Future Farm Technologies Inc. (the “Future Farm” or the “Company”) (CSE: FFT) (OTC PINK: FFRMF) is pleased to provide an update on its audit and strategic direction as calendar year 2020 draws to a close.
Future Farm acknowledges the concern its shareholders have about the completion of the audit for fiscal year 2020 so that the cease trade order with respect to the Canadian Securities Exchange can be lifted. The Company is dedicated to completing a complete and comprehensive audit, notwithstanding the continuing challenges presented by the pandemic, including travel restrictions to Canada. The completion of the audit is now a number of weeks away. While that process continues, Future Farm has been working very hard to grow the business of what is now its primary operating unit, High Purity Natural Products.
Our goal is simple, to reward the loyal investors who are holding Future Farm shares during this period with outstanding financial results that will encourage those investors to invest more in Future Farm when trading resumes. As a reminder, in February of this year Future Farm stated in a press release that its key goal was to acquire one or more operating manufacturing companies to quickly increase its share of the market for the sophisticated production of plant-based health and wellness products. The merger with High Purity Natural Products in July 2020 successfully achieved that goal.
The Companys key strategic direction now is to focus its time and resources on increasing the production capacity of High Purity Natural Products. Accordingly, the Company has signed an agreement to sell its land in Apopka, Florida for US$1.8 million. The ornamental plant business previously conducted on that site had experienced pandemic-related challenges. The Company, in consultation with its senior secured lender, Yorkville Advisors, concluded that the best course of action was to terminate the business and accept the offer to purchase the land from a well-regarded real estate developer. In addition, we have signed an agreement to sell our building in Providence, Rhode Island for US$800,000. The proceeds from those sales, which are expected to close in the first quarter of calendar 2021, will be used to reduce the Companys obligations to Yorkville Advisors, and to invest in growing the business of High Purity Natural Products.
As we complete the audit, we believe the future is very bright because of the outstanding work and extensive industry knowledge of Mike Matton and his team at High Purity Natural Products. We will provide a more detailed update on that business in the immediate 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 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.