- Groasis selects Footprint’s plant-based fiber for its
innovative Growboxx®
- Arid, fire-ravaged land now ripe for new trees with up to 90%
less water
Footprint, a global materials science technology company focused
on creating a healthy planet, today announced that it has been
selected by Groasis to manufacture its fourth-generation Growboxx®,
an innovative plant cocoon that allows root systems to establish
even in the most arid, salted, sandy or rocky terrain while using
up to 90% less water than traditional drip irrigation. Groasis and
Footprint will start manufacturing Growboxxes® for both commercial
and consumer uses later this year.
This announcement follows the recent news that Footprint plans
to be publicly listed through a business combination with Gores
Holdings VIII, Inc. (Nasdaq: GIIXU, GIIX and GIIXW).
In choosing Footprint, Groasis has found a partner that can
provide a combination of plant-based material that holds water
without breaking down during the critical root establishment
period, and will eventually biodegrade and become part of the
earth.
“The secret of Mother Nature’s success is a strong primary root
system which is really difficult in places where the soil isn’t
rich and there’s not sufficient, regular rainfall. Earth Day is the
perfect time to announce our partnership with Footprint and to
discuss our shared mission to create a healthier planet,” said Wout
Hoff, Groasis CEO. “By using Growboxxes® produced by Footprint,
customers are reducing the need for heavy watering during the
critical early phases of planting, and allowing nature to thrive in
even the most difficult climates and circumstances before returning
the plant-based container back to the soil.”
Holland-based Groasis was founded by Hoff’s father, a lily bulb
breeder who had an epiphany about creating a more water-efficient
way to plant, especially in areas impacted by deforestation and
erosion. An evolution of Groasis’ original Waterboxx® plant cocoon
– a reusable, plastic-based product which was developed over ten
years ago – the Growboxx® is fully biodegradable. Footprint’s
engineers have been laser focused on finding the right formula
balance that maintains Growboxx’s® ability to hold water for as
long as the root system needs, before degrading into the earth.
“Groasis is the kind of innovator we love to work with as both
companies are committed to finding ways to tackle some of the
hardest challenges our planet is facing,” said Footprint co-founder
and CEO Troy Swope. “With the innovative Growboxx®, we can imagine
large swaths of previously arid land where water is scarce and
expensive, becoming forested and lush using our combined
technologies.”
“Groasis is excited to partner with Footprint, as the team has
the knowledge and grit to get the production of our Growboxx®
right, and has manufacturing facilities close to two of our key
markets: the Southwest United States and Mexico,” added Hoff.
“Wildfires have devastated ecosystems in California and the
Southwest United States, and large parts of the country are facing
extreme drought. The Growboxx® will make it easier for forests to
be restored here again.”
About Footprint
Footprint has a clear vision to create a healthier planet and
healthier people. Phase one of our mission is to provide solutions
that eliminate single-use and short-term use plastics in our food
chain. Footprint’s team of engineers use plant-based fiber
technology to design, develop and manufacture biodegradable,
compostable, and recyclable products that compete with plastic’s
cost, and performance. Footprint is rapidly expanding into new
categories with customized and patented solutions for customers.
Footprint’s products have already led to a global redirection of 61
million pounds of plastic waste from entering the air, earth, and
water working with leading global consumer brands.
In December 2021, Footprint announced its intention to list on
NASDAQ as a public company in a business combination agreement with
Gores Holdings VIII, Inc. (Nasdaq: GIIX, GIIXW and GIIXU). Full
information on this definitive agreement can be found here.
Footprint was founded by former Intel engineers, Troy Swope and
Yoke Chung. The company employs more than 2,500 employees, with
operations in the U.S., Mexicali, Europe, and Asia. Footprint was
named to the 2020 Fortune “Change the World” list in 2020, is a
member of the World Economic Forum’s Global Innovators Community,
was named a CNBC Disruptor 50 company and Newsweek’s America’s
Greatest Disruptors/Planet Protectors in 2021.
