Vancouver, British Columbia, Sept. 20, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQB: FFRMF) is pleased to announce thatit has entered into an Extension to its Conditional Lease Commitment with Veterans Capital Corp, a specialty finance company providing financial and leasing services to various types of business clients (“Veterans Capital”). Veterans Capital has agreed to extend to March 1, 2019 the period of time during which the Company can access its secured lease line of credit in an amount not to exceed US$500,000.00.
"We are pleased to continue working with Veterans Capital,” says William Gildea, CEO of Future Farm. “Veterans’ line of credit provides Future Farm with access to capital that will help to expand our cannabis and industrial hemp extraction business.”
“Veterans Capital Corp recognizes Future Farm Technologies as a leader in the sustainable production of both wholesale and retail cannabis products throughout North America,” says Joe Wold, President of Veterans Capital Corp. “Our Lease Line will continue to provide the Company with a sound alternative of growth capital for its current expansion requirements."
Future Farm also announces that with respect to the equipment lease financing extension with Veterans Capital Corp., the Company issued 1,250,000 warrants with a five-year term exercisable at C$0.38 per warrant, each warrant entitling the holder to purchase one common share in the capital stock of the Company.
For further information, contact Investor Relations at investor@futurefarmtech.comor (888) 387-3761 Ext. 710.
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.