Mr. Rick Vanzura reports

FREIGHT FARMS, INC., PROVIDES Q4 BUSINESS UPDATE

Agrinam Acquisition Corp. and Freight Farms Inc. have provided an update on the 2023 fourth quarter performance and operations of Freight Farms. Specifically, Agrinam and Freight Farms note the following preliminary results:

• Freight Farms received orders for 95 farms during the fourth quarter of 2023, a year-over-year increase of 83 per cent, including two orders for its new Garden model. On a sequential basis, orders were up 111 per cent from 45 in the third quarter and compared to 33 orders in the second quarter.

• Revenue for the fourth quarter is expected to be higher than third quarter of fiscal 2023 as well as the fourth quarter of 2022. Revenue was limited by existing inventory and remains subject to audit and review by Freight Farms' auditor.

• Yield research established a new benchmark of 280,000-plus ounces for a full farm versus the 180,000-plus assumed in Freight Farms' current financial model. Individual panel results were even stronger, pointing the way to further increases in yield in 2024.

• The 50-hertz version of the latest Greenery 7 model, which features several performance enhancements and stability improvements as well as lower costs, was completed and shipped.

• The initial five production units of the Garden have been built and this includes high-visibility placements that the company anticipates announcing in the first quarter of 2024.

"We are very pleased with our fourth quarter results reflecting strong momentum across our business," said Rick Vanzura, chief executive officer. "Order growth was well above plan and backlog now represents approximately half of fiscal 2024 forecasted revenue. We also continued to make steady progress on key growth initiatives and our innovation agenda, providing further tailwinds as 2024 unfolds. Our proposed business combination with Agrinam remains on track and we continue to expect the transaction to close during the first quarter of 2024."

Freight Farms final results for fiscal 2023 will be included in its audited financial statements and management's discussion and analysis, copies of which will be available under Agrinam's profile on SEDAR+.

About Agrinam Acquisition Corp.

Agrinam Acquisition is a special purpose acquisition corporation incorporated under the laws of the Province of British Columbia for the purpose of effecting, directly or indirectly, an acquisition of one or more businesses or assets, by way of a merger, amalgamation, arrangement, share exchange, asset acquisition, share purchase, reorganization or any other similar business combination within a specified period of time.

About Freight Farms Inc.

Founded in 2012, Freight Farms debuted the first vertical hydroponic farm built inside an intermodal shipping container with the mission of democratizing and decentralizing the local production of fresh, healthy food. Since its inception, Freight Farms has refined its product offering to arrive at the Greenery container farm. With global customers ranging from small business farmers to the corporate, hospitality, retail, education and non-profit sectors, Freight Farmers make up one of the largest network of Internet of things connected farms in the world. AgTech Breakthrough named Freight Farms the 2022 "IoT Monitoring Solution of the Year" for its farmhand IoT automation software.

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