VANCOUVER, British Columbia, September 29, 2016 /PRNewswire/ —
Arcturus Growthstar Technologies Inc. (the “Company” or “Arcturus”) (CSE: AGS) (OTC Pink: AGSTF) is pleased to announce that it has engaged the services of CBO Financial, Inc. as its financial advisor with respect to New Market Tax Credits (NMTC) for a vertical farm project. The NMTC program is a $65 billion federal program designed to incentivize private investment in low-income communities. NMTCs are provided to financial institutions in exchange for equity investments that eligible businesses can use to subsidize project development costs. CBO Financial helps driven organizations, such as Arcturus, to finance facilities that will provide goods and services that benefit populations in need and revitalize communities. Arcturus’ partnership with CBO Financial is both shareholder and capital structure friendly in the sense that the draw of capital is non-dilutive in nature.
“We are very pleased to have engaged CBO Financial,” says Mr. William Gildea, Arcturus Growthstar Technologies, Inc.’s CEO and Chairman. “CBO Financial is an invaluable resource. We plan to work with CBO Financial to navigate the NMTC qualifying and application process as a means of bringing additional capital to our vertical farming project.”
Mr. Craig Stanley, CEO and Founder of CBO Financial states, “[t]he CBO Financial team is excited to be selected by Arcturus to assist with securing New Markets Tax Credits for the vertical farm project. CBO has been involved in this program since its inception in 2004 and has received direct awards in six out of thirteen annual rounds totaling $150 million, one of a small number of groups in the U.S. to have received six or more awards. In addition CBO has secured over $500 million in NMTCs for clients. The NMTC program provides 20% to 25% of a project cost in very flexible financing for projects located in low-income communities. We hope this is the first of many projects with Arcturus. For more information see http://www.cbofinancial.com .”