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or Name
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GeoNovus Minerals Corp
Symbol GNM
Shares Issued 39,589,402
Close 2014-10-21 C$ 0.05
Market Cap C$ 1,979,470
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GeoNovus licenses vertical growing tech from Affinor

2014-10-23 08:07 ET - News Release

Mr. Michael England reports

GEONOVUS SIGNS DEFINITIVE AGREEMENT FOR EXCLUSIVE LICENCE ON VERTICAL GROWING TECHNOLOGY FROM AFFINOR GROWERS INC.

GeoNovus Corp. has signed a definitive agreement with Affinor Growers Inc. to exclusively license Affinor's vertical growing technology for agricultural use, research purposes and distribution in Uruguay and in the city of Langley, B.C., Canada. This automated, software-driven technology is unique for its ability to grow grade A1, non-GMO (genetically modified organisms) crops year-round without chemicals or pesticides, getting maximum yield out of available square footage. This proven technology is specifically designed to help address issues of global food security and food shortage, and will give GeoNovus access to continuing royalties and revenues in a multibillion-dollar agricultural market place.

The vertical growing technology GeoNovus is licensing is a fully sustainable and complete indoor agricultural solution developed over 12 years with research and development based on predecessor systems, prototypes and significant third party validation. GeoNovus will be utilizing and reselling technology aimed at year-round farming systems with controlled precision farming techniques. Crop varieties chosen for best suitability with the GeoNovus and Affinor VDL system include leafy greens, strawberries and marijuana. A proprietary mechanical pollination system allows food to be grown indoors, year-round, regardless of seasonality, with near zero water waste.

GeoNovus president and chief executive officer Mike England stated: "Our exclusive licensing agreement gives GeoNovus access to one of the world's most advanced vertical farming systems and puts the company in a position to tap into the multibillion-dollar agricultural market place. This technology complements our current Uruguayan operations and opens new opportunities within British Columbia. We are actively working to timely advance our Uruguayan operations and anticipate the completion of several company milestones shortly as well as the integration and testing of this vertical farming technology in our Uruguay facilities."

Affinor Growers chairman Nick Brusatore stated: "We are very excited to be partnering with GeoNovus and providing them with an exclusive licence for our vertical growing technology in Uruguay and in Langley, B.C. Not only does this give Affinor a potential royalty stream from GeoNovus's future vertical growing operations but will also provide valuable testing and data from world-class scientific facilities in Uruguay while opening up the Mercosur region for future business."

Under the terms of this agreement, GeoNovus is acquiring exclusive licensing and access to Affinor's vertical growing technology for use in Uruguay and in the city of Langley, B.C., Canada, by issuing 12 million common shares of its capital to the licensor as follows: an initial amount of six million shares as soon as is commercially practicable after signature of this agreement and the remaining six million shares on or before that date which is six months from the date of this agreement, subject to due diligence and regularity approval.

A finder's fee will be payable on this transaction.

We seek Safe Harbor.

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