BILLERICA, Mass., Oct. 06, 2022 (GLOBE NEWSWIRE) — Agrify Corporation (NASDAQ:AGFY) (“Agrify” or the “Company”), a leading provider of innovative cultivation and extraction solutions for the cannabis industry, today issued the following statement relating to the default of its customer Bud & Mary’s Cultivation, Inc. (“Bud & Mary’s”) under a construction loan facility extended by Agrify to Bud & Mary’s associated with an Agrify Total Turn-Key Solution (“Agrify TTK Solution”) project and the lawsuit brought by Bud & Mary’s in response to the default notice:
Bud & Mary’s was notified by Agrify that it was in default of its credit facility and subsequently responded with a meritless lawsuit in an obvious attempt to avoid repayment of the credit facility.
Bud & Mary’s lawsuit is entirely without merit. Agrify has worked closely and transparently with Bud & Mary’s team throughout the entire design and build process. Agrify fully complied with its contractual obligations under the Agrify TTK Solution agreements.
Agrify is taking all necessary steps to pursue repayment from Bud & Mary’s and will take all actions necessary to protect its shareholders’ interests.
Burns and Levinson LLP is serving as legal counsel to Agrify.
