AgriSolar Solutions, Inc. Signs Exclusive Distribution Agreement for the United States, Mexico and South America for Its Solar Insect Killing Technology
DENVER, CO -- (Marketwire) -- 08/31/10 -- AgriSolar Solutions, Inc. (OTCBB: AGSO) announced today that it has recently executed a distribution agreement with Agri-Technologies, LLC, to serve as the exclusive distributor of the Company's products, including its line of solar insect killing products, in North America, South America, Central America and the Caribbean.
Agri-Technologies, LLC, is a newly formed entity whose primary shareholder is Mr. Phillip Jennings. The owners of Agri-Technologies, LLC, have substantial ongoing business operations within the geographic areas covered by the distribution agreement, including commercial agriculture, bio-diesel technology, and logistic transportation operations. In addition, certain affiliates of Agri-Technologies, LLC, have operations in Asia and are familiar with China, its logistics and business practices.
Prior to execution of the distribution agreement, Agri-Technologies, LLC, arranged for 3 months of informal testing of AGSO's proprietary solar powered insect killing equipment on large scale commercial agriculture facilities in the southeastern United States, including tobacco, peanut, cotton and sod farms. Based on positive results from this testing, Agri-Technologies, LLC, arranged for its representatives to travel to Shenzhen, China, to conduct due diligence on AGSO and to assess the capacity of AGSO's existing manufacturing facilities to produce sufficient inventory to accommodate large scale distribution of its products.
"Based on our 'first-hand' tests here in America, we are extremely excited about the potential of AGSO's proprietary solar powered insect killing equipment because we are convinced of its effectiveness as an insecticide in commercial agriculture," stated Mr. Phillip Jennings, CEO of Agri-Technologies. "We are engaged in ongoing discussions with large scale traditional and organic farm operators, but also look forward to introducing the product into other venues which include golf courses, resorts, and sporting facilities in our markets."
Representatives of AGSO have also travelled to the headquarters of Agri-Technologies, LLC, in Soperton, Georgia, and together with local scientists and university professors have visited several of the test sites established by Agri-Technologies, LLC.
"It would have been difficult to find a more strategic organization to accommodate our planned expansion, with direct business experience in commercial agriculture, possessing operations in all of the areas of world granted in this agreement," stated Charles Liang, the CEO of AGSO. Mr. Liang also noted that the several of the regions covered by the distribution agreement have a different or longer growing season than the typical March - September growing season in China. "Depending on the crop, geographic areas covered by this agreement which are closer to the equator enjoy 10-12 month growing seasons. As a result, this business venture will help take the seasonality out of our existing operations, providing more continuity to our manufacturing operation in China."
AGSO is expected to complete its first shipment of product to Agri-Technologies, LLC, within approximately 30 days. At that point in time, Agri-Technologies will commence marketing and distribution activities and is also expected to arrange for more formal testing of AGSO's products.
About AgriSolar Solutions, Inc., www.agrisolarsolutions.com
Forward Looking Statement Notice: This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company and may not materialize. Investors are cautioned that any such statements are not guarantees of future performance. The contents of this release should be considered in conjunction with the warnings, risk factors and cautionary statements contained in the company's recent filings with the SEC, including its Annual Report on Form 10-KSB and Quarterly Report on Form 10-QSB. Furthermore, the company does not intend (and is not obligated) to update publicly any forward-looking statements, except as required by law.
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