TORONTO, ON / ACCESSWIRE / November 21, 2019 / Toronto based CO2GRO Inc. (“GROW“) (TSX-V:GROW)(OTCQB:BLONF)(Frankfurt:4021) is pleased to announce it has signed a Memorandum of Understanding (MOU) with Middle East based Gulf Cryo (“GC”). The MOU’s objective is to accelerate CO2 Delivery Solutions sales in the Middle East with introductions from GC who is one of the largest industrial gas suppliers in the region.
- This initial two year MOU is exclusive to servicing greenhouse and outdoor growers in the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, Jordan, Iraq, Egypt and Turkey.
- GC will introduce GROW’s CO2 Delivery Solutions technology to these growers in exchange for becoming GROW’s exclusive industrial CO2 gas supplier.
- There are no profit or revenue splits.
Middle East Market Potential
The UAE alone has 15,000 greenhouses that grow most of UAE’s fresh vegetables like peppers, lettuce and micro greens. GROW has extensive yield improvement and pathogen resistance research data on these vegetables using its technology. Almost no UAE greenhouse can economically supplement CO2 in gaseous form to plants grown due to rapid CO2 gas losses from required greenhouse heat venting. However, GROW’s CO2 Delivery Solutions technology can add CO2 to plants in liquid form in the hottest greenhouses enabling more plant growth and profitability.
According to John Archibald, GROW’s CEO “Presenting at the April 2019 GFIA Global Ag Tech Forum held in the UAE led us to meeting Gulf Cryo. We are looking forward to working with Gulf Cryo to potentially expand the use of our CO2 Delivery Solutions technology in conjunction with CO2 gas supplied by Gulf Cryo. We believe our new relationship with Gulf Cryo will create sustainable new demand for our combined services and also enhance Middle East plant food security.”
About Gulf Cryo
Gulf Cryo (www.gulfcryo.com) is a Middle Eastern company founded in 1953 that supplies a wide range of industrial, medical and specialty gases. The group comprises thirty companies in the Middle East and North Africa (MENA) region with operations in 12 countries. It is considered a leader in the MENA region industrial gas industry.
About CO2 GRO Inc.
GROW’s (www.co2gro.ca) mission is to accelerate all indoor and outdoor value plant growth naturally, safely, and economically using its patent pending CO2 Delivery Solutions. GROW’s global target retail plant markets are food at $8 trillion per year (Plunkett Mar 2017) non-food at an estimated $1.2 trillion per year with retail tobacco at $760 billion (BA Tobacco 2017), and floriculture at $100 billion by 2022 (MarketResearch.Biz estimate). Legal cannabis at $52.5 billion per year by 2022 (Statista) and legal US hemp CBD at $22B per year by 2022 (the Brightfield Group).
GROW’s CO2 Delivery Solutions are commercially proven, scalable and easily adopted into existing irrigation systems.
The CO2 Delivery Solutions uses micro droplets to create an aqueous film saturated with CO2 surrounding the leaf. This film isolates the leaf from the atmosphere and creates a diffusion gradient that favors the transport of CO2 into the leaf and other gasses out of the leaf. The dissolved concentrated CO2 then penetrates the leaf’s surface providing more carbon for enhanced plant growth.
Misting of water, dissolved nutrients and chemicals on plant leaves has been used for over 60 years by millions of indoor and outdoor growers. To date, outdoor growers have not had any way to enhance plant CO2gas uptake for faster plant growth.
Indoor CO2 gassing has enhanced plant yields for over 60 years but 60% of the CO2 gas used is typically lost from ventilation. Current greenhouse CO2 gassing levels of up to 1500 PPM are not ideal for worker health and safety. GROW’s safer infused CO2 Delivery Solutions can be used by both indoor and outdoor growers with minimal dissolved CO2 gas loss and much greater CO2 plant contact resulting in higher plant yields than both CO2 gassing and no CO2 gassing plant yields
Forward-Looking Statements This news release may contain forward-looking statements that are based on CO2 GRO’s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please visit www.co2gro.ca or contact Sam Kanes, VP Communications at 416-315-7477.
SOURCE: CO2 GRO Inc.
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