Mr. Sebastien Plouffe reports
AFFINOR GROWERS RESCUES VANCOUVER ROOFTOP GARDEN
Affinor Growers Inc. has signed a letter of intent to acquire all the assets of 0993341 B.C. Ltd. related to the operation of the Vancouver rooftop growing facility, located at 523/535 Richards St., subject to due diligence. The intellectual property from this acquisition is very important to Affinor Growers, and will be useful in future development and production aspects.
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 St. According to Vancouver news sources, the 5,700-square-foot facility experienced a significant mechanical failure in late December, 2013, which impaired its 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 its vision of growing fresh urban food and replacing much of the imported produce that comes from 1,500 kilometres to 2,000 kilometres 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.