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Roto-Gro International Limited (ASX:RGI) has entered into a joint venture with Gibio Inc. and Freshero Pty Ltd related to perishable foods. The joint venture will produce higher yields at lower operating costs, by using the companyâs rotational hydroponic garden system which is patented by the company.
Moreover, the company did a Share Purchase Agreement for the acquisition of remaining issued and outstanding shares of Supra THC Services Inc. The THC services hold a Health Canada approved Dealerâs License.
As announced earlier, Roto-Gro World Wide (Canada) Inc., which is a fully-owned subsidiary of RotoGro International Limited, has entered into an agreement formally drafted as a binding letter of intent (LOI) with Gibio Inc. an organic perishable foods grower. The LOI states that RotoGro may subscribe for 49% of the issued shares in the capital stock of Gibio (subject to approval from Gibioâs Board).
Gibio is in the business of developing large-scale perishable food growing facilities across the world. The company develops environmentally responsible local farms, which has the capacity to think beyond traditional growing seasons. It cultivates, sustainable, socially responsible and traceable organic produce throughout the year. RotoGroâs unique Technology and Gibioâs expertise ensures that using maximum efficiency and minimal usage of water without using pesticides the produce is grown.
These companies have been working jointly since the past eighteen months on testing and customizing RotoGro Rotary Hydroponic Garden System and Gibioâs underlying technology. The collaboration is heading well towards the progress as they have completed the delivery and installation of RotoGroâs latest models.
Several design changes and enhancements have been made to Rotoâs garden system, to facilitate the removal of the growing drum. Moreover, it helped in the automated harvesting and washing of crops, and the replanting and reinstallation of the growing drum for the subsequent cultivation cycles.
The President of Gibio, Gino Poirier mentioned that the company is delighted with the partnership and progress till date. The RotoGro Rotational Hydroponic Garden System is the core of the companyâs proposed facility. All the other features of the facility are driven by the technology and innovation provided by the RotoGro team. The unique ability of automation for the removal of the growing drum facilitates cost savings and operational efficiencies to the company, which was never seen before in the urban farming sector.
The RotoGro Managing Director, Michael Carli, however, mentioned, that the agricultural expertise of the Gibio team has provided the company with great insight into the challenges faced by large-scale commercial growing operations. Roto has ensured that their goals are aligned with Gibio to maintain a cohesive and harmonious approach to problem solving and innovation. Both the companies have worked diligently towards success and aiming to implement Gibioâs first flagship facility during Q2, 2019. Talking about the stock performance on December 19, 2018, the stock has ended the session in red.
The stock price Roto-Gro International Limited ended the session at A$0.315 per share which represents that the stock has encountered the fall of A$0.025 per share or 7.353%. The market capitalization of Roto-Gro stood at around $35.09 million. In the span of previous one month, the stock has delivered the return of -24.44%.
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