Urban Barns Prepares to Enter Kazakhstan and Republic of Tatarstan, Russian Federation
18 Marzo 2013 - 12:05PM
URBAN BARNS FOODS INC. (OTCQB:URBF) ("the Company" or "Urban
Barns") is pleased to announce it has signed a mandate letter with
a minority shareholder of the Company ("the Party") to identify and
select local growing partners in each of the Republic of Tatarstan,
part of the Russian Federation and Kazakhstan (together the
"Territories") to offer food security, food safety and traceability
of local grown vegetables, including lettuce, basil, watercress,
mint, Swiss chard, cilantro and spinach, for local hotels and other
food retailers (the "Project").
In accordance with the terms and provisions of the mandate
letter, the Party will identify and select suitable licensing and
joint venture partners or other business combinations in the said
Territories. Following execution of a Memorandum of Understanding
("MOU") with selected partners, the Party will undertake to advise
and guide the Company to a successful definitive and binding
agreement resulting in the establishment of an Urban Barns growing
facility in each of the Territories. It is anticipated that a new
local entity will be set up in each of the Territories, a licensing
agreement between the local entities and the Company along with a
technical services agreement between the local entities and the
Company for provision of technical services, training, support and
know-how for an agreed upon monthly fee. The Party will have 6
month exclusivity on the Territories and unless otherwise agreed by
both parties, the mandate will expire on September 13, 2013.
Dan Meikleham, Chairman of Urban Barns, commented, "We are very
pleased to move ahead in Kazakhstan and Tatarstan. There is a
tremendous need for fresh vegetable production in these areas of
the world. The Urban Barns technology will enable both these
Territories to produce fresh green leafy vegetables, 12 months per
year for the very first time in a controlled environment. We expect
to receive potential licensee partners from Kazakhstan to visit our
Langley, B.C. facility within the next 60 days."
Richard Groome, President of Urban Barns Canada and Director of
Strategic Marketing, added, "Our business model is to set up a
strategic number of corporately owned growing facilities, while
simultaneously identifying the countries and cities of the world
that can best benefit from our Cubic Farming technology and
subsequently selecting the appropriate licensing partners in each
Territory. Our plan is to sell a territory license which will grant
the licensee a geographic exclusive territory based on reaching and
maintaining certain mutually agreed upon milestones. In addition to
the technical services agreement, the Company will sell a
stipulated number of "Cubic Farming" machines to each licensee
followed by Urban Barns approved nutrients and seeds. The duration
of each license will vary and likely be for an initial 5 year
period with a 5 year renewal option based on performance."
About Urban Barns Foods Inc.
Urban Barns uses patent pending proprietary equipment to produce
affordable vegetables in a secure and controlled indoor
environment. By setting up facilities and growing locally, Urban
Barns can focus on supplying any community, irrespective of the
regional climate, effectively reducing shipping times and related
spoilage costs. Urban Barns has the unique ability to scale and
cater to the demands of all major communities. Our commitment to
our consumers is reflected through our motto, "Purely Fresh,
Naturally Tasty, and Completely Healthy". Urban Barns and
Urbanbarnsfoods.com and Cubic Farming are registered trademarks and
the copyright of Urban Barns Foods Inc. All other company and
product names mentioned are used only for identification purposes
and may be trademarks or registered trademarks of their respective
companies.
Forward-Looking Statements:
Except for historical information contained herein, the matters
set forth above may be forward-looking statements that involve
certain risks and uncertainties that could cause actual results to
differ from those in the forward-looking statements. Words such as
"anticipate", "believe", "estimate", "expect", "intend" and similar
expressions, as they relate to Urban Barns or its management,
identify forward-looking statements. Such forward-looking
statements are based on the current beliefs of management, as well
as assumptions made by and information currently available to
management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of
certain factors such as the level of business and consumer
spending, the amount of sales of Urban Barns' products, the
competitive environment within the industry, the ability of Urban
Barns to continue to expand its operations, the level of costs
incurred in connection with Urban Barns' expansion efforts,
economic conditions in the industry and the financial strength of
Urban Barns' customers and suppliers. Urban Barns does not
undertake any obligation to update such forward-looking statements.
Investors are also directed to consider all other risks and
uncertainties.
CONTACT: Urban Barns Foods Inc.
Dan Meikleham
403-807-8263
dmeikleham@urbanbarns.com
Richard Groome
514-907-4989
rgroome@urbanbarns.com
Media Contact: ir@urbanbarnsfoods.com
www.urbanbarnsfoods.com
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