About Gores Holdings VIII, Inc.
Gores Holdings VIII, Inc. (Nasdaq: GIIXU) is a special purpose
acquisition company sponsored by an affiliate of The Gores Group,
LLC, founded by Alec Gores. Gores Holdings VIII, Inc. completed its
initial public offering in March 2021, raising approximately $345
million in cash proceeds for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. Gores Holdings VIII, Inc.’s strategy is to identify,
acquire and, after the initial business combination, to build a
company in an industry or sector that complements the experience of
its management team and can benefit from their operational
expertise.
About Groasis
Groasis is the inventor of the Groasis Ecological Water Saving
Technology and offers both the Growboxx® and Waterboxx® plant
cocoon as a direct response to the challenges of land degradation,
climate changed and the increased need for food and water. Groasis
focuses on Renewing Soil, Restoring Land, and Reshaping the
World.
The Groasis Technology allows planting of eroded and degraded
land without irrigation. The technology is known for its ‘Triple 90
Benefits’ compared to traditional drip irrigation: 90% lower costs,
90% less water use and 90% survival rate. This has been reliably
demonstrated over the last two decades in 55 countries around the
world with more than 2 million trees having been planted.
Groasis’ clever technology can be used for eco-system
restoration and for agroforestry purposes – with users varying from
governments or companies who want to plant large swatches of
forests to restore landscapes damaged by fires or to generate
carbon credits, to consumers who want to grow their own organic
vegetables or reduce the time needed to water their gardens.
Groasis’ inventions have received worldwide recognition. In 2016
the Dutch Government awarded Groasis as a National Icon, for being
one of the 3 most innovative projects of the Netherlands with a
high social impact and supporting economic growth. In 2017, the UN
World Food Programme crowned Groasis as one of 3 companies in their
Innovation Accelerator, in order to reach its objective of ‘Zero
hunger by 2030.’ In the same year, UN Global Compact included
Groasis in its ‘2017 Global Opportunity Report’ for the disruptive
solution the Growboxx® offers to global soil depletion. In 2018,
the Dutch National Chamber of Commerce identified Groasis as the
Most Innovative SME (Small & Medium Enterprise) of The
Netherlands. In 2019, the government of Abu Dhabi awarded Groasis
with the Khalifa Award for “Pioneering sophisticated Innovations
serving the Agricultural Sector,” and in 2020 Boskalis and the UAE
Netherlands Business Council, as part of Expo 2020 Dubai, gave
Groasis the Boskalis Water Award.
For more information on the Groasis Ecological Water Saving
Technology – www.groasis.com
YouTube (fruit) tree planting channel
https://www.youtube.com/user/Groasiswaterboxx
YouTube vegetables planting channel
https://www.youtube.com/user/GroasisVegetables
Follow us on Twitter @Groasis
Forward-looking Statements
Certain statements in this communication (“Communication”) may be considered “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995 and within the meaning of the federal securities laws
with respect to the proposed business combination between the Gores
Holdings VIII, Inc. (“Gores Holdings
VIII”) and Footprint International Holdco, Inc.
(“Footprint”), including statements
regarding the benefits of the proposed business combination, the
anticipated timing of the proposed business combination, the
likelihood and ability of the parties to successfully consummate
the proposed business combination and the PIPE investment, the
amount of funds available in the trust account as a result of
shareholder redemptions or otherwise, the services offered by
Footprint and the markets in which Footprint operates, business
strategies, debt levels, industry environment, potential growth
opportunities, the effects of regulations and Gores Holdings VIII’s
or Footprint’s projected future results. These forward-looking
statements generally are identified by the words “believe,”
“predict,” “project,” “potential,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “forecast,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “should,”
“will be,” “will continue,” “will likely result,” and similar
expressions (including the negative versions of such words or
expressions).
Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this
document, including but not limited to: (i) the risk that the
proposed business combination may not be completed in a timely
manner or at all, which may adversely affect the price of Gores
Holdings VIII securities; (ii) the risk that the proposed business
combination may not be completed by Gores Holdings VIII’s business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by Gores
Holdings VIII; (iii) the failure to satisfy the conditions to the
consummation of the proposed business combination and PIPE
investment, including the approval of the proposed business
combination by Gores Holdings VIII’s stockholders, the satisfaction
of the minimum trust account amount following redemptions by Gores
Holdings VIII’s public stockholders and the receipt of certain
governmental and regulatory approvals; (iv) the failure to obtain
financing to complete the proposed business combination, including
to consummate the PIPE investment; (v) the effect of the
announcement or pendency of the proposed business combination on
Footprint’s business relationships, performance, and business
generally; (vi) risks that the proposed business combination
disrupts current plans of Footprint and potential difficulties in
Footprint’s employee retention as a result of the proposed business
combination; (vii) the outcome of any legal proceedings that may be
instituted against Gores Holdings VIII or Footprint related to the
agreement and the proposed business combination; (viii) changes to
the proposed structure of the business combination that may be
required or appropriate as a result of applicable laws or
regulations or as a condition to obtaining regulatory approval of
the business combination; (ix) the ability to maintain the listing
of the Gores Holdings VIII’s securities on the NASDAQ; (x) the
price of Gores Holdings VIII’s securities, including volatility
resulting from changes in the competitive and highly regulated
industries in which Footprint plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting Footprint’s business and changes in the combined capital
structure; (xi) the ability to implement business plans, forecasts,
and other expectations after the completion of the proposed
business combination, and identify and realize additional
opportunities; and (xii) other risks and uncertainties set forth in
the section entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statement” in Gores Holdings VIII final prospectus
relating to its initial public offering (File No. 333-252483)
declared effective by the U.S. Securities and Exchange Commission
(the “SEC”) on February 24, 2021 and
other documents filed, or to be filed with the SEC by Gores
Holdings VIII, including the Registration Statement. The foregoing
list of factors is not exhaustive. There may be additional risks
that neither Gores Holdings VIII or Footprint presently know or
that Gores Holdings VIII or Footprint currently believe are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. You should
carefully consider the foregoing factors and the other risks and
uncertainties that will be described in Gores Holdings VIII’s
definitive proxy statement contained in the Registration Statement
(as defined below), including those under “Risk Factors” therein,
and other documents filed by Gores Holdings VIII from time to time
with the SEC. These filings identify and address other important
risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Gores Holdings VIII and Footprint
assume no obligation and, except as required by law, do not intend
to update or revise these forward-looking statements, whether as a
result of new information, future events, or otherwise. Neither
Gores Holdings VIII nor Footprint gives any assurance that either
Gores Holdings VIII or Footprint will achieve its expectations.
Projections
This Communication contains financial forecasts with respect to
Footprint’s projected financial results, including revenue.
Footprint’s independent auditors have not audited, reviewed,
compiled or performed any procedures with respect to the
projections for the purpose of their inclusion in this
Communication, and accordingly, they did not express an opinion or
provide any other form of assurance with respect thereto for the
purpose of this Communication. These projections should not be
relied upon as being necessarily indicative of future results. The
assumptions and estimates underlying the prospective financial
information are inherently uncertain and are subject to a wide
variety of significant business, economic and competitive risks and
uncertainties that could cause actual results to differ materially
from those contained in the prospective financial information.
Accordingly, there can be no assurance that the prospective results
are indicative of the future performance of Footprint or that
actual results will not differ materially from those presented in
the prospective financial information. Inclusion of the prospective
financial information in this Communication should not be regarded
as a representation by any person that the results contained in the
prospective financial information will be achieved.
