A new facility for Future Crops that will be merged into Infimer – the capital market

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Infimer
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A 14% jump in trading in the background is an announcement by agro-tech company Future Crops that will be merged into it on the establishment of a new agricultural farm in the Philippines. Future Crops currently has a single farm in the Netherlands and has just announced that it will set up another one in the Emirates, so that in this combination in the Philippines the company will own three farms.

Future Crops has signed an agreement with the Philippines’ Agriliver to examine cooperation between the parties according to a business model to be agreed upon later. Agriliver will use its connections and expertise in the Philippines to find a suitable area in the country’s Batan district, with the local authority in the area to be found – who will also be a partner in it. The intention of the parties is to market the products produced in the Philippines and export them to other countries as well. Agriliver will work to locate potential customers on the side of locating the area on which the farm will be established.

The company is engaged in vertical agriculture, ie instead of occupying large areas – a resource that is dwindling in the world – crops are grown in dedicated buildings. According to the company’s estimates, the global vertical agriculture market is estimated at about $ 3 billion and its annual growth rate is about 20% -27%. The company has developed in collaboration with the Volcanic Institute solutions that enable savings in the use of water and manpower, and controlled growth of the product without the use of pesticides or seasonal dependence (goodbye to the avocado season) and based on Big Data.

“The big challenge is economic, even before the technological aspect,” explained founder and CEO Gary Greenspan in an interview with BizPortal. Soil substrate – geoponics, on which the crops are planted. That way you can grow higher crops, and that’s what makes the whole story more economical. ”

And cooperation with Portugal on medical cannabis is integrated into the company’s strategy for creating strategic collaborations with third parties who will receive from the group an envelope of services in connection with the establishment of a vertical agricultural farm. The company was also merged with the stock exchange skeleton Infimer.

“Due to the harsh weather conditions in the area like typhoons and others, it is very difficult to do quality local agriculture including in greenhouses and currently a lot of produce is imported into the area,” Greenspan said this morning referring to the Philippines’ climate.

In the first 9 months of 2020, Future Crops’ revenues amounted to approximately 630,000 euros, with an operating loss of 4 million euros and a net loss of 4.3 million euros. As part of the merger, it will register a $ 2.5 million shareholder loan for the benefit of the buyers, for which repayments will begin when Future reaches the aggregate profit after tax of $ 1 million, so it will have to allocate half of the annual profit after tax to repay the debt.