Agrify Corporation Achieves Milestone with PX-30 Hydrocarbon Extraction System Installation in Michigan Facility
February 06 2024 - 6:30AM
Agrify Corporation (Nasdaq: AGFY) (“Agrify” or the “Company”), a
leading provider of innovative cultivation and extraction solutions
for the cannabis industry, today announced the successful
installation of a PX-30 Hydrocarbon Extraction System at its
customer’s Michigan facility.
The PX-30 Hydrocarbon Extraction System is the
largest system of Agrify’s PX-Extraction series, and represents a
cutting-edge advancement in hydrocarbon extraction technology,
designed to enhance efficiency and precision in the extraction
process. This installation marks a significant milestone for
Agrify, reinforcing the company’s commitment to delivering
state-of-the-art solutions to the cannabis and hemp industries as
operators around the country continue to purchase and operate with
Agrify’s latest technologies.
Lume Cannabis’ (“Lume Cannabis” or the
“Customer”) Michigan facility had previously been operating with
Agrify’s XMU Hydrocarbon Extraction System. As the Customer’s
business grew and the operation required additional speed and
throughput from the system, Lume Cannabis purchased the PX-30
system through the Company’s subsidiary Precision Extraction
Solutions to elevate its extraction capabilities, meeting the
increasing demand for premium extracts in the rapidly growing
cannabis and hemp markets. “Having owned a Precision XMU for the
past year and a half, the Precision PX-30 was the natural choice
for Lume when we decided to expand our resin extraction
capabilities. The Precision Extraction team has been great to work
with and we appreciate their efforts to do anything in their power
to ensure their customers have a smooth installation and startup
experience,” said Stan Gourentchik, Lab Manager at Lume
Cannabis.
Key features of the PX-30 hydrocarbon extraction
system include:
- High Extraction
Efficiency: The PX-30 ensures optimal extraction yields,
maximizing the production of high-quality extracts of up to 240+
lbs. per 8-hour shift.
- Operational Design: Created
with the operator in mind, the PX-30 offers ultra-low temperature
operation with fast recovery times, with or without a compressor.
All functions and features are easily accessible in a linear
process flow with conveniently located controls and ergonomics
designed for the operator.
- Safety/Compliance: Agrify
prioritizes safety, and the PX-30 is built with state-of-the-art
safety features to comply with 3A sanitary and cGMP standards.
"We are thrilled to announce the successful
installation of another PX-30 hydrocarbon extraction system at one
of our valued customers here in the state of Michigan,"
said Brian Towns, EVP & General Manager at Agrify.
"This state-of-the-art technology aligns with our mission to
provide our clients with the best tools for long-term success in an
evolving industry. Agrify is committed to all of our customer’s
success as their success is our success.”
As Agrify continues to innovate and invest in
cutting-edge technologies, the Company remains at the forefront of
the equipment and ancillary cannabis extraction market.
About Agrify
Agrify is a leading provider of innovative
cultivation and extraction solutions for the cannabis industry,
bringing data, science, and technology to the forefront of the
market. Our proprietary micro-environment-controlled Vertical
Farming Units (VFUs), enable cultivators to produce the highest
quality products with unmatched consistency, yield, and ROI (return
on investment) at scale. Our comprehensive extraction product line,
which includes hydrocarbon, ethanol, solventless extraction,
post-processing, and lab equipment, empowers producers to maximize
the quantity and quality of extract required for premium
concentrates. For more information, please visit our website at
http://www.agrify.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 concerning Agrify and other matters. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements including, without limitation, statements regarding the
the ability of the Company’s products to offer enhanced
capabilities for extraction. In some cases, you can identify
forward-looking statements by terms such as “may,” “will,”
“should,” “expects,” “plans,” “anticipates,” “could,” “intends,”
“targets,” “projects,” “contemplates,” “believes,” “estimates,”
“predicts,” “potential,” or “continue” or the negative of these
terms or other similar expressions. The forward-looking statements
in this press release are only predictions. We have based these
forward-looking statements largely on our current expectations and
projections about future events and financial trends that we
believe may affect our business, financial condition, and results
of operations. Forward-looking statements involve known and unknown
risks, uncertainties and other important factors that may cause our
actual results, performance, or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. You should
carefully consider the risks and uncertainties that affect our
business, including those described in our filings with the
Securities and Exchange Commission (“SEC”), including under the
caption “Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2022 that was filed with the SEC on
November 28, 2023, which can be obtained on the SEC website at
www.sec.gov. These forward-looking statements speak only as of the
date of this communication. Except as required by applicable law,
we do not plan to publicly update or revise any forward-looking
statements, whether as a result of any new information, future
events, or otherwise. You are advised, however, to consult any
further disclosures we make on related subjects in our public
announcements and filings with the SEC.
Agrify Investor Relations
IR@agrify.com(857) 256-8110
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