(TheNewswire)
April 30, 2021 – TheNewswire - Vancouver, British Columbia - Future Farm Technologies Inc. (the “Future Farm” orthe “Company”) ( CSE:FFT ) ( CNSX:FFT.CN ) ( OTC:FFRMF ) is pleased to provide an update on its audit and strategic direction.
Future Farm acknowledges the continuing concern itsshareholders have about the completion of the audit for fiscal year2020, as well as the submission of interim financial reports forsubsequent periods. The financial reports are required to revoke thecease trade orders issued by the BC Securities Commission and OntarioSecurities Commission and lift the suspension imposed by the CanadianSecurities Exchange. The Company remains dedicated to spending thetime and resources to complete an accurate and complete audit and tosubmit interim financial reports. As has been previously reported, thepandemic made that process difficult at the beginning. Morerecently, the Company has had to make difficult decisions about wherebest to deploy its capital and has chosen to make supporting businessoperations a priority over pushing to complete the audit and interimfinancial reports. The Company made this decision in the belief thatit is important that Future Farm be a healthy, growing businessenterprise when trading does resume.
The completion of the audit is therefore still a numberof weeks away. While that process continues, Future Farm is workingvery hard to support and grow the business of what is now its primaryoperating unit, High Purity Natural Products. The Company’s 50%subsidiary in St. John’s, Newfoundland, CEPG, is also makingprogress on initiating research and grow operations using its twolicenses from Health Canada, one a micro-grow license and the other aresearch and development license.
As planned and previously reported, the Company did sell its land inApopka, Florida for US$1.8 million and used those proceeds to reducesubstantially the senior secured debt to an investment fund managed byYorkville Advisors. The agreement to sell our building inProvidence, Rhode Island for US$800,000 remains in place as theprospective buyer waits for the Rhode Island cannabis licensingprocess to be completed.
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 rapidlygrowing market for health and wellness products made from hemp andother 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 successful in its effortsto further develop its existing hemp operations, or that the Companywill be able to raise sufficient capital to execute on its intendedbusiness plan and objectives .There can be no assurances that such statements will prove accurateand, therefore, readers are advised to rely on their own evaluation ofsuch uncertainties. We do not assume any obligation to update anyforward-looking statements except as required under the applicablelaws.
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