StarFort @ FARMZERO (FARMZERO) has signed a letter of intent (LOI) to acquire the Territory License rights inside the Metro Area of Chicago. Agriplay Ventures Inc. (Agriplay) is announced partnering with FARMZERO to offer a solution to food security and economic diversification to the Chicago area, with multiple projects now being planned to begin as early as January 2023. “We have been working with industry leaders from all over the city to bring food security and new industry to Chicago, now with the Agriplay team and their technology we have a solution to make a truly meaningful impact on Chicago’s well-being and future,” said Russell Steinberg, Founder, and CEO of FARMZERO.
Under the terms of a Letter of Intent with FARMZERO, Agriplay has obtained a Territory Licensee LOI in the Chicago Metro Area (a region located in the U.S. state of Illinois) for a period of 10 years beginning with the day the License agreement was signed. The target territory is valued at about $750K USD and is expected to have an estimated population of 8.9M in 2022. Agriplay defines territory as any area inside a nation with a recognized legal jurisdiction, including but not limited to cities, counties, provinces, states, and/or the entire nation. According to the deal, Agriplay will offer Metro Chicago all the supplies and tools needed to plug in an urban indoor farm and will also support the system. As part of the deal, FARMZERO would have complete and sole authority over the territory to set up operations using Agriplay technology and set up inter-territory partnerships to the benefit of FARMZERO.
“The interest for Territory Licensing is overwhelming and honestly, ahead of schedule. FARMZERO completely understands our elevated urban farming strategy and is very eager to get this operating in Chicago as quickly as possible, it’s fantastic to work with someone so in alignment with our vision and goals,” says Dan Houston, President of Agriplay.
With less environmental impact than conventional indoor farming, the company can grow more than 150 distinct species of fresh greenhouse veggies thanks to Agriplay’s innovative growing method.
Agriplay systems are up to 40 times more scalable than conventional vertical farms and can grow practically any variety of fresh fruit and vegetable. They also consume up to 3 times less electricity. In order to offer previously imported greenhouse vegetables to the Alberta market, the Company is now converting roughly 2.67 million square feet of commercial real estate into productive vertical farms in the Calgary market.
“The execution of this territory license validates our concept of repurposing commercial real estate into urban indoor farms and the necessity of the concept in major metropolitan areas. There are unused office towers everywhere and there is a need to add more fresh produce to people everywhere. Agriplay cannot fill the need fast enough and the licensing program will allow the concept to come to life faster, thus closing the gap on food scarcity, ” says Dan Houston.
Image provided by Agriplay