AGRI - AgriFORCE scraps property development plan in Barbados as part of cost cuts

2023-04-06 12:06:48 ET

• AgriFORCE Growing Systems ( NASDAQ: AGRI ) on Thursday said the company is not proceeding with its Stronghold agreement and related plans to develop a 34-acre property in the City of Coachella, or the Humboldt-Bliss agreement in Barbados.

• “Given the current market environment and our desire to minimize equity dilution, we have taken steps to proactively reduce operating expenses, as well as pare back longer-term, more capital intensive projects, whilst continuing to advance our IP Portfolio as it pertains to food and growing systems," CEO Ingo Mueller said.

• Press Release .

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