VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 1, 2016) - Affinor Growers (CSE:AFI)(OTCQB:RSSFF)(FRANKFURT:1AF) ("Affinor" or the "Corporation), a diversified agriculture and biotechnology company with proprietary vertical farming systems, is pleased to announce that it has arranged a credit financing with Vancouver City Savings Credit Union ("Vancity") in Vancouver, B.C., to help build and install Affinor's Vertical Farming technology in British Columbia.
The financing funds will be used as part of the funding to begin commercialization of the technology for various food products allowing Affinor to showcase the technology, generate revenue, continue to sell licences, and strategically partner with large corporations for technology transfer to service the growing demand of food production.
Jarrett Malnarick, President & CEO commented that "By having Vancity as a financial partner, it helps to demonstrate that Affinor's technology and models are credible and ready to emerge as the leader in vertical farming. This is also a first step financing which is small but intended to establish a long term banking relationship with Vancity so that future, larger debt financings will be more available to Affinor."
The Vancity facility is for a term loan of $86,000 and an operating line of credit of $25,000. These funds will be used for approximately 20% of the funding of the facility to be built at the greenhouse operated by Affinor at the University of the Fraser Valley. The remaining funding will come from certain license fees expected to be collected shortly, potential additional private financings, and cash on hand. Affinor is excited to begin construction of this operating facility, the first of its kind in British Columbia.
About Affinor Growers Inc.
Affinor Growers is a 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 using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier and grower, using exclusive vertical farming techniques.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
Jarrett Malnarick, President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING INFORMATION
This News Release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com. This News Release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.