Actual results may differ as a result of the completion of
Footprint’s financial reporting period closing procedures, review
adjustments and other developments that may arise between now and
the time such financial information for the period is finalized. As
a result, these estimates are preliminary, may change and
constitute forward-looking information and, as a result, are
subject to risks and uncertainties. Neither Footprint’s nor Gores
Holdings VIII’s independent registered accounting firm has audited,
reviewed or compiled, examined or performed any procedures with
respect to the preliminary results, nor have they expressed any
opinion or any other form of assurance on the preliminary financial
information.
Additional Information about the Proposed Transaction and
Where to Find It
In connection with the business combination, Gores Holdings VIII
has filed a registration statement on Form S-4 (the “Registration Statement”) that includes a
preliminary prospectus and preliminary proxy statement of Gores
Holdings VIII. The proxy statement/prospectus is not yet effective.
The definitive proxy statement/prospectus, when it is declared
effective by the SEC, will be sent to all Gores Holdings VIII
stockholders as of a record date to be established for voting on
the proposed business combination and the other matters to be voted
upon at a meeting of Gores Holdings VIII’s stockholders to be held
to approve the proposed business combination and other matters (the
“Special Meeting”). Gores Holdings
VIII may also file other documents regarding the proposed business
combination with the SEC. The definitive proxy statement/final
prospectus will contain important information about the proposed
business combination and the other matters to be voted upon at the
Special Meeting and may contain information that an investor will
consider important in making a decision regarding an investment in
Gores Holdings VIII’s securities. Before making any voting
decision, investors and security holders of Gores Holdings VIII
and other interested parties are urged to read the Registration
Statement and the proxy statement and all other relevant documents
filed or that will be filed with the SEC in connection with the
proposed business combination as they become available because they
will contain important information about the proposed business
combination.
The definitive proxy statement/final prospectus will be mailed
to stockholders of Gores Holdings VIII as of a record date to be
established for voting on the business combination. Investors and
security holders will also be able to obtain free copies of the
definitive proxy statement/final prospectus and all other relevant
documents filed or that will be filed with the SEC by Gores
Holdings VIII through the website maintained by the SEC at
www.sec.gov, or by directing a request to Gores Holdings VIII,
Inc., 6260 Lookout Road, Boulder, CO 80301, attention: Jennifer
Kwon Chou or by contacting Morrow Sodali LLC, Gores Holdings VIII’s
proxy solicitor, for help, toll-free at (800) 662-5200 (banks and
brokers can call collect at (203) 658-9400).
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in Solicitation
Gores Holdings VIII, Footprint and certain of their respective
directors, executive officers may be deemed participants in the
solicitation of proxies from Gores Holdings VIII’s stockholders
with respect to the proposed business combination. A list of the
names of those directors and executive officers of Gores Holdings
VIII and a description of their interests in Gores Holdings VIII is
set forth in Gores Holdings VIII’s filings with the SEC (including
Gores Holdings VIII’s final prospectus relating to its initial
public offering (File No. 333-252483) declared effective by the SEC
on February 24, 2021). Additional information regarding the
interests of those persons and other persons who may be deemed
participants in the proposed business combination may be obtained
by reading the Registration Statement. The documents described in
this paragraph are available free of charge at the SEC’s web site
at www.sec.gov, or by directing a request to Gores Holdings VIII,
Inc., 6260 Lookout Rd., Boulder, CO 80301, attention: Jennifer Kwon
Chou. Additional information regarding the names and interests of
such participants will be contained in the Registration Statement
for the proposed business combination when available.
No Offer and Non-Solicitation
This Communication is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of Gores Holdings VIII, Footprint or the combined company, nor
shall there be any sale of any such securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of the Securities Act of 1933, as amended.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220422005157/en/
Media Contacts: Footprint
Heather Knox SVP Communications, Footprint
Heather.knox@footprintus.com Laura Zilverberg Allison + Partners
for Footprint footprint@allisonpr.com Groasis Wout Hoff CEO, Groasis
whoff@groasis.com
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