o Transaction to result in Kalera becoming a publicly listed company on NASDAQ
and delisting from Euronext Growth Oslo exchange during Q2 2022.

o This all-stock transaction creates a combined company with an equity value of
approximately $375 million on a fully diluted pro forma basis, assuming no
redemptions from Agrico's shareholders.

o Based on the common stock of Agrico Acquisition Corp. ("Agrico") at $10 per
share, the transaction implies an exchange ratio of 0.091 for existing Kalera
shareholders.

o In addition to shares of Agrico common stock, Kalera shareholders will receive
one contractual Contingent Value Right per share of common stock that will
entitle them to receive up to two stock payments upon the achievement of certain
milestones. Each stock payment will consist of shares representing 5% of the
fully diluted equity of Kalera at the date of completion of the Transaction.

o Agrico currently has $146.6 million cash in trust.

o New capital is expected to provide Kalera with flexibility to fuel next
generation of farms in the US and international locations.

o Kalera has already secured support agreements from shareholders representing
approximately 45% of its outstanding shares.

o Curtis McWilliams to lead Kalera as Interim CEO; current Kalera management
team will continue to operate the business.


Orlando, FL and Houston, TX, January 31, 2022 - Kalera AS ("Kalera"), one of the
preeminent leafy green vertical farming companies and a leader in plant science
for producing high-quality produce in controlled environments, and Agrico
Acquisition Corp., a special purpose acquisition company (SPAC), today jointly
announced that they have entered into a definitive merger agreement. As a
result, Kalera will transition from its current Euronext Growth Oslo listing to
a publicly listed company with its common shares traded on the NASDAQ stock
market.

Curtis McWilliams, Interim Chief Executive Officer of Kalera, said, "Kalera and
Agrico together form a team with the expertise to bring Kalera's fresh, clean
and sustainable Local Living LettuceTM to consumers across the globe.  A
tremendous need exists for healthy, sustainable, and surprisingly affordable
food. At Kalera, we believe we have a business model that can bring nourishment
across the globe while reducing environmental impact."

Brent De Jong, Chairman and Chief Executive Officer of Agrico, said "Kalera is
already positioned as a leader in the vertical farming industry with its 10
facilities operating or construction nearly complete and Vindara, its seed
business dedicated to controlled environments.  The proposed merger with Agrico
positions Kalera to be the first leafy green vertical farm company to have a
national footprint in the US and be able to reliably supply a national off-take
contract while still being local.  The Agrico team and its scaling experience
will supplement an already strong Kalera management team and Board of
Directors."  

Kalera's current management team and recently appointed Interim CEO Curtis
McWilliams will continue to oversee the business, including the plan to further
expand Kalera's global network of vertical farms. With four facilities operating
and six more under construction, the company believes that the team is well on
the path to achieving this vision.


Transaction Overview
o Kalera and Agrico will merge to create a combined company that will be listed
on NASDAQ.

o The share exchange ratio implies a pro forma equity valuation of the combined
company of $375 million on a fully diluted basis, assuming no redemptions by
shareholders of Agrico.

o If no public shareholders of Agrico exercise their redemption rights, existing
Kalera equity holders will own approximately 52%, and Agrico shareholders would
own approximately 42% of the issued and outstanding common stock of the combined
company at closing. If some Agrico shareholders redeem their shares, Kalera
shareholders would own a higher percentage of the combined company and Agrico
shareholders would own a smaller percentage.  

o Kalera and/or Agrico may raise additional capital prior to the closing of the
transaction.

o The transaction, which has been approved by the boards of directors of both of
Kalera and Agrico, is expected to close in the second quarter of 2022. The
transaction remains subject to approval by both Agrico and Kalera shareholders,
as well as other customary closing conditions.


Additional information about the proposed transaction, including a copy of the
business combination agreement, will be provided in a Current Report on Form 8-K
to be filed by Agrico with the Securities and Exchange Commission (the "SEC").


Advisors:
BofA Securities acted as financial advisor to Kalera AS in connection with the
transaction. Milbank LLP and Advokatfirmaet Thommessen AS acted as legal counsel
to Kalera. FTI Consulting acted as financial advisors to Agrico and Maples Group
and Loeb & Loeb LLP acted as legal counsel for Agrico.


Investor Conference Call Information:
Kalera will host an investor conference call and webcast at 8:00 ET Wednesday,
February 2, 2022, to discuss the proposed transaction. The event will include a
presentation by Kalera & Agrico leadership followed by Q&A.
The link for the webcast and presentation will be available on the company's
website under Investors. https://kalera.com/investors/


Announcement includes inside information:
This announcement is considered to include inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. This announcement was
published by Rune Damm at the date and time set out above.


