Seedo Ends Momentous Year by Delivering Home-Grow Units to Pre-Sale Customers and Attains OTCQB Market Status
TEL AVIV, Israel, Jan. 22, 2019 /PRNewswire/ -- Seedo Corp., "Seedo" (OTCQB: SEDO), a high-tech startup providing the world's first fully automated and controlled indoor growing machine for the cannabis and agriculture markets, ends the 2018 calendar year by delivering its first pre-sale home-grow units to customers in California in addition to qualifying for the OTCQB® Venture Market to streamline the stock procurement process for investors.
In November 2018, Seedo delivered 50 of its AI-powered indoor growing machines to customers in California. These pre-sale systems are currently growing pesticide-free products and are the first of 3000 systems that are expected to be operational by the end of the second quarter of 2019. In preparation to successfully scale operations, the company has made major progress in optimizing logistics protocols, providing after-sale customer service and identifying new market opportunities for home-grow and commercial-scale systems.
The company has raised $6.5 million in debt and equity financing to date, including a recent $1 million loan conversion to common shares made by US-based investor and partner, Cannabics Pharmaceuticals. Seedo is currently trading on the OTC markets and was recently up-listed to OTCQB, allowing investors to freely purchase and trade stock without relying on third party brokers. This status provides accreditation for early-stage and developing companies that provide regular reports to regulators and participate in annual verification and management certification processes.
Seedo also launched a cloud-enabled mobile and desktop application in tandem with November's delivery of home-grow machines. The app has reached over 1700 downloads, enabling remote monitoring and control of the growing process and technical support for customers. The startup now employs 36 full-time and part-time staff to provide technology and customer support capabilities for the Seedo community.
"We are thrilled to be starting 2019 with the right footing in-place to meet increasing demand for automated growing technology," said Zohar Levy, CEO and Director of Seedo. "We've set our sights on new market segments to solve supply chains gaps and provide lab-grade products to communities across the globe."
Seedo is a market leading high-tech company providing the cannabis and agriculture industries with the world's first fully automated and controlled indoor growing machine. Seedo provides growers with the freedom to cut costs while generating high yields of lab-grade, pesticide-free herbs and vegetables. Seedo's AI-powered, turnkey systems enable anyone from average consumers to large-scale producers the ability to grow without prior experience or ample space. Seedo is a publicly traded company backed by a group of international investors including Cannabics Pharmaceuticals and is headquartered in Israel. For more information, visit http://www.seedolab.com
Certain statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our latest Form 10-K Report filed on Jan 15th , 2019. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.
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