Future Farm Receives Final Court Order Approving the Arrangement for Nextech Spin-Out
Vancouver, British Columbia, Aug. 02, 2018 (GLOBE NEWSWIRE) — Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that on July 31, 2018 the Supreme Court of British Columbia issued its final order approving a plan of arrangement among Future Farm, the Future Farm shareholders and Nextech AR Solutions Corp. (“Nextech”).
Under the Plan of Arrangement, Future Farm will spin-out 11,000,000 common shares of Nextech now owned by Future Farm to the Future Farm shareholders on a pro rata basis. Future Farm shareholders will then own approximately 25.86% of the issued and outstanding common shares of Nextech. On a per share basis, Future Farm shareholders will be entitled to receive, for every one common share of Future Farm held by them, a fraction of a Nextech common share equal to the quotient of 11,000,000 Nextech common shares divided by the number of Future Farm common shares outstanding on the close of business on the last trading day on the CSE immediately prior to the effective date of the plan of arrangement (the “Effective Date”).
The last trading day on the CSE immediately prior to the Effective Date will be the record date for the distribution of Nextech shares (the “Share Distribution Record Date”). Notice of the actual Share Distribution Record Date and the Effective Date will be given to the Future Farm Shareholders through one or more press releases.
« We are glad that the majority of our shareholders agreed with our plan to spin-out Nextech, and that the court issued its approval, » comments William Gildea, CEO of Future Farm. « Nextech occupies a valuable niche in the cannabis market, and now shareholders of Future Farm will enjoy its success as well. »
According to a market intelligence report by BIS Research, titled « Global Augmented Reality and Mixed Reality Market – Analysis and Forecast, 2018-2025 », the augmented reality market was estimated to be $3.48 billion in 2017 and is estimated to reach $198.17 billion by 2025.
Future Farm also announces that, further to the Company’s press release dated August 15, 2017 with respect to the equipment lease financing with Veterans Capital Corp., the Company issued 1,250,000 warrants with a five-year term exercisable at $0.20 per warrant, each warrant entitling the holder to purchase one common share in the capital stock of the Company. The closing price of the Company’s common shares on August 14, 2017 was $0.175.
The securities referenced in this news release have not and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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.
About Nextech AR Solutions
Nextech AR Solutions is bringing augmented reality to the Cannabis market by turning 2D products into exciting 3D consumer experiences. Nextech is currently developing a proprietary and disruptive Augmented Reality (AR) advertising and education platform that uniquely engages by connecting brands and retailers through a fully immersive 3D AR experience called Native AR. Nextech is launching its ARitize™ app in August 2018, which will host many brands 3D objects and augmented reality experiences. Nextech believes it has the first mover advantage in pursuing the Cannabis market which is the fastest growing economy in the world. Nextech AR Solutions Corp. also owns a large and diverse revenue generating App Portfolio that is deployed on the iTunes and Google plays store which it intends to ARitize™.
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. There is no guarantee that the Company will complete the Arrangement, or if completed, will be listed on a stock exchange. 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.