Press Release, Agtech Global International Inc. (To be known as Galexxy Holdings Inc.) Announces a Joint Venture with City Farm Industries Inc.
Newport Beach, California, Sept. 07, 2021 (GLOBE NEWSWIRE) -- Agtech Global International Inc. (to be known as Galexxy Holdings Inc.) (OTC Pink: AGGL) is pleased to confirm it has executed its intended Joint Venture Agreement with City Farm Industries Inc., (CFI) a related party, for large-scale cultivation of Hemp CBD oils and isolate; and additionally, Hemp flower for wholesale distribution to US and EU markets. The Joint Venture Agreement provides an option for AGGL to acquire CFI, in the future.
Based in Orange County California, CFI has a 25-year ground lease on 1,600 acres of prime farmland in the Central Valley region of California. The Joint Venture has the benefit of $4.5 million of infrastructure development and improvements invested in the property by the previous leaseholder. Galexxy intends to provide staged capital investments, in tranches of $2,500,000, of up to $10 million to the Joint Venture to expand CFI’s cultivation operations with multi-span, climate-controlled greenhouses totaling 320,000 square feet, organized in 80,000 square feet “POD” configurations.
The Joint Venture’s initial business plan utilizes 300 acres of CFI’s leasehold property for large-scale greenhouse cultivation and the sale of CBD enriched smokable flower to meet both existing customer requirements that are under Letters of Intent, and anticipated production requirements for future customers. Further development includes progressively utilizing the remaining 1,300 acres for broad acre cultivation of Hemp biomass for processing into a range of CBD refined oils and isolate.
Galexxy’s CEO, Ross Lyndon-James said “The CFI Joint Venture has important strategic and commercial value for our Company because it vertically integrates the Company, secures our supply chain for quality CBD raw materials, maximizes our overall consumer product margins and enables us to develop and accelerate genetic advantages to improve our end products. Through this joint venture, Galexxy has taken a big step in reaching its goal of becoming a seed to sale provider of quality CBD products and materials”.
About Us: Agtech Global International Inc. (to be known as Galexxy Holdings Inc.), is a seed to sale CBD manufacturer and online marketing company that is publicly traded on OTC Markets Pink (OTC Pink: AGGL). Based in Newport Beach, California, the recent restructuring of Agtech Global has included a change of control and a name change. Galexxy has applied to FINRA to approve the name change and obtain a new trading symbol.
For further information:
Agtech Global International Inc.
M: (949) 456 3972
Source: Agtech Global International, Inc. (“AGGL”)
OTC Pink: AGGL
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this press release.