Tickers: XCNQ:AGS, PINX:BOVKF
January 19, 2017 / TheNewswire / Vancouver, British Columbia – Arcturus Growthstar Technologies Inc. (the "Company" or "Arcturus") (CSE: AGS) (OTCQB: AGSTF) is pleased to announce its proposed name change to Future Farm Technologies Inc. to more accurately reflect its business model of developing and acquiring technologies, projects and businesses in the agri-tech space. The name change is subject to CSE and regulatory approval. The Company welcomes all investors to visit its new website: www.futurefarmtech.com.
"We are gratified with the look and feel of our new Future Farm Technologies brand and the way it communicates the Company’s mission and vision for the future. A special thank you to Tim Hungerford, the Company’s graphic design and marketing consultant, for bringing our vision to reality," says Mr. William Gildea, the Company’s CEO and Chairman.
The Company is also pleased to announce that it will be presenting at the AlphaNorth Capital Conference in the Bahamas on January 19th & 20th. Mr. Gildea will conduct a series of one-on-one meetings with investment community representatives from many of the top investment banking firms in Canada, such as CIBC Wood Gundy, Canaccord Genuity, PI Financial, Haywood Securities, TD Financial, BMO Nesbitt Burns and Sprott Private Wealth.
The Company has also closed the second tranche ($ 255,399 CDN) of its previously announced private placement financing by issuing an additional 1,021,596 units (the "Units") for gross proceeds of $ 550,399 in total. Each Unit consists of one common share and one-half share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share at an exercise price $ 0.35 per share. The Warrants are exercisable for a period of twelve (12) months from date of issuance, however this period may be accelerated if the Company’s share price is above $ 0.45 cents for ten (10) consecutive days. The Units are to be distributed to shareholders in accordance with applicable securities laws and Canadian Securities Exchange (the "CSE") policies.
In connection with the second tranche of the financing, Arcturus paid finders a cash commission totaling $ 17,071CDN and issued a total of 66,848 finder’s warrants. Each finder’s warrant is on the same terms as the Warrants.
The Units will be subject to a four (4) month plus one-day hold period from the date of closing of the Private Placement in accordance with applicable securities laws.
The net proceeds from the Offering will be used for general working capital purposes. As previously announced, CBO Financial, Inc. ("CBO") will assist the Company with funding certain qualified vertical farming projects with a combination of New Market Tax Credits (NMTC) and debt. The NMTC program is a $ 65 billion federal program designed to incentivize private investment in low-income communities. NMTCs are provided to financial institutions in exchange for equity investments that eligible businesses can use to subsidize project development costs. CBO helps driven organizations, such as Arcturus, to finance facilities that will provide goods and services that benefit populations in need and revitalize communities.
For further information, contact William Gildea