township, Ohio. The facility is powered by sustainable energy, advancing AgriFORCE's mission to integrate innovative technologies that promote environmental stewardship while generating significant financial returns.
The 5MW facility mirrors a recently announced acquisition in Sturgeon County, Alberta, Canada. It features five 1MW natural gas generator power plants that support Bitcoin mining activities. AgriFORCE plans to optimize the facility's operations by repurposing heat and carbon offsets, driving revenue diversification through sustainable agribusinesses like premium crop cultivation and aquaculture.
Expanding Bitcoin Mining with a Vision for Sustainability
David Welch, AgriFORCE Chairman, emphasized the importance of addressing food insecurity in Ohio, stating, "With Ohio ranking 13th in the nation for food insecurity, affecting 13.7% of households-approximately 640,000 families-we see an opportunity to make a meaningful impact. By integrating carbon capture and heat reuse technologies with the cultivation of premium crops and aquaculture, we aim to produce nutrient-dense foods such as white-legged shrimp, microgreens, and red seaweed. These efforts are not only designed to offset emissions from Bitcoin mining but also to contribute to food security and drive economic development in the region, helping communities access fresh, sustainable, and locally sourced food options. These sustainable practices are further designed to offset the greenhouse gas emissions associated with high-energy Bitcoin mining, demonstrating a replicable model for our future growth.”
Merging Digital Currency and Sustainable Solutions
AgriFORCE CEO Jolie Kahn emphasized the financial and environmental benefits of the project, stating, "As demonstrated by our Sturgeon County acquisition, we are advancing a strategy that combines the potential of Bitcoin and other digital currencies to facilitate sustainable financial transactions. At the same time, we are repurposing carbon and heat offsets to create new business lines and revenue streams with environmentally conscious practices. This approach supports the local economy and aligns with our goal of addressing critical challenges in energy and food production.”
AgriFORCE anticipates that the acquisition will generate immediate cash flow upon closing, scheduled for early Q1 2025.
ABOUT AGRIFORCE
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is a tech company focused on building an integrated platform that combines the best technology, intellectual property, and knowledge to solve an urgent problem – providing the best solutions to help drive value added benefits to our shareholders through use of sustainable technologies. Additional information about AgriFORCE is available at: .
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Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to various risks and uncertainties. Please refer to AgriFORCE's filings with the SEC for additional information
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