Chronicle Journal: Finance

CO2 GRO Inc. Announces its First Leamington Ontario Greenhouse Commercial Feasibility With Prism Farms Ltd.

TORONTO, ON / ACCESSWIRE / February 2, 2021 / Toronto based CO2 GRO Inc. ("GROW") (TSX-V:GROW, OTCQB:BLONF, Frankfurt: 4021) is pleased to announce its first Leamington, Ontario commercial feasibility with Prism Farms Ltd. ("Prism"). Leamington and the County of Essex region is the greenhouse capital of Canada, with over 80 million square feet of greenhouses. The Prism project is also GROW's first commercial feasibility on tomatoes. Prism owns and operates 7.1 acres of glass greenhouses and 10.3 acres of plastic greenhouses for a total of over 750,000 square feet of greenhouse grow space.

The commercial feasibility will be for a one full year crop cycle. This is due to variations in Prism's CO2 gas availability during the year. Prism generates waste CO2 gas from its Combined Heat and Power units (CHP). However, Prism has to vent heat during summer months and warmer spring and fall periods, which results in CO2 gas being vented. Consequently, the plant yield benefits of CO2 gassing are reduced during these venting periods which can exceed four months a year. This creates an opportunity for Prism to use CO2 Delivery Solutions™ to fully capture enhanced tomato yields during the hotter summer months as well as warmer spring and fall heat venting periods.

Leamington Greenhouse Industry

The County of Essex and Leamington area in particular has over 80 million square feet of greenhouses with capacity growing at 10% CAGR. This greenhouse cluster is the largest in Canada producing primarily peppers, cucumbers, tomatoes and Cannabis. According to Statistics Canada, Leamington area greenhouses produce over 66% of Canada's greenhouse gate value of over $1 Billion.

North American Greenhouse Tomatoes

Canada is the main producer of greenhouse tomatoes in North America with Ontario greenhouses producing 98% of the tomatoes grown in Canada.

Mike Tiessen, Prism Farms commented, "The management and growing team at Prism Farms Ltd is excited to pioneer this exciting new technology in the Leamington area. We are confident in the scientific merit and feasibility of this innovation and look forward to showcasing the benefits at commercial scale to a global audience. After successful implementation, a 27-acre roll-out is anticipated. We are excited to work closely with the accomplished team at CO2 GRO."

Aaron Archibald, CEO, commented, "Many greenhouses using CHP boilers in seasonal climates are limited in their use of excess CO2 gas over the summer months or during warmer spring and fall periods. Our CO2 Delivery Solutions™ technology can fill that seasonal gassing shortfall with optimal levels of targeted aqueous CO2 misting on the plants regardless of the greenhouse heat venting needs. Our CO2 Delivery Solutions™ technology introduction to the Leamington greenhouse cluster will showcase potential seasonal benefits which include enhanced yields during the months in which CO2 gassing is not feasible. The Leamington area is a large target market for us in our Ontario backyard."

Visit www.co2delivery.ca for more information on CO2 Delivery Solutions™ or watch this video. To see a CO2 Delivery Solutions™ VCO2 system installation, watch this video.

About CO2 GRO Inc.

GROW's 2021 target market is the 50 billion square feet of greenhouses and covered cultivation facilities globally (USDA). 80% of these facilities cannot use CO2 gassing due to heat venting, porosity or CO2 usage cost. For decades, CO2 gassing has only been used in expensive indoor sealed greenhouses that achieve up to 30% more plant yield. These enhanced yields are only possible if over 1000 ppm CO2 levels are maintained throughout the year. Even expensive sealed greenhouses struggle to maintain these levels consistently throughout the year as up to 50% of the augmented CO2 gas escapes the greenhouse naturally and even more escapes when the greenhouse is vented in warmer months, leaving room for yield improvement.

GROW's CO2 Delivery Solutions™ helps all greenhouses achieve up to 30% more plant yield consistently throughout the year. In addition, aqueous CO2 misting offers pathogen Perimeter Protection™ for plants by slowing the spread of micro pathogens such as E. coli and powdery mildew. CO2 gassing does not offer that plant protection.

GROW naturally and safely dissolves CO2 gas into water without bubbles or pressure. This creates an aqueous CO2 solution which is then misted directly onto the plant's leaves and shoots. The aqueous CO2 solution's micro droplets create a micro film on the leaf surface, isolating the leaf from the atmosphere. The diffusion gradient created favors CO2 transport into the leaf, regardless of the stomata.

CO2 Delivery Solutions™ has been demonstrated on crops including Cannabis, hemp, lettuce, kale, microgreens, peppers, strawberries, orchids and other flowers. Greenhouse growers everywhere that cannot gas CO2 can now add CO2 to their crops using CO2 Delivery Solutions™, increasing plant yields and profits. As carbon taxes rise, sealed greenhouse growers that gas CO2 will have to pay more for their emissions. CO2 Delivery Solutions™ offers these greenhouses the ability to supplement their plants with CO2 consistently throughout the year without emitting CO2 gas to the atmosphere and using up to 95% less CO2 through aqueous CO2 misting.

Forward-Looking Statements

This press release contains statements which constitute "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities. Forward‐ looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions and include information regarding: statements regarding the future direction of the Company; the ability of the Company to successfully achieve its business and financial objectives; plans for expansion and the ability of the Company to obtain, develop and foster its business relationships; and expectations for other economic, business, and/or competitive factors. Investors are cautioned that forward‐looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning the business of the Company's future results or events based on the opinions, assumptions and estimates that management considered reasonable at the date the statements are made. Such assumptions include but are not limited to: general business and economic conditions; the Company's ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company's ability to attract and retain skilled staff; market competition; the products and technology offered by the Company's competitors; and that good relationships with business partners will be maintained. Although the Company believes that the expectations reflected in such forward‐looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward‐looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; in particular, in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; adverse changes in applicable laws or adverse changes in the application or enforcement of current laws; the biotechnology industry and the greenhouse growers market are highly competitive, and technical advances in the industry will impact the success of the Company, and other risks described in the Company's filings that are available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking information except as otherwise required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please visit www.co2gro.ca or contact Michael O'Connor, Investor Relations Manager at 604-317-6197 or michael.oconnor@co2gro.ca

SOURCE: CO2 Gro Inc.



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https://www.accesswire.com/627262/CO2-GRO-Inc-Announces-its-First-Leamington-Ontario-Greenhouse-Commercial-Feasibility-With-Prism-Farms-Ltd

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