New Age Farm to Reconfigure Its Washington State Interests
Vancouver, British Columbia (FSCwire) - New Age Farm Inc. (CSE:NF) (OTC:NWGFF) (FSE:ONF) (www.newagefarminc.com) (“New Age Farm” or the “Company”), wishes to provide an update pertaining to its agreement for the Moses Lake Agri-campus. In 2017, the Company, through its Washington State subsidiary, New Age Farm Washington, LLC (“NAF Washington”), entered into an agreement to secure three additional tenant growers, along with a lease to own option on 11 acres of industrial land in Moses Lake, WA (the “Moses Lake Agreement”).
In furtherance of the Moses Lake Agreement, the Company advanced approximately USD $300K to its joint venture partner for the purpose of the build out of security fencing, utility hook ups and other infrastructure projects (the “Funds”). The Moses Lake joint venture partner no longer wishes to proceed with the project under the existing terms and wishes to terminate the agreement. The Company and its JV partner are in the process of negotiating a mutual agreement settlement to allow for an orderly termination. If, after attempting to come to an amicable settlement, New Age Farm’s management is of the opinion that a mutually agreeable settlement is not possible, the Company will pursue whatever avenues it requires to recover the Funds and any other losses it has sustained in this matter. At the present time, the Company does not have any further news to offer on this subject and will provide updates as it is able without compromising the progress of whatever remedies the Company may need to pursue.
Carman Parente, President and CEO of New Age Farm stated, “We are aware that these funds represent our shareholders’ stake in the Company and we want this resolved so that the Company can use these funds where we are confident we can grow our brand.”
About New Age Farm
New Age Farm is an agricultural services company offering unique turnkey growing infrastructure and services for licensed growers and processors of luxury marijuana crops at its agri-campuses in Washington State. In November 2012, the Washington State Liquor and Cannabis Board (“WSLCB”) passed Initiative 502 (“I-502”). I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products. New Age Farm provides innovative solutions for growers and processors in this burgeoning industry.
About We Are Kured, LLC
Kured is a wholly owned subsidiary of New Age Farm, acquired in December 2017. Kured is building an innovative online CBD and lifestyle company. Kured has partnered with best in class hemp cultivators, edible manufacturers, cutting edge product formulators to develop, market and distribute multiple lines of CBD products including, but not limited to, CBD vaporizer pens, topicals, gel capsules and more. All of We Are Kured’s products are 100% THC free and will be available for purchase internationally. THC, or tetrahydrocannabinol, is the primary active ingredient in cannabis. Kured has launched its first product, a fully loaded, 250 mg disposable terpene infused, hemp derived CBD vaporizing pen. Please bookmark http://wearekured.com, to learn more about the company and purchase its products.
For further information about New Age Farm, please consult the Company’s profile on SEDAR at www.sedar.com.
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On Behalf of the Board Of Directors
Carman Parente
President and Chief Executive Officer
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The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to completion of planned improvements at both the Canadian and US sites on schedule and on budget, the availability of financing needed to complete the Company’s planned improvements on commercially reasonable terms, planned occupancy by the tenant-growers, commencement of operations, differences in yield on expected harvests, delays in obtaining statutory approval for marijuana production plans, issues that may arise throughout the grow period, outdoor crops affected by weather, the ability to mitigate the risk of loss through appropriate insurance policies, and the risks presented by federal statutes that may contradict local and state legislation respecting legalized marijuana. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction
To view the original release (with media), please click here
Source: New Age Farm Inc. (CSE:NF, FWB:ONF, OTC Pink:NWGFF)
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