Exhibit
99.1
AgriFORCE
formally ends efforts to Acquire Delphy Group BV
Decision
follows extensive due diligence, as well as careful
evaluation
of projections and market conditions
Progressing
with alternative M&A transactions which are expected to be highly synergistic and accretive
VANCOUVER,
British Columbia, June 1st, 2023 – AgriFORCE Growing Systems Ltd. (“the Company”) (NASDAQ: AGRI; AGRIW), an intellectual
property (IP)-focused agtech company dedicated to advancing sustainable cultivation practices and food and plant products, today announced
that it has formally ended its efforts to acquire Delphy Group BV., a leading Agriculture and Horticulture consulting firm based in the
Netherlands.
The
mutual decision to end the sales and purchase agreement was reached after extensive due diligence, an evaluation of the historical and
projected financials, potential for impairment risk, as well as current market conditions. Based on these factors, a revised purchase
price could not be agreed upon by the parties.
Ingo
Mueller, CEO of AgriFORCE commented, “Although we are disappointed to end our efforts to acquire the Delphy Group BV, it was the
prudent decision following an extensive due diligence process. Importantly, we have a very rigorous process for conducting M&A, which
we believe highlights our strict standards and discipline. After over a year of collaboration, due diligence and involvement with Delphy
in helping craft their strategic growth plans, we remain convinced in the power of knowledge and the value Delphy brings to its customers
and hope to find a way to continue to work together and re-visit the collaboration at a later time. Moreover, we continue to proceed
aggressively on the M&A front, where we believe there are significant opportunities to acquire undervalued, accretive and highly
synergistic businesses, including but not limited to those previously announced. We look forward to providing further updates as we advance
these alternative transactions, which we believe will ultimately drive much greater value for our shareholders.”
ABOUT
AGRIFORCE
AgriFORCE
Growing Systems Ltd. (NASDAQ: AGRI; AGRIW) is an agtech company focused on building an integrated agtech platform that combines the best
technology, intellectual property, and knowledge to solve an urgent problem – providing the best solutions to help drive sustainable
crops and nutritious food for people around the world. The AgriFORCE vision is to be a global leader in delivering plant-based foods
and products through an advanced and sustainable agtech platform that makes positive change in the world—from seed to table. Additional
information about AgriFORCE is available at: www.agriforcegs.com.
Follow
AgriFORCE on Twitter: @agriforcegs
Follow
AgriFORCE on Facebook: AgriFORCE Growing Systems Ltd.
Connect
with AgriFORCE on LinkedIn: AgriFORCE Growing Systems Ltd.
This
press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking
statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual
results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described
from time to time in our filings with the Securities and Exchange Commission and elsewhere. The Company undertakes no duty to update
any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. This announcement
is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities of the issuer.
Any offer to sell or solicitation of an offer to buy securities of the issuer may only be made pursuant to a valid prospectus pursuant
to an effective registration statement or pursuant to a valid exemption from registration under the Securities Act of 1933, as amended
and the rules and regulations promulgated thereunder.
Company
Contact:
Ian Pedersen
Tel: (604) 757-0952
Email:
ipedersen@agriforcegs.com
Investor
Relations:
Crescendo Communications, LLC
David Waldman/Alexandra Schilt
Tel: (212) 671-1021
Email:
AGRI@crescendo-ir.com
Media
Relations:
Peppercomm
Hannah Robbins
Tel: (415) 633-3205
Email:
AgriFORCE@peppercomm.com