On 5 February 2019, Roto-Gro World Wide (Canada) Inc, a wholly-owned subsidiary of Roto-Gro International Limited (ASX: RGI) belonging to the Capital Goods industry group and into the business of distributing automated rotary hydroponic garden system, announced the completion of an initial delivery and installation of twenty-four RotoGro Rotational Hydroponic Garden Systems for Miracle Valley Medical Alternatives M.V.M.A. Ltd (Miracle Valley).
At present, Miracle Valley is constructing a 29,000 sq.ft. facility in British Columbia, Canada. The purpose of the construction is for the cultivation and processing of legalised cannabis (Facility). Within the Facility, there will be nine grow rooms each of 10,000 sq. ft. which will be furnished with the RotoGro Systems. RotoGro Systems used in the grow rooms are stacked two units high in a range of four which is supported by the RotoGro’s propriety iGrow® which is a grow management system software.
Based on the collaboration between Miracle Valley and RGI for past 12 months, the initial delivery of the RotoGro Systems has been achieved. It included front-end technical support, building selection, electrical and mechanical design, consultations with municipal government, installation specifications, and building layout optimization.
Last week, the team from RotoGro spent time at the facility to complete the installation, testing, certification and training. With the successful completion of the first grow room, the company will now be looking forward to the deliveries on a room-by-room basis by the first half of 2019. Miracle Valley advanced its License through Cultivation to sell.
Derek Boyd, who is the President of Miracle Valley stated that their collaboration with RGI has streamlined their workflows as well as their operational cost through the RotoGro system. He believes that through the cutting-edge and patented design of the Roto-Gro Rotational Hydroponic Garden System, Miracle Valley will be able to yield more lawful cannabis per square foot at the lowest cost per gram. He further added that they are looking forward in continuing their collaboration with RotoGro for the expansion of the facility using RotoGro Systems. It will include the RotoGro fertigation solution once Miracle Valley gets drifted apart from self- contained reservoirs to a fully automated and integrated growing operation.
Based on the initial delivery of twenty-four RotoGro Systems Miracle Valley, Michael Carli who is the Managing Director of RGI stated that the significant milestone of the company will strengthen substantial shareholder returns. The company received a purchase order worth $2.3 million. Now it is under further negotiations for the expansion of the Miracle Valley facility and the installation of the fertigation system. Global Fertigation Solutions, Inc will be supplying the fertigation system. He also said that the credit of Miracle Valley order goes to RotGro working in association with their clients which was followed by their commitment to support from concept to design, and then from build-out to production.
By the closure of the trading session on 5 February 2019, the closing price of the company’s stock was A$0.280 up by 3.704% above its previous trading day’s closing price. The stock has a market capitalization of A$27.87 million with approximately 103.22 million outstanding shares.
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