Future Farm Provides Update on Augmented Reality Spin Off
Vancouver, British Columbia , Jan. 09, 2018 (GLOBE NEWSWIRE) — Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to provide additional details regarding the previously announced plan to spin off its augmented reality business in the form of a stock dividend to Future Farm shareholders. The resulting new augmented reality (AR) company will issue 12,000,000 new shares to Future Farm shareholders, on a pro rata basis, to shareholders of record on the ex-dividend date, which is expected to occur within the next four months.
The new augmented reality company will be called NexTech AR Solutions Corp. (“NexTech”) and will trade on the CSE with a stock symbol to be announced at a later date. NexTech is expected to have a first mover advantage in bringing its patented next generation of AR to the cannabis industry and more. Upon spin-off, the two separate public companies are expected to have leading positions in their respective industries, and compelling growth opportunities.
Mr. William Gildea, CEO of Future Farm, comments, “We believe that this transaction will maximize our shareholder value and create a new and exciting public company, which will be one of the first augmented reality public companies on the CSE.”
The AR market is set to explode from a $10 billion market today to $120 billion in just the next two years as Apple, Google, Microsoft, Intel are now aggressively launching software and hardware to support this dynamic and fast-growing industry. Once this spin-off is complete, Future Farm shareholders will own shares in NexTech. The company will be occupying a very valuable niche, featuring augmented reality enhanced packaging as well as an ad-tech driven platform for dispensaries.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Future Farm
Future Farm Technologies Inc. is a Canadian company with projects throughout North America including California, Florida and Maryland. The Company’s business model includes developing and acquiring technologies that will position it as a leader in the evolution of Controlled Environment Agriculture (CEA) for the global production of various types of plants, with a focus on cannabis. Future Farm provides scalable, indoor CEA systems that utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment. 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. The contained system provides many other benefits including 90% less water, fertilizer and land used, less travel costs, seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability. The Company also utilizes a leading cannabis oil extraction technology, which enables the Company to process 20lbs/hour of cannabis plant to yield approximately 908 grams/hour of oil.
The Company is also in the business of designing and distributing LED lighting solutions utilizing the COB and MCOB technology. The Company is focused on delivering cost efficient lighting to North America via advanced e-commerce sites the Company owns and operates. LEDCanada.com, which caters to B2B customers, is a supplier of the newest and highest demand LED solutions. The Company also owns and operates COBGrowlights.com, which caters to both large and small agriculture green houses and controlled cultivation centers.
The Company recently acquired the exclusive right to use a patented, augmented reality (AR) technology in the cannabis industry. As described in more detail above, the Company has decided to spin this asset off to its shareholders.
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.