Future Farm Technologies Inc. (“Future Farm”) (CSE: FFT) (OTCQB: FFRMF) announces the following:
On June 19, 2020, its wholly owned subsidiary, Future Farm Technologies US, Inc. (Future Farm US), entered into a Membership Interest Purchase Option Agreement with High Purity Extractions, LLC (HPE) and Michael Matton, an individual who owns 99% of the membership interest in HPE. Pursuant to the Agreement, Future Farm US has, until December 31, 2021, the right (theOption) to purchase the right, title and interest in and to 99% of the outstanding membership units of HPE, at its sole option. In consideration for the Option, the Company shall grant to certain designees 8,600,000 five (5) year warrants to purchase a total of 8,600,000 common shares of Future Farm at $0.12 per share.
Also, as previously announced, Future Farm has retained the services of Mr. Gary Harnum to, among other things, prepare and submit various cannabis and hemp license applications to Health Canada. As part of the consideration for Mr.Harnumsconsultingwork, Mr.Harnumis entitled to receive 200,000common shares (hereinafter the Shares) in Future Farm, saidShares to be valued on the day of issuance and upon the completion of certain milestones. The Company previously issued Mr. Harnum 50,000 Shares and now wishes to reward Mr. Harnum for his good work and success to date by issuing to him the next tranche of 75,000 shares valued at CDN$0.05 per Share.Each sharecertificate issued in connection with theaforementionedmilestones shall bear arestrictive legend detailing the customary four (4) month hold period as required by the CSE.
For further information about Future Farm Technologies Inc., contact Investor Relations at investor@FutureFarmTech.com or via telephone at (888) 387-3761 x710.
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 company that, following its merger with High Purity Natural Products, is now a leading supplier of top quality health and wellness products, including those made from hemp, to meet the burgeoning demand in the U.S. and global markets.
Future Farms seasoned management team, now joined by the High Purity Natural Products management team, brings a deep understanding of manufacturing, formulation, marketing, sales and operations with the financial and regulatory expertise needed to become a significant participant in the rapidly growing market for health and wellness products made from hemp and other plants.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There is no guarantee that the Company will be successful in its efforts to further develop its existing hemp operations, or that the Company will be able to raise sufficient capital to execute on its intended business plan and objectives. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.