AgriFORCE Growing Systems Ltd. (NASDAQ:AGRI) shares are skyrocketing over 170% on Tuesday morning.
On February 16, the company announced that the United States Patent and Trademark Office had granted a further patent related to its FORCEGH+ facilities.
FORCEGH+ is the company's proprietary cultivation facility design, offering a sustainable approach and environment for growing high-quality crops in extreme macroclimates, meeting Good Manufacturing Practices (GMP) standards equivalent to pharmaceutical-grade quality.
Patent number 11,895,958, entitled "STRUCTURES FOR GROWING PLANTS (TO GENERATE MICRO-ENVIRONMENT CONDITIONS)," expands on the company's previously announced patents.
The company said it has created FORCEGH+ to maximize crop yields close to their genetic potential, eliminating the necessity for pesticides, fungicides, and herbicides, thus offering customers the next generation of controlled-environment agriculture.
"We see the benefits of adding another key U.S. patent around our FORCEGH+ technology, which significantly expands the scope of coverage and extends the timeline around our IP," commented Richard Wong, Chief Financial Officer of AgriFORCE.
Over the last one year, the company's shares have lost nearly 100%.
Last year in November, the company's CFO and interim CEO Richard Wong issued a shareholder letter discussing the "massive erosion" of the macro business environment, which has certainly contributed to the weakness.
"We are actively marketing the AgriFORCE story to new investors in the US and Europe, and we're looking forward to participating in investor conferences during 2024," Wong said.
Price Action: AGRI shares are trading higher by 171% to $0.58 on the last check Tuesday.