Light Science Technologies Holdings plc announced an exclusive distribution agreement with agricultural automation provider AgriLogiq Technical Systems (PTY) LTD (AgriLogiq), which will enable the Company to market and sell its nurturGROW lights in South Africa. Due to water shortages, poor soil for growing crops and harsh growing conditions, there is strong demand for innovative farming solutions - and especially vertical farming - in South Africa.
This agreement, which is for an initial period of five years and with exclusivity subject to certain performance targets being met, is an important first step in the development of the Company's global partnerships strategy. This strategy facilitates low-cost and low risk entry into expected high-growth markets with partners that are already embedded in the industry, enabling LSTH to target global customer bases that are actively seeking CEA products and solutions. Further distribution agreement arrangements are being developed in other strategic high-growth geographies, an initiative that is being led by management in conjunction with the assistance of Non-Executive Director, Richard Mills - whose expertise and contact base has led to a pipeline of new development opportunities. The Company is focused on developing this strategy in the coming months and management looks forward to providing further updates in due course.