Tickers: XCNQ:FFT, PINX:FFRMF
Tags: Medicinal Marijuana
May 19, 2018 / TheNewswire / Vancouver, British Columbia - Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQX: FFRMF) is pleased to provide clarification of its recently announced, two-part transaction with YLK Partners NV and Solis Tek, Inc. ("Solis Tek") (OTCQB: SLTK).
On May 3, 2018, Future Farm announced its agreement to acquire, for $500,000 USD, an ownership interest in a management company that holds a contract to manage a licensed medical marijuana cultivation and processing facility being developed in Arizona. At that time, the owners of the management company, YLK Partners NV, had a letter of intent in place to sell their ownership interests in that company to Solis Tek. Whether Future Farm would participate in that sale, or simply continue as a minority owner of YLK Partners NV, had not been determined.
After May 3, 2018, Future Farm and the owners of YLK Partners agreed that the best course of action was for Future Farm to complete its investment in YLK Partners NV and then participate in the sale of the ownership interests in YLK Partners NV to Solis Tek in order to allow Solis Tek to meet its goal of owning 100% of YLK Partners NV. As a result, on May 8, 2018, Future Farm closed on its cash investment of $500,000 in YLK Partners NV.
On May 10, 2018, Future Farm sold its interest in YLK Partners NV to Solis Tek in exchange for the 500,000 warrants for Solis Tek shares, exercisable at $0.01 per share. Solis Tek shares were recently trading at $1.04 per share, so, at that price, the effect of this transaction was to convert Future Farm's $500,000 investment in YLK into the right to buy $520,000 worth of Solis Tek shares for $5,000. As noted in Future Farm's earlier press release on the sale to Solis Tek, the Future Farm management team has come to know Alan Lien and his team at Solis Tek well over the past months and looks forward to working with them in the future.
In addition, Yorkville Advisors Global, LP ("Yorkville") and its affiliates, who have provided significant financing support to Future Farm, are also providing the financing to Solis Tek for the Arizona project. For more information on that financing and on Solis Tek, please visit their website at https://solis-tek.com/.
Future Farm also announces that pursuant to its Commercial Real Estate Contract to acquire a 15-acre parcel of land in Redland, Florida (the "Property"), it has exercised its right to put the Property back to the Seller and that the Seller has reassumed the mortgages on the Property. Future Farm is focusing its efforts on the continued operation and development of its 10-acre operating greenhouse in Apopka, Florida. The greenhouse is in a designated legal grow zone with proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location.
For further information, contact William Gildea, Director, at (888) 387-3761.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman and CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company's mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm's scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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