Agrify, in collaboration with Atlantis Hydroponics Nasdaq: AGFY, enters into a binding letter of intent for the expansion of a research and development facility

BURLINGTON, Mass., March 16, 2021 (GLOBE NEWSWIRE) – Agrify Corporation (NasdaqCM: AGFY) (“Agrify” or the “Company”), developer of advanced and proprietary precision solutions for indoor farming hardware and software Marktplatz has signed a binding letter of intent setting out the key terms of a partnership currently being negotiated with Atlantis Hydroponics (“Atlantis”) to create a 2,500 square meter research and development facility (the “R&D Facility”) erect ”). The new R&D facility is located at Atlantis, Georgia, where Atlantis holds the license to grow hemp in the state.

“At Agrify, we passionately believe that large-scale indoor growing is the future of agriculture. By investing in R&D partnerships, we can continue to fuel the data and technology needed to keep the industry moving, ”said David Kessler, Agrify’s chief science officer. “We are excited to potentially partner with Atlantis to improve sustainable farming practices while meeting market needs for consistently high quality products. Our solution is suitable for a wide variety of crops and we expect this new facility will help advance the technology for our hemp offering. “

“This collaboration with Agrify is designed to advance our mission to bring self-sufficient gardening practices to the forefront of agriculture and help them become an integral part of our communities,” said Jeremy Doan, certified master grower at Atlantis Hydroponics. “We are dedicated to making great products using a data-first approach. This facility should allow us to determine how we can grow high quality, consistent hemp in a future and sustainable way. ”

The research and development facility is expected to focus on increasing the concentrations of certain phytochemicals and metabolites (e.g., CBG, CBD, terpenes, and flavonoids) by manipulating and controlling 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 of chemotypic expression and ultimately to safer and more consistent phyto-derived drugs and products. Testing functions in the R&D facility also include testing and improving mechanical components, evaluating new product development, distance learning to “simulate” customers, and mapping and evaluating LED light.

The completed R&D facility will consist of Vertical Farming Units (“VFUs”), Integrated Grow Racks (“IGRs”) and Agrify’s Agrify Insights software platform. Operations are expected to commence in April 2021, subject to final completion approval.

About Atlantis:

Atlantis Hydroponics® opened its first store in 1998 with the aim of making hydroponics the future of horticulture. We pride ourselves on providing knowledge and the best products available to our customers. Carefully selected and tested equipment and nutrients ensure that our customers achieve maximum results with their plants. We deal with practical, environmentally conscious methods and have mastered effective gardening. The teaching of environmentally friendly practices is also transferred directly to the community. Atlantis has participated in a number of science days, youth-oriented programs, elementary education, university hydroponics systems, and even art exhibitions. https://atlantishydroponics.com/pages/about-us

About Agrify (NasdaqCM: AGFY)

We are developers of premium growing solutions for the indoor farming market. We use data, science and technology to enable our customers to run their businesses more efficiently, productively and intelligently. Our sophisticated and proprietary hardware and software solutions are designed to help our customers achieve the highest quality, consistency and yield 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 harbors 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 could cause actual results or events to differ materially from those forecast. These risks and uncertainties, many of which are beyond our control, include: The final agreement with Atlantis may not be possible. Risks related to our growth strategy; our ability to enter into, implement and maintain funding and strategic arrangements and relationships; Risks related to the results of development activities; our ability to attract, integrate and retain key personnel; our need for additional resources; Intellectual property matters; Competition; and other risks described in the “Risk Factors” section of our IPO prospectus and available 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 of their publication and reflect the current estimates, forecasts, expectations and beliefs of management. We expressly disclaim any obligation or obligation to publicly release any updates or revisions to any forward-looking statements contained herein to reflect changes in our expectations or changes in events, conditions or circumstances on which such statements are based, except where required legally.

Company contacts:

Agrify
Niv Krikov
CFO
niv.krikov@agrify.com
(617) 896-5240

Rob Kelly
Investor Relations
rob@mattio.com
(416) 992-4539

Atlantis Hydroponics
Andrew Streib
Customer relationships
andrews@atlantishydroponics.com
(404) 367-0052

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