Agrify Enters into Binding Letter of Intent for Build-Out of Research and Development Facility in Partnership with Atlantis Hydroponics

BURLINGTON, Mass., March 16, 2021 (GLOBE NEWSWIRE) — Agrify Corporation (NasdaqCM:AGFY) (“Agrify” or the “Company”), a developer of highly advanced and proprietary precision hardware and software grow solutions for the indoor agriculture marketplace, today announced it has entered into a binding letter of intent, which sets forth the principal terms of a partnership currently being negotiated with Atlantis Hydroponics (“Atlantis”) to build out a 2,500 square foot research and development facility (the “R&D facility”). The new R&D facility will be at the Atlantis location in Georgia, where Atlantis has a license to grow hemp in the state.

“At Agrify, we passionately believe indoor, large-scale cultivation is the future of agriculture, and by investing in R&D partnerships, we can continue to foster the necessary data and technology needed to advance the industry,” said David Kessler, Chief Science Officer of Agrify. “We are excited to be potentially working with Atlantis to improve sustainable growing practices while addressing the market need for consistent high-quality products. Our solution works for a wide variety of crops, and we expect that this new facility will help further develop the technology for our offering in the hemp space.”

“This collaboration with Agrify is intended to advance our mission to bring self-sustaining gardening practices to the forefront of agriculture and help them become an integral part of our communities,” said Jeremy Doan, Certified Master Grower of Atlantis Hydroponics. “We are dedicated to the manufacturing of great products using a data-first approach, and this facility should enable us to determine how we can grow high-quality consistent hemp in a future forward and sustainable manner.”

The R&D facility is expected to focus on increasing concentrations of certain phytochemicals and metabolites (e.g., CBG, CBD, terpenes, and flavonoids) via the manipulation and control over abiotic elements in the growing environment, such as temperature and light spectrum. Agrify and Atlantis believe this research will lead to further stabilization and control over the chemotypic expression, and ultimately to safer and more consistent phyto-derived medicines and products. Testing capabilities at the R&D facility will also include mechanical component testing and improvements, new product development evaluation, remote customer “simulation” studies, and LED light mapping and evaluation.

The completed R&D facility will be comprised of Agrify’s Vertical Farming Units (“VFUs”), Integrated Grow Racks (“IGRs”), and Agrify Insights software platform, and operations are expected to commence in April of 2021, subject to entry into a definitive agreement.

About Atlantis:

Atlantis Hydroponics® opened its first store in 1998, with the drive to help make hydroponics the future of horticulture. We pride ourselves in providing knowledge and the best available products to our customers. Carefully chosen and tested equipment and nutrients ensure our customers have maximum results with their plants. We deal in practical, environmentally conscious methods, mastering how to garden effectively. Teaching earth-friendly practices also translates directly to the community. Atlantis has participated in a number of science days, youth-oriented programs, grade school education, university hydroponic systems, and even art exhibits. https://atlantishydroponics.com/pages/about-us

About Agrify (NasdaqCM:AGFY)

We are a developer of premium grow solutions for the indoor agriculture marketplace. We use data, science, and technology to empower our customers to be more efficient, more productive, and more intelligent about how they run their businesses. Our highly advanced and proprietary hardware and software solutions have been designed to help our customers achieve the highest quality, consistency, and yield, all at the lowest possible cost. For more information, please visit our website at www.agrify.com.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that may cause actual results or events to differ materially from those projected. These risks and uncertainties, many of which are beyond our control, include: the definitive agreement with Atlantis may not be entered into; risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional funds; intellectual property matters; competition; as well as other risks described in the section entitled “Risk Factors” in the prospectus from our initial public offering, which can be obtained on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations, and beliefs. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.


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