Future Farm’s Augmented Reality Company, Nextech AR Solutions, Announces Closing of CDN$2,700,000 Private Placement in Preparation for Spin Off and CSE Listing
VANCOUVER, British Columbia, April 3, 2018 /PRNewswire/ — As previously announced, Future Farm Technologies Inc. (the « Company » or « Future Farm ») (FFT.CN) (FFT.CN) (FFRMF) will spin off its augmented reality assets into a newly formed company, Nextech AR Solutions (« Nextech »). On March 28, 2018, Nextech closed on an oversubscribed private placement of CDN$2,700,000 in preparation for its listing on the CSE and OTCBB. Nextech will issue 12,000,000 new shares to Future Farm, 10,000,000 of which shall be issued pro rata to Future Farm shareholders of record on the ex-dividend date, which shall be announced in the near future. The new shares will be automatically deposited into Future Farm’s shareholders’ brokerage accounts. Shareholders need to do nothing else to receive these shares except hold shares in Future Farm as of the ex-dividend date. The Company expects Nextech to begin trading sometime in June 2018 and it will keep its shareholders updated as to developments.
« We believe that to maximize shareholder value, spinning off this asset is in the best interest of our shareholders, » comments William Gildea, CEO of Future Farm. « Nextech occupies a valuable niche in the cannabis market, providing augmented reality-enhanced packaging as well a virtual budtender platform for dispensaries. »
The augmented reality market is set to grow substantially in the near future as companies such as Apple, Google, Microsoft, and Intel are now aggressively launching software and hardware to support this dynamic and fast-growing industry.
Nextech AR Solutions sold 10,852,000 units as a non-brokered private placement basis at a price of $0.25 per Unit (the « Units »). Each Unit will consist of one (1) common share of the Issuer (each, a « Share ») and one (1) common share purchase warrant (each, a « Warrant »), with each Warrant entitling the holder thereof to purchase one additional common share (each, a « Warrant Share ») of the Issuer at a price of $0.50 per Warrant Share for a period of twenty-four (24) months from their date of issue, subject to accelerated expiry upon the occurrence of certain events set out herein. The Units were offered pursuant to exemptions from the registration and prospectus requirements of applicable securities legislation.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman & CEO
About Future Farm
Future Farm Technologies Inc. is a Canadian company with projects throughout North Americaincluding 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 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.
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.
For further information, contact
William Gildea
Director
+1-(888)-387-3761