Tickers: XCNQ:FFT, PINX:FFRMF
Future Farm Continues Financial, Strategic and Administrative Support for High Purity's Cutting-Edge Sales and Advanced Manufacturing Operation
High Purity's Team, Built by Industry Leader Mike Matton, Brings Outstanding Expertise
Core Strategy of the Combined Company is Increasing Market Share in the Health and Wellness Market, Targeting Hemp-Derived CBD products and Hand Sanitizer
Vancouver, British Columbia - TheNewswire - July 7, 2020 - Future Farm Technologies Inc. ("Future Farm") (CSE:FFT) (CNSX:FFT.CN) (OTC:FFRMF) and High Purity Natural Products, LLC ("High Purity") are pleased to announce that they have closed their merger.
As previously announced, Future Farm has already been providing strategic and financial resources to support the rapid growth of High Purity's business. That business includes High Purity's established operations as a leader in advanced contract manufacturing of health and wellness products featuring CBD, as well as its recent expansion into the hand sanitizer product lines that retailers and other business customers are demanding in the face of the COVID-19 pandemic. The merger of the two companies immediately implements a major step in Future Farm's core strategy: becoming a leading supplier of top-quality health and wellness products, including those which feature hemp-derived CBD and other compounds.
"Working closely with Future Farm before the merger showed us the strong synergy of our teams and our shared vision for this exciting industry," says Mike Matton, President of High Purity. "The support we have had from Future Farm has helped us more rapidly implement new strategic initiatives in areas such as working closely with other manufacturers who value our marketing and sales expertise, introducing new product lines and expanding operations, including our popular new third-party logistics services. Now that we have completed the merger, we expect those and other efforts to grow even more rapidly and successfully."
Tom Barrette, President of Future Farm, observed, "Just a few days before closing our merger we were pleased to receive confirmation of an initial order for 25,000 units of hand sanitizer from a new customer which Future Farm introduced to High Purity, a great example of how well the companies complement each other."
"We are pleased that the great people at High Purity and Future Farm are now together as one outstanding team," says Bill Gildea, Future Farm's CEO. "The merger with High Purity will accelerate our growth to a cash flow positive, scalable business with multiple revenue streams."
Pursuant to the terms of the definitive merger documents, Future Farm has acquired 100% of the outstanding membership units of High Purity, and High Purity is now a wholly owned subsidiary of Future Farm. As consideration, Future Farm provided the holders of High Purity's outstanding membership units a total of 15 million common shares of Future Farm. As further consideration, the Company also granted certain individuals a total of 575,000 incentive stock options exercisable at CAD$0.05 per share, and a total of 175,000 incentive stock options exercisable at CAD$0.12 per share. As per the Company's Stock Option Plan, the options expire five (5) years from the date of grant and vest immediately.
The merger did not constitute a fundamental change or reverse-takeover for the Company, nor did it result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.
The Company is also pleased to announce that it has entered into a Data Delivery Agreement with Cicero Transact Group, Inc. ("Cicero"). Pursuant to the Agreement, Future Farm will purchase five million sector-specific data records for lead generation or marketing purposes. As consideration for the Data records, Future Farm agrees to compensate Cicero at $0.05 per record for a total of $250,000, payable through the issuance of 5,000,000 common shares in the capital stock of the Company with a fixed trade price of $0.05 per share.
For further information about Future Farm Technologies Inc., contact Investor Relations at investor@FutureFarmTech.com or via telephone at (888) 387-3761 x710.
For further information about High Purity Natural Products, LLC, contact Michael Matton at firstname.lastname@example.org or by telephone at (617) 686-0843.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
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 Farm's 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.
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