African Agriculture Reports Expanded Activities Expects to Significantly Increase Production in 2024
December 11 2023 - 8:00AM
African Agriculture Holdings Inc. (Nasdaq:AAGR), a global food
security company operating a commercial-scale alfalfa farm, today
provided an operational update following its recent merger to
become a publicly listed company.
African Agriculture Holdings’ expanding alfalfa
production in Senegal
Alan Kessler, Chairman and CEO of African
Agriculture, commented, “We intend to accelerate our operational
activities following our recent merger and listing on Nasdaq,
resulting in African Agriculture becoming the first pure-play
African agricultural company listed in the U.S. Previously, we
began alfalfa production on approximately 300 hectares out of a
total of 25,000 hectares of dedicated farmland we secured in
Senegal. We recently placed orders for additional seeds and crop
irrigation equipment, which we believe will allow us to expand land
utilization by more than three-fold to approximately 1,000 hectares
and significantly enhance production in 2024. Importantly,
according to World Bank data approximately 60% of the world's
remaining arable land is located in Africa, and we believe Africa
is poised to become the new breadbasket of the world. Our mission
is to help unlock Africa’s potential through investments in
infrastructure, irrigation and new technologies. Looking ahead, our
strategy not only involves increasing alfalfa production on our
25,000 hectares of fertile farmland, but also broadening our
product offering and expanding our geographic footprint. We could
not be more excited about the outlook for the business and look
forward to empowering local communities, through sustainable impact
investments, to help address the global need for food
security.”
About African Agriculture
African Agriculture is a pioneering company
dedicated to securing food and protein for the coming century. Born
out of a global necessity, it focuses on harnessing Africa's vast
agricultural potential. With 60% of the world's remaining arable
land, Africa stands as a powerhouse of untapped resources, offering
abundant sunshine, plentiful rain, and fertile soil. African
Agriculture's mission is to optimize yields and harvests, creating
sustainable job opportunities for local communities while
delivering significant value to its shareholders. To learn more
about African Agriculture, Inc., visit:
https://africanagriculture.com/
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of the federal securities laws, which
involve substantial risks and uncertainties. Forward-looking
statements contained in this press release include, but are not
limited to, statements about the expansion of our operations, the
opportunities available to African Agriculture in the African
continent, and potential benefits to local communities and
businesses.
You should not rely upon forward-looking
statements as predictions of future events, the outcome of which
are subject to known and unknown risks, uncertainties, and other
factors that may cause our actual results, performance, or
achievements to differ materially from those described in the
forward-looking statements, including those more fully described in
our most recent filings with the Securities and Exchange
Commission.
Forward-looking statements represent our beliefs
and assumptions only as of the date such statements are made and we
undertake no obligation to update any forward-looking statements,
except as required by law.
Investor Contact:David Waldman/Ted
AyvasCrescendo Communications, LLC Tel: (212) 671-1020Email:
AAGR@Crescendo-IR.com
Media Contact:Brigit Hennaman Rubenstein
Public Relations Email: bhennaman@rubensteinpr.com
Company Contact:Maxine Gordon, Head of
Academics, Media, and Public RelationsAfrican Agriculture
Inc.Email: mg@africanagriculture.com
- African Agriculture Holdings Inc.
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