North America’s first ‘vertical crop’ urban farming system closed operations and filed for bankruptcy after Alterrus Systems and Local Garden Vancouver failed to match their running costs. The vertical farm opened in November 2012 in downtown Vancouver atop a parkade at 535 Richards Street. According to Vancouver news sources, the 5,700 square foot facility experienced a significant mechanical failure in late December 2013, which impaired their ability to safely and effectively operate.
This acquisition will allow Affinor Growers to retrofit the facility and start growing strawberries immediately using the recently acquired Vertical Designs Ltd. technology. Affinor Growers will now be able to fast track operations and demonstrate viability to the market and add another profitable revenue stream.
This is also a great opportunity for the City of Vancouver to continue their vision of growing fresh urban food and replacing much of the imported produce that comes from 1,500 to 2,000 kilometers away. The Vancouver Food Strategy has a plan to create a just and sustainable food system for the city. It builds on years of food systems initiatives and grassroots community development, considering all aspects of the food system, from seed to table to compost heap and back again. Affinor Growers is excited to participate in Vancouver’s goal to become the “greenest” city by 2020.
Under the terms, Affinor Growers will pay a minimum of $250,000 in cash and the balance to $1.4 million in stock.
About Affinor Growers Inc.
On Behalf of the Board of Directors
AFFINOR GROWERS INC.
Sebastien Plouffe, President & CEO
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
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