Patent further strengthens Company’s extensive IP portfolio and covers the unique process for naturally processing grains, pulses into highly nutritious flours under the UN(THINK)™ Foods Brand
UN(THINK)™ Foods wheat flours have significantly higher fiber and proteins and lower starch, while providing great taste
VANCOUVER, British Columbia, Nov. 29, 2022 (GLOBE NEWSWIRE) -- AgriFORCE Growing Systems Ltd. (“the Company") (NASDAQ: AGRI; AGRIW), an intellectual property (IP)-focused AgTech company dedicated to advancing sustainable cultivation and crop processing across multiple platforms, today announced it has received a patent allowance from the United States Patent and Trademark Office (USPTO) related to the Company’s proprietary processes and technologies for processing ancient, heritage and modern wheat, grains, seeds, beans, legumes, tuber and root vegetables into low starch, low sugar, high protein and fiber rich consumer products.
With wheat accounting for 20% of worldwide caloric consumption¹, and flour and bakery products representing a $200 billion dollar market in the U.S.², AgriFORCE’s UN(THINK) Foods aims to fill the existing gap for healthy alternatives without compromising on taste or texture. UN(THINK)’s revolutionary technology and process results in non-GMO and 100% natural baking and bread flours with superior nutrition³, with pancake mixes, breads, pastas, and more currently under consideration and development. A consumer survey conducted by Brodeur Partners in December 2021 with 1,000 respondents across the United States, confirmed strong interest among millennials to purchase a flour alternative delivering enhanced nutrition while maintaining taste and texture, with 50% of millennials surveyed willing to pay a premium of 50% or more for such a product. The findings also revealed that 56% of millennials are using flour regularly at home, with 88% consuming flour-based products at least twice per week⁴.
“UN(THINK)™ will offer products for consumers and a premium branded ingredient for manufacturers to improve their products within the bakery, pasta and snack categories,” says Hernando Ruiz-Jimenez, General Manager UN(THINK) Foods. He added: “Further, the no-waste process allows us to recuperate a sweet liquid which could be used in high-performance drinks, nutrition bars and other categories that will cater to the highly motivated and growing demographic of wellness-focused millennials and health-conscious baby boomers.”
“We are pleased to be continually adding to our intellectual property portfolio and we believe this granted patent further differentiates AgriFORCE from others in the industry,” commented Mauro Pennella, President AgriFORCE Brands. “Our goal is to redefine specialty flour and grain-based products with our innovative ingredients to provide great tasting foods without compromising the nutritional value or standard texture for consumers. This patent comes at an ideal time as we are on track to launch our first branded product under the UN(THINK)™ brand by the end of 2022. We believe our products and ingredients contain the potential to revolutionize the way consumers think and feel about foods they love.”
1. Food and Agriculture Organization of the United Nations – 2011 Report
2. Grand View Research Reports, San Francisco CA, 2018 Estimates
3. As per tests conducted by Eurofins Food Chemistry Testing Madison, Inc., January 2022
4. AgriFORCE UN(THINK) Consumer Survey, conducted by Brodeur Partners, November 2021
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an AgTech company focused on the development and acquisition of crop production know-how and intellectual property augmented by advanced AgTech facilities and solutions. Looking to serve the global market, the Company’s current focus is on North and Central America, Europe, and Asia. The AgriFORCE vision is to be a leader in delivering plant-based foods and products through advanced and sustainable AgTech solution platforms that make positive change in the world—from seed to table. The AgriFORCE goal: Clean. Green. Better. Additional information about AgriFORCE is available at: www.agriforcegs.com.
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This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities of the issuer. Any offer to sell or solicitation of an offer to buy securities of the issuer may only be made pursuant to a valid prospectus pursuant to an effective registration statement or pursuant to a valid exemption from registration under the Securities Act of 1933, as amended and the rules and regulations promulgated thereunder.
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