BILLERICA, Mass., Oct. 6, 2022 (GLOBE NEWSWIRE) — Agrify Corporation AGFY (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions to the cannabis industry, today issued the following statement regarding the insolvency of its customer Bud & Mary’s Cultivation, Inc. (“Bud & Mary’s” ) im Under a construction loan facility granted to Bud & Mary’s by Agrify in connection with Agrify’s turnkey total solution project (“Agrify TTK Solution”) and the lawsuit brought by Bud & Mary’s in response to the Notice:

Bud & Mary’s was informed by Agrify that it had defaulted on its credit facility and responded with an unfounded lawsuit in an apparent attempt to avoid repaying the credit facility.

Bud & Mary’s lawsuit is completely without merit. Agrify worked closely and transparently with the Bud & Mary team throughout the design and build process. Agrify has fully honored its contractual obligations under the Agrify TTK Solution agreements.

Agrify is taking all necessary steps to obtain Bud & Mary’s redemption and will take all necessary measures to protect the interests of its shareholders.

Burns and Levinson LLP is acting as legal counsel to Agrify.

About Agrify AGFY

Agrify is a leading provider of innovative cultivation and extraction solutions for the cannabis industry, bringing data, science and technology to the forefront of the market. Our proprietary micro-environment controlled Vertical Farming Units (VFUs) enable farmers to produce the highest quality product at scale with unmatched consistency, yield and ROI. Our comprehensive extraction product line, which includes hydrocarbon, ethanol, solvent-free, post-processing and laboratory equipment, enables manufacturers to maximize the quantity and quality of extract required for premium concentrates. For more information, please visit Agrify at http://www.agrify.com.

Forward-Looking Statements

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