African Agriculture Announces Multi-Year Supply Agreement with South Korea-Based Holding Company Dr. Kahn
January 04 2024 - 9:00AM
African Agriculture Holdings Inc. (Nasdaq: AAGR),
(“African Agriculture” or “the Company”) a pioneering
company operating a commercial-scale alfalfa farm in Senegal and
dedicated to food security for the coming century, today announced
a multi-year supply agreement with Dr. Kahn, a South Korea based
diversified holding company, for the supply of alfalfa to South
Korea. Under the terms of the agreement, African Agriculture will
supply up to the entirety of the specific production of the 700
hectares that are currently under development. The supply agreement
is expected to contribute to 2024 and 2025 revenue.
“The scope of this agreement proves out our
growth strategy, providing us with a validation by a leading South
Korean company, representative of the highest quality control
standards in that market,” stated Alan Kessler, Chairman and CEO of
African Agriculture. “We have now sold into nine countries in the
Economic Community of West African States (ECOWAS) regionally, with
additional commercial international shipments to the Gulf. This
supply agreement to Asia represents further commercial validation
of our pilot program, and we look forward to scaling our
production. As a company focused on global food security and
sustainability, we are committed to enhancing Africa's role of
feeding the world.”
Mr. Lee, the CEO of Dr. Khan commented, “We are
excited to partner with African Agriculture to supply
market-leading alfalfa hay to the local Korean market for years to
come. We continue to witness an increase in demand for alfalfa hay
as the fragmented dairy and beef industry improves, requiring
necessary nutritional content, and modernizes its operations,
necessitating this important relationship with African
Agriculture.”
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/.
About Dr. Kahn
Dr. Khan is a South Korean company leveraging
technology to provide health and well-being to the country. Dr.
Khan’s origin traces back to the medical industry but has since
expanded to include one of Korea’s leading indoor smart farms as
well as a platform technology company that powers one of the most
comprehensive and far-reaching online marketplaces for local
private farms across rural South Korea.
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 our performance under the terms of the
supply agreement and the expansion and scaling of our operations in
the Korean market and globally. 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 Ayvas Crescendo
Communications, LLC Tel: (212) 671-1020
Email: 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 Relations African Agriculture Inc.
Email: mg@africanagriculture.com
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