As already communicated, GreenState AG has already entered into a strategic partnership with ImhofBio to develop an indoor growing technology for herb production. At the moment we have completed the first objectives of the discovery phase, where we have defined which plants will be grown, as well as the growing conditions and how to maximize the yield. In two weeks we will enter the testing phase, where we will conduct several quality tests and optimize the growing conditions according to the needs of the plants. Hopefully, by the end of January next year, we will be able to standardize herb production and start delivering products to the market. Once the discovery phase is complete, GreenState AG will work with ImhofBio to design and develop additional modular and vertical growing solutions specifically for basil. The additional vertical farm for basil production is expected to be completed by Q3 2023.
We are pleased to announce that we have a new team member on board. His name is Dr. Christioph Lustenberger and he is a lecturer at the ZHAW for Factory Management and Automation. He also holds a PhD in Food Process Engineering from the ETH in 2004. Dr. Lustenberger is responsible for project management in the development of new technologies and manages the development phases between internal development teams and external partners.
Reaching almost 200 investors, the board of GreenState AG decided to audit the financial and accounting records with the aim of achieving the highest level of transparency. As GreenState AG plans to gain a foothold in the EU and global markets, we decided to hire one of the four major accounting firms (Big Four) that can cover the future needs of the company. In addition to auditing the company's financials, GreenState AG is in the process of finalizing the documentation for the company's valuation based on current performance, cash flow, intellectual property, know-how and software copying rights. Once the valuation by PWC is completed, the share price of GreenState AG will be determined based on the valuation and will most likely be used for an IPO.
GreenState AG will continue the constant development of new technologies in terms of software and hardware, focusing on the development of infrastructure for IoT, Big Data and AI technology. At the same time, we will continue to seek new partners and develop solutions for various agricultural crops. In the coming year, GreenState AG will launch several digital products on the DACH market.