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Friday, January 27, 2023

Earth Day 2022: Gores (NASDAQ: GIIX) Confirm Footprint’s Partnership with Groasis

Gores Holdings VIII, Inc. (NASDAQ: IIX, GIIXW, and GIIXU) confirmed that Footprint has partnered with Groasis to produce its fourth-generation Growboxx, an advanced plant cocoon that enables root systems to establish even in the aridest, salted, sandy, or rocky landscape while using up to 90% less water than traditional drip irrigation. Later this year, Groasis and Footprint will begin producing Growboxxes for both business and consumer usage.

This development comes in the wake of the announcement that Footprint intends to go public through a merger with Gores Holdings VIII, Inc. (Nasdaq: GIIXU, GIIX, and GIIXW). Groasis has identified a partner in Footprint that can deliver a combination of plant-based material that can hold water without breaking down during the vital root formation stage, and that will ultimately biodegrade and become part of the earth.

Footprint International Holdco, Inc. and Gores Holdings VIII, Inc., a special purpose acquisition company formed by an affiliate of The Gores Group, LLC, confirmed on December 14, 2021, that they had decided to enter into a definitive merger agreement that will result in Footprint becoming a publicly-traded company, subject to the transaction’s completion. The combined firm will be known as “Footprint International, Inc.” and is scheduled to be listed on NASDAQ under the ticker symbol “FOOT” if the proposed transaction is completed.

Additionally, Holland-based Hoff’s father, a lily bulb breeder, had a revelation about inventing a more water-efficient way to plant, especially in places devastated by deforestation and erosion, and launched Groasis. The Growboxx is a biodegradable version of Groasis’ original Waterboxx plant cocoon, a reusable, plastic-based product developed over 10 years ago. Growboxx’s ability to store water for as long as the root system requires before degrading into the earth has been a top priority for Footprint’s engineers.

Footprint has also announced that it has sold over half a billion plant-based straws since 2019, assisting customers such as McDonald’s in Canada, Chick-fil-A, and Panera Bread in their attempts to eradicate plastic straws. Footprint’s paper straws, which went through a year of testing before being released, are meant to prioritize strength and shape retention to provide consumers with the experience they anticipate without the use of plastic.

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