AgriFORCE Growing Systems (NASDAQ: AGRI) stock climbed during intraday trading Monday after the company secured a new U.S. patent for automated growing systems.
AgriFORCE has announced that the United States Patent and Trademark Office (USPTO) has granted the company U.S. Patent #11,997,962 B2, titled “Automated Growing Systems.” This patent enhances the company’s intellectual property portfolio related to agriculture and agribusiness.
The newly granted patent focuses on moving multiple production lines of vegetation or flowering plants within a growing facility. This process utilizes conveyor belts and other mechanical systems to optimize the growing environment. AgriFORCE plans to integrate this technology into its existing suite of innovations designed for indoor growing facilities.
Jolie Kahn, Executive Turnaround Consultant at AgriFORCE, emphasized the strategic significance of the patent, stating,
“This patent adds dynamic value to our ever-expanding portfolio of patented technology aimed at innovating agribusiness. We remain committed to exploring new opportunities to empower farmers and agribusinesses to maximize their market position and build long-term shareholder value for our stakeholders.”
The development comes shortly after AgriFORCE released its first-quarter 2024 financial results. The company posted earnings per share of -26 cents. However, it didn’t report any revenue for the quarter.
AgriFORCE (NASDAQ: AGRI) Stock Reaction
On Monday, AGRI stock jumped 6.68%, closing at $0.10, marking an 11.53% decrease for the week. The trading volume was 163,039,600 shares, significantly higher than the average daily volume of 14.02 million.
