MONTREAL, CANADA--(Marketwired - Oct. 14, 2014) -Affinor Growers(CSE:AFI)(FRANKFURT:1AF)(OTCQB:RSSFF) Affinor" or the "Corporation) announces that Herbal Clone Bank Canada Inc. (CSE:HC) have entered into a letter of intent to license a new designed automated vertical cloning machine technology from Affinor.
Herbal Clone Bank (THC Bank) will provide purebred cultivars to Licensed Producers (LP's) of Cannabis. Providing consistent strains of Medical Cannabis at any stage up to flowering will allow the LP to enhance its profits. THC Bank, through its subsidiary Advanced Greenhouse Technologies can provide turnkey, leading edge, greenhouse technology. Affinor will licence its new vertical growing technology, allowing for a 10 to 15 times multiple of clones and cultivars per square foot.
The Affinor new technology will enable THC Bank to scale and provide Licensed Producers with an instant increase in production. THC Bank can assist Licensed Producers to reduce their capital and operating costs, obtain large volumes of disease free, catalogued strains of pure-bred Cannabis clones, and offer additional agricultural expertise from the Affinor research team and analytical lab partners.
Both companies are working on the terms of the LOI and expect to reach a definitive agreement before the end of October 2014. Under the LOI, Affinor will act as a consultant to Herbal Clone for the implementation of the Technology in consideration of the issuance to Affinor of 1,666,667 common shares of Herbal Clone having an aggregate value of $500,000 subject to regulatory approval.
"Working with Affinor Growers and their Vertical Growing technology will allow THC Bank to offer one more service that would enhance the profitability of an LP. This technology fits well with our corporate strategy", states Ron Shenton, director Herbal Clone Bank Canada Inc.
Sebastien Plouffe, President & CEO of Affinor, comments: "I'm very proud to reach our first licensing agreement with THC Bank who has the strength to become a pioneer in the industry, using once completed our new automated vertical cloning machine".
About Affinor Growers Inc.
Affinor Growers is a diversified publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries and high quality medical Marijuana. Affinor is committed to becoming a pre-eminent grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
"Sebastien Plouffe"
President & CEO