Future Farm Closes NexTech Spin-out
VANCOUVER, British Columbia, September 4, 2018
VANCOUVER, British Columbia, September 4, 2018 /PRNewswire/ --
Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) is pleased to announce that the Company has closed its previously announced spin-out of 11,000,000 common shares of NexTech AR Solutions Corp. ("NexTech") on a pro rata basis to Future Farm shareholders.
The spin-out transaction was completed by way of statutory plan of arrangement under the Business Corporations Act (British Columbia). Pursuant to the arrangement, only Future Farm shareholders as of record on August 30, 2018 were entitled to receive NexTech shares.
NexTech is seeking a listing of its common shares on the CSE. There can be no guarantee that the NexTech shares will be listed on any stock exchange.
For additional information regarding the spin-out, please see the Company's information circular dated June 26, 2018 and news releases dated August 28, August 2, July 26, June 25, June 20, April 3 andJanuary 9, 2018.
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.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman and CEO
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™.
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. Generally, forward-looking information can be identified by the use of forward-looking terminology such as " will be " , or variations of such words and phrases or statements that certain actions, events or results " will " occur. 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 NexTech 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.
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SOURCE Future Farm Technologies Inc.