Agrify Corporation Announces Turnkey Ethanol Extraction Deployment in New Jersey with Denver Cole
20 Februar 2024 - 1:30PM
Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a
leading provider of innovative cultivation and extraction solutions
for the cannabis industry, today announced the signing of an
approximately half a million dollars Turnkey Ethanol Extraction and
Lab Equipment Package with Denver Cole Labs (“Denver Cole” or the
“Customer”), a conditionally licensed New Jersey operator.
Precision Extraction’s Turnkey Ethanol
Extraction and Lab Equipment Package is comprised of a C-15
Centrifuge Ethanol Extractor, Solvent Recovery System,
Decarboxylation Package, Short Path Distillation Kit, and Expert
On-Site training. Denver Cole has also elected Precision
Extraction’s C1D1 Extraction Booth to safely manufacture products
in their lab. In addition, Agrify’s EliteLab distillation control
and tracking software will help manage and optimize the day-to-day
operation of the G3X-R short path system.
“We are very excited to partner with Denver Cole
Labs as our newest extraction installation in the state of New
Jersey. Our growing partnerships in the Northeast and across the
Country is a strong testimony to operators’ continued trust in
Agrify’s team and technologies in the most competitive markets.
This new state-of-the art deployment will allow Denver Cole to
produce high quality ethanol extracts at scale with a focus on
repeatability, ensuring consistent products every run,” said
Raymond Chang, CEO and Chairman of Agrify. Agrify’s technical and
compliance experts were instrumental in selecting the equipment
package under New Jersey regulations to meet the customer’s goals.
The team will continue to assist Denver Cole through the
preparation of construction documents set and fire reports under
our Lab Design service offering.
“Denver Cole is excited to bring quality
products made safe and pure to ‘The Garden State’ both in the lab
and grow. We are focused on strategic partnerships and licensing to
efficiently and selectively scale product development and
distribution to meet market demand. Denver Cole believes in setting
high standards in quality control to consistently deliver customer
enjoyment,” said Ryan Goetzelman, Director of Production at Denver
Cole. “Working with Agrify has worked seamlessly with Denver Cole’s
mentality ‘to put quality in is to to get quality out’ for all
aspects of the industry. The team at Agrify has the knowledge to
bring you through to production, start to finish.” In addition to
New Jersey, Denver Cole is currently a licensed operator in
Michigan for both processing and grow and is looking for the right
opportunity to expand to Illinois and other
markets.
About Agrify
Agrify is a leading provider of innovative
cultivation and extraction solutions for the cannabis industry,
bringing data, science, and technology to the forefront of the
market. Our proprietary micro-environment-controlled Vertical
Farming Units (VFUs), enable cultivators to produce the highest
quality products with unmatched consistency, yield, and ROI (return
on investment) at scale. Our comprehensive extraction product line,
which includes hydrocarbon, ethanol, solventless extraction,
post-processing, and lab equipment, empowers producers to maximize
the quantity and quality of extract required for premium
concentrates. For more information, please visit our website at
https://www.agrify.com.
About Denver ColeFor more
information, please visit Denver Cole’s website at
https://denvercole.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 concerning Agrify and other matters. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements including, without limitation, statements regarding the
the ability of the Company’s products to offer enhanced
capabilities for extraction. In some cases, you can identify
forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“targets,” “projects,” “contemplates,” “believes,” “estimates,”
“predicts,” “potential,” or “continue” or the negative of these
terms or other similar expressions. The forward-looking statements
in this press release are only predictions. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we
believe may affect our business, financial condition, and results
of operations. Forward-looking statements involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance, or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. You should
carefully consider the risks and uncertainties that affect our
business, including those described in our filings with the
Securities and Exchange Commission (“SEC”), including under the
caption “Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2022 that was filed with the SEC on
November 28, 2023, which can be obtained on the SEC website at
www.sec.gov. These forward-looking statements speak only as of the
date of this communication. Except as required by applicable law,
we do not plan to publicly update or revise any forward-looking
statements, whether as a result of any new information, future
events, or otherwise. You are advised, however, to consult any
further disclosures we make on related subjects in our public
announcements and filings with the SEC.
Agrify Investor Relations
IR@agrify.com(857) 256-8110
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