Calgary, Alberta--(Newsfile Corp. - February 3, 2022) - Sprout AI Inc. (CSE: BYFM) (OTCQB: BYFMF) ("Sprout AI" or the "Company") is pleased to announce that it has received a purchase order for 30 Sprout AI V2 habitats from its non-exclusive distributor TheraCann International ("TheraCann"). This order, which is scheduled to be delivered in Q3 2022, represents two (2) rolling rack structures and is valued at US$450K. TheraCann, who will announce the scope of this project in a subsequent press release of its own, has entered into a 5-year managed services agreement (MSA) with its Client, located in Western Canada, to plan, design, implement and manage a new build facility that is specifically designed to host up to 450 Sprout AI Habitats. This purchase order will represent the first order of the full build-out.
Chris Bolton, CEO of Sprout AI, notes, "Sprout AI's technology was selected by TheraCann for its Client because of its superior product quality in producing nutrient-rich, contaminant-free, straight-to-table produce. Due to the unique nature of Sprout AI being able to manage multiple crops within the same location, TheraCann's Client, as well as any clients who adopt our technology, will be able to produce specialty crops on demand for their consumers. Our stackable and scalable technology is a great solution for any traditional farming operation looking to embrace the benefits of indoor vertical farming. We are thrilled that TheraCann's client is so forward-thinking and recognizes the opportunity to take their current traditional outdoor farming operation from seasonal to year-round using our technology. Moreover, we are excited that TheraCann will be planning, designing, implementing and managing this facility together with their client as a "Discovery Center". This center is positioned close to an urban city center to showcase how indoor vertical farming can help cities secure their food supply chain year-round, receive fresher and longer-lasting customizable produce delivered directly to their grocery store chains while reducing the carbon foot-print of that supply chain."
For non-material updates and to learn more about Sprout AI and the vertical farming industry, please follow Sprout AI on:
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About Sprout AI
Sprout AI is a technology company in the business of planning, designing, manufacturing and/or assembling scalable AI-controlled vertical cultivation equipment for international urban farming. The adaptive technology produces an environment with improved growing parameters and early detection of adverse conditions resulting in consistent and repeatable crops, with shorter cultivation cycles, independent of geographic climates. The self-contained multi-level rolling rack technology increases the cubic cultivation area while mitigating the risk of outside and cross-contaminants.
For more information about Sprout AI, please visit http://sproutai.solutions
Chris Bolton
Chief Executive Officer
Sprout AI Inc.
Phone: +011 (507) 6384-8734
E-mail: mainweb@sproutai.solutions
Investor Relations Contact
Colleen McKay
Tel: (289) 231-9026
E-mail: cmkay@sproutai.solutions
Website: http://sproutai.solutions
Address: International Business Park, Unit 5B, Building 3860
Panama Pacifico, Republic of Panama
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Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts, but rather on the expectations of the Company's management regarding the future growth of the Company, its results of operations, performance, business prospects, and opportunities. This news release uses words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company's management, based on information currently available to them.
This forward-looking information includes, among other things, statements relating to: the intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company and anticipated developments in operations of the Company. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties.
Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties, and assumptions, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance, or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including: global or national health concerns, including the outbreak of pandemic or contagious diseases, such as COVID-19 and including the evolution of new variants of COVID-19, the duration and effect thereof and delays relating to vaccine development, procurement and distribution; risks relating to the effective management of the Company's growth; liabilities and risks, including environmental liabilities and risks associated with the Company's operations; the Company's ability to attract and retain customers; the competitive nature of the industries in which the Company operates; and the other risk factors described in the Company's final long form prospectus dated May 31, 2021.
If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable Canadian securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements, or the information contained in those statements.
All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
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