VANCOUVER, Jan. 14, 2019 /CNW/ - Agrios Global Holdings Ltd. (CSE: AGRO) ("Agrios" or the "Company") is pleased to announce that its subsidiary Agrios Asia Holdings Limited ("Agrios Asia") through Yunnan Hua Ma Biological Development Co. Ltd. ("YHBD") has entered into an agreement (the "Agreement") with Kunming University of Science and Technology ("KMUST") for a variety of research and development services.
On December 17, 2018 the Company announced that Agrios Asia intends to develop or acquire technology for using hemp fiber to replace high demand plastic products. Under the terms of the Agreement, KMUST has agreed to research and develop a technical process for the preparation of industrial hemp fiber as an alternative to wood fiber, to be used in the manufacture of various consumer products, including but not limited to bio-degradable disposable utensils.
The Agreement provide for a three-phase program, which includes research and development of hemp fibers and setting product safety and production standards for bio-degradable utensils, which meets USFDA, and EU-CE food grade safety values.
On behalf of YHBD, KMUST shall also prepare and file three patent applications upon completing certain pre-determined milestones. The Agreement stipulates KMUST shall have no economic stake in the technology developed or in any patents awarded. Yunnan Hua Ma Biological Development Co. Ltd. shall remain the sole beneficiary of the technology and any patents or intellectual property related to the Agreement with KMUST.
Stephanie Wong, Managing Director of Agrios Asia stated, "We are pleased to take these first steps towards developing eco-friendly hemp derived consumer products to reduce the impact of global plastics pollution on our physical environments."
Chris Kennedy, President and CEO of Agrios added, "More than 40% of plastic is used only once and then enters the ecosystem as waste. We are glad that the Agrios Asia team is quickly moving forward on this worthwhile initiative."
About Agrios Global Holdings Ltd.
Agrios Global Holdings is a data analytics driven agriculture technology and services company advancing the latest innovations in indoor growing science. The Company owns, leases and manages properties and equipment for eco-sustainable agronomy and provides advisory services to support all aspects of aeroponic cultivation in the cannabis sector. Agrios is actively pursuing new opportunities to expand its portfolio of tenant growers and infrastructure assets in strategic licensed jurisdictions. Based in Vancouver, BC. Agrios is managed by a highly accomplished team of experienced industry and capital markets experts who are committed to the growth of the company.
This news release was prepared by management of Agrios, which takes full responsibility for its contents. The Canadian Securities Exchange (" CSE ") has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Agrios' periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements related to corporate strategy and Agrios' ability to execute such strategy, future developments regarding Agrios' market expansion into Asia, expected costs of hemp fiber, intended development and sales of hemp products, market demand for hemp products, and the business and operations of Agrios as it relates to the Yunnan Province.
Although Agrios has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Agrios disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Agrios does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Agrios Global Holdings Ltd.