(TheNewswire)
Vancouver, BritishColumbia – TheNewswire - December 10, 2020 - Future Farm Technologies Inc. (the“Future Farm” or the “Company”) (CSE:FFT) (CNSX:FFT.CN) (OTC:FFRMF) ispleased to provide an update on its audit and strategic direction ascalendar year 2020 draws to a close.
Future Farm acknowledges the concern its shareholdershave about the completion of the audit for fiscal year 2020 so thatthe cease trade order with respect to the Canadian Securities Exchangecan be lifted. The Company is dedicated to completing a completeand comprehensive audit, notwithstanding the continuing challengespresented by the pandemic, including travel restrictions to Canada. The completion of the audit is now a number of weeks away. Whilethat process continues, Future Farm has been working very hard to growthe business of what is now its primary operating unit, High PurityNatural Products.
Our goal is simple, to reward the loyal investors whoare holding Future Farm shares during this period with outstandingfinancial results that will encourage those investors to invest morein Future Farm when trading resumes. As a reminder, in February ofthis year Future Farm stated in a press release that its key goal wasto acquire one or more operating manufacturing companies toquickly increase its share of the market for the sophisticatedproduction of plant-based health and wellness products. The mergerwith High Purity Natural Products in July 2020 successfully achievedthat goal.
The Company’s key strategic direction now is to focus its time andresources on increasing the production capacity of High Purity NaturalProducts. Accordingly, the Company has signed an agreement to sellits land in Apopka, Florida for US$1.8 million. The ornamental plantbusiness previously conducted on that site had experiencedpandemic-related challenges. The Company, in consultation with itssenior secured lender, Yorkville Advisors, concluded that the bestcourse of action was to terminate the business and accept the offer topurchase the land from a well-regarded real estate developer. Inaddition, we have signed an agreement to sell our building inProvidence, Rhode Island for US$800,000. The proceeds from thosesales, which are expected to close in the first quarter of calendar2021, will be used to reduce the Company’s obligations to YorkvilleAdvisors, and to invest in growing the business of High Purity NaturalProducts.
As we complete the audit, we believe the future is verybright because of the outstanding work and extensive industryknowledge of Mike Matton and his team at High Purity Natural Products. We will provide a more detailed update on that business in theimmediate future.
For further information, contact Investor Relations at investor@FutureFarmTech.com .
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Future Farm Technologies Inc.and High Purity Natural Products, LLC
Future Farm Technologies is a Canadian public companythat, following its merger with High Purity Natural Products, is now a leading supplierof top-quality health and wellness products, including those made fromhemp , to meet the burgeoning demand in the U.S.and global markets.
Future Farm’s seasoned management team, now joined bythe High Purity Natural Products management team, brings a deepunderstanding of manufacturing, formulation, marketing, sales andoperations with the financial and regulatory expertise needed tobecome a significant participant in the rapidly growing market forhealth and wellness products made from hemp and other plants.
Neither the Canadian SecuritiesExchange nor its Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
This news release may includeforward-looking statements that are subject to risks anduncertainties. All statements within, other than statements ofhistorical fact, are to be considered forward looking. Although theCompany believes the expectations expressed in such forward-lookingstatements are based on reasonable assumptions, such statements arenot guarantees of future performance and actual results ordevelopments may differ materially from those in forward-lookingstatements. There is no guarantee that the Company will be successfulin its efforts to further develop its existing hemp operations, orthat the Company will be able to raise sufficient capital to executeon its intended business plan and objectives. There can be noassurances that such statements will prove accurate and, therefore,readers are advised to rely on their own evaluation of suchuncertainties. We do not assume any obligation to update anyforward-looking statements except as required under the applicablelaws.
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