Future Farm Sells 10% Ownership Interest in Arizona Medical Marijuana Cultivation and Processing Management Company to Solis Tek
Vancouver, British Columbia, May 11, 2018 (GLOBE NEWSWIRE) — Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) is pleased to announce that, on May 8, 2018, it closed on its previously announced cash investment of $500,000 for a 10% interest in YLK Partners NV, LLC, an Arizona-based company that has in place a management services agreement to provide turn-key services for the management, administration and operation of a licensed medical marijuana cultivation and processing facility being developed in Arizona (the “Arizona Facility”). Future Farm is also pleased to announce that on May 10, 2018 it sold that 10% interest to Solis Tek, Inc. (“Solis Tek”) (SLTK), a vertically integrated cannabis technology innovator, manufacturer and distributor. Solis Tek has acquired all of the outstanding interest in YLK Partners NV, LLC and plans to develop the 70,000 square foot Arizona Facility into one of the most technologically advanced cultivation and processing facilities in Arizona. Solis Tek has issued 500,000 warrants exercisable at $0.01 per share to Future Farm as consideration for the interest.
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/.
“We are thrilled to have this investment in Arizona quickly become an opportunity to obtain a significant ownership position in Solis Tek,” says Bill Gildea, Future Farm’s Chairman and CEO. “We have come to know Alan Lien and his team at Solis Tek well over the past months. They are impressive developers and operators of cannabis cultivation and production facilities. We look forward to working with them in Arizona and on other opportunities in the future.”
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.
William Gildea, CEO & Chairman