The CEO’s comments came as part of a corporate update and reflection on the agritech company’s milestones in 2020, when the firm signed multiple purchase agreements and announced direct sales of its Delivery Solutions technology, which helps greenhouses to achieve around 30% more plant yield.
Archibald called 2020 – 4Q in particular – a period of “significant achievements” for CO2 GRO. The year saw the company achieve 18 CO2 Delivery Solutions sale agreements, announce three international marketing agreements, a fourth as part of a South American floriculture commercial feasibility, strengthen and increase its North American sales and support team, and announce a further 25 commercial feasibilities across hemp, cannabis, orchids, lettuce, strawberries roses and peppers.
On the financing front, the company completed a C$1.38 million non-brokered private placement with Ospraie Ag Sciences LLC, a leading agritech investor, as the lead participant and strategic partner.
In addition, the firm’s participation in numerous marketing conferences “significantly increased awareness of the benefits and recognition of the disruptive nature of our CO2 Delivery Solutions technology,” Archibald told shareholders.
“As a management team we continue to be long term shareholders having not sold any of our shares and we commit to not receiving cash compensation until the company is EBITDA positive. Our interests as a management team are aligned with those of our shareholders as we focus on building shareholder value.”
Focus for 2021
The group plans to focus on building upon 2020’s momentum by adding additional marketing partners, new commercial feasibilities, converting existing commercial feasibility projects into sales and pursuing direct sales of smaller systems.
“We are confident that CO2 Delivery Solutions will become an ever-increasing component of the international covered grower market as growers seek to capture up to 30% value increases using our technology,” Archibald said. “Our overriding goal for 2021 is to bring home significant revenue generating sales opportunities to increase shareholder value.”
Contact Angela at [email protected]
Follow her on Twitter @AHarmantas
Story by ProactiveInvestors
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