AgriFORCE Signs MoU With Barbados-Based Humboldt Bliss

AgriFORCE Growing Systems Ltd AGRI has signed a Memorandum of Understanding (MoU) with Humboldt Bliss Ltd, an agriculture and aquaculture business based in Barbados, West Indies.
The initial contract would be for a minimum 5-year term, and the contract would be backed by a rolling $5 million quarterly performance bond maintained by Humboldt.
Under the MOU, the parties plan to deploy AgriFORCE's intellectual property to cultivate and sell high-value medical and agricultural products into the Caribbean and global pharmaceutical and agriculture markets.
AgriFORCE will be responsible for constructing and providing the full Standard Operating Procedures, while Humboldt will be responsible for securing the project's land and facilities operations.
Upon production, Humboldt has committed to remit a licensing and equipment leasing fee to AgriFORCE equal to a slight discount to a commercial index for a minimum of 14,300 pounds of medical and agricultural products per year.
Price Action: AGRI shares traded higher by 3.93% at $2.38 on the last check Thursday.