Future Farm Provides Additional Information on its Recent Acquisition of Warrants to Purchase 500,000 Shares of Solis Tek for $0.01 per Share

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$432/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Return to homepage

(TheNewswire)

 

May 19, 2018 / TheNewswire / Vancouver, British Columbia - Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (OTCQX: FFRMF) is pleased to provide clarification of its recently announced, two-part transaction with YLK Partners NV and Solis Tek, Inc. (“Solis Tek”) (OTCQB: SLTK).  

 

On May 3, 2018, Future Farm announced its agreement to acquire, for $500,000 USD, an ownership interest in a management company that holds a contract to manage a licensed medical marijuana cultivation and processing facility being developed in Arizona. At that time, the owners of the management company, YLK Partners NV, had a letter of intent in place to sell their ownership interests in that company to Solis Tek. Whether Future Farm would participate in that sale, or simply continue as a minority owner of YLK Partners NV, had not been determined.

 

After May 3, 2018, Future Farm and the owners of YLK Partners agreed that the best course of action was for Future Farm to complete its investment in YLK Partners NV and then participate in the sale of the ownership interests in YLK Partners NV to Solis Tek in order to allow Solis Tek to meet its goal of owning 100% of YLK Partners NV.   As a result, on May 8, 2018, Future Farm closed on its cash investment of $500,000 in YLK Partners NV.  

 

On May 10, 2018, Future Farm sold its interest in YLK Partners NV to Solis Tek in exchange for the 500,000 warrants for Solis Tek shares, exercisable at $0.01 per share.  Solis Tek shares were recently trading at $1.04 per share, so, at that price, the effect of this transaction was to convert Future Farm's $500,000 investment in YLK into the right to buy $520,000 worth of Solis Tek shares for $5,000.  As noted in Future Farm’s earlier press release on the sale to Solis Tek, the Future Farm management team has come to know Alan Lien and his team at Solis Tek well over the past months and looks forward to working with them in the future.

 

In addition, Yorkville Advisors Global, LP (“Yorkville”) and its affiliates, who have provided significant financing support to Future Farm, are also providing the financing to Solis Tek for the Arizona project.  For more information on that financing and on Solis Tek, please visit their website at https://solis-tek.com/.

 

Future Farm also announces that pursuant to its Commercial Real Estate Contract to acquire a 15-acre parcel of land in Redland, Florida (the “Property”), it has exercised its right to put the Property back to the Seller and that the Seller has reassumed the mortgages on the Property. Future Farm is focusing its efforts on the continued operation and development of its 10-acre operating greenhouse in Apopka, Florida. The greenhouse is in a designated legal grow zone with proximity to Orlando, which has a local population of almost 2.5 million and attracts over 62 million visitors annually, making it a prime location.

 

For further information, contact William Gildea, Director, at (888) 387-3761.

On behalf of the Board,

Future Farm Technologies Inc.

William Gildea, Chairman and CEO

About Future Farm Technologies Inc.

Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company’s mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm’s scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.

 

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. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press 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.  Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.  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.

            

Copyright (c) 2018 TheNewswire - All rights reserved.