About Kalera:
Kalera is a vertical farming company headquartered in Orlando, Florida. The
company produces fresh, nutritious, and excellent tasting leafy greens with
minimal environmental impact. It has spent several years optimizing plant
nutrient formulas and developing an advanced automation and data acquisition
system with Internet of Things, cloud, big data analytics and artificial
intelligence. Kalera currently operates farms in Orlando (Florida), Atlanta
(Georgia), Houston (Texas), and Kuwait. More information is available at
https://www.Kalera.com/.

About Agrico:
Agrico Acquisition Corp. is a blank check company, also commonly referred to as
a special purpose acquisition company, or SPAC and has an emphasis on AgTech. 
The management team has substantial experience building platforms and scaling
businesses around the world. For more information please visit www.agrico.co.
The information contained on, or accessible through, Agrico's website is not
incorporated by reference into this press release, and you should not consider
it a part of this press release.


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.

No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of
an offer to buy any securities, or a solicitation of any vote or approval, nor
shall there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction.

Important Information and Where to Find It
This press release is being made in respect of the proposed business combination
transaction involving Agrico and Kalera. The parties intend to file a
registration statement on Form S-4 (or such other form as they might determine
to be applicable) with the SEC, which will include a proxy statement for Agrico
and Kalera shareholders and which will also serve as a prospectus related to
offers and sales of the securities of the combined entity ("Pubco"). Agrico will
also file other documents regarding the proposed transaction with the SEC. A
definitive proxy statement/prospectus will also be sent to the stockholders of
Agrico and Kalera, seeking required stockholder approval. Before making any
voting or investment decision, investors and security holders of Agrico and
Kalera are urged to carefully read the entire registration statement and proxy
statement/prospectus, when they become available, and any other relevant
documents filed with the SEC, as well as any amendments or supplements to these
documents, because they will contain important information about the proposed
transaction. The documents filed with the SEC may be obtained free of charge at
the SEC's website at www.sec.gov. 

In addition, the documents filed with the SEC may be obtained free of charge
from Agrico's website at https://www.agrico.co/and from Kalera's website at
https://www.Kalera.com/.

Participants in the Solicitation
Agrico, Kalera and certain of their respective directors and executive officers
may be deemed to be participants in the solicitation of proxies from
stockholders, in favor of the approval of the merger. Information regarding
Agrico's and Kalera's directors and executive officers and other persons who may
be deemed participants in the solicitation may be obtained by reading the
registration statement and the proxy statement/prospectus and other relevant
documents filed with the SEC when they become available. Free copies of these
documents may be obtained as described above.

Forward-Looking Statements
This press release includes certain statements that are not historical facts but
are forward-looking statements for purposes of the safe harbor provisions under
the applicable securities laws. Forward-looking statements generally are
accompanied by words such as "believe," "may," "will," "estimate," "continue,"
"anticipate," "intend," "expect," "should," "would," "plan," "predict,"
"potential," "seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not statements of
historical matters. 

These forward-looking statements include, but are not limited to, statements
regarding the terms and conditions of the proposed business combination and
related transactions disclosed herein, the timing of the consummation of such
transactions, assumptions regarding shareholder redemptions and the anticipated
benefits and financial position of the parties resulting therefrom. These
statements are based on various assumptions and/or on the current expectations
of Agrico or Kalera's management. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as and must not be
relied on by any investor or other person as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the control of
Agrico and/or Kalera. These forward-looking statements are subject to a number
of risks and uncertainties, including but not limited to general economic,
financial, legal, political and business conditions and changes in domestic and
foreign markets; the amount of redemption requests made by Agrico's public
shareholders; changes in the assumptions underlying Kalera's expectations
regarding its future business; the effects of competition on Kalera's future
business; and the outcome of judicial proceedings to which Kalera is, or may
become a party.

If the risks materialize or assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking statements.
There may be additional risks that Kalera and Agrico presently do not know or
currently believe are immaterial that could also cause actual results to differ
materially from those contained in the forward-looking statements. In addition,
forward-looking statements reflect expectations, assumptions, plans or forecasts
of future events and views as of the date of this press release. Kalera and
Agrico anticipate that subsequent events and developments will cause these
assessments to change. However, while Kalera and/or Agrico may elect to update
these forward-looking statements at some point in the future, each of Kalera and
Agrico specifically disclaims any obligation to do so, except as required by
applicable law. These forward-looking statements should not be relied upon as
representing Kalera's or Agrico' (or their respective affiliates') assessments
as of any date subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking statements.


Contact:
Eric Birge
ir@kalera.com
313-309-9500

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