AgroFresh Makes Minority Investment In Proprietary Container System For Produce Freshness Being Developed By RipeLocker, LLC

AgroFresh Solutions, Inc. (NASDAQ: AGFS), a global leader in produce freshness solutions, has made a minority investment in RipeLocker, LLC and its proprietary system for low-pressure vacuum containers that aim to extend the shelf life and reduce the decay of perishable produce.

RipeLocker, a start-up company led by food industry veteran George Lobisser, uses a unique, patent pending system to provide a portable solution for maintaining the atmospheric pressure, humidity and gas composition that is intended to best preserve the quality of perishable fruits. A potential breakthrough for the food industry, RipeLocker seeks to resolve the issue of cost-effectively maintaining the quality of the produce as it goes through adverse operating and environmental conditions along the post-harvest distribution chain.

RipeLocker seeks to leverage the existing logistics chain for storing and transporting perishable food but with longer shelf life for retailers and consumers, and less loss of produce and significant added value for growers. RipeLocker is being tested by major fruit grower/packers.

"RipeLocker is another potential avenue for AgroFresh to expand into new technologies serving the high-value segments of the produce industry, including the organic segment of the market," said Jordi Ferre, CEO of AgroFresh. "We are pleased to be making an early investment in RipeLocker, and excited about the prospects for its technology."

Among the key potential markets for RipeLocker are highly perishable fruits and vegetables. RipeLocker has the potential to significantly reduce the damage frequently experienced using the current storage and shipping processes. This is particularly true for crops like cherries that are increasingly being exported overseas via ocean freight.

Mr. Lobisser was added to AgroFresh's board of directors in September 2016. He has been in the post-harvest produce business for more than 15 years, and served as president and chief executive officer of Pace International, LLC for 12 years prior to its sale to Valent BioSciences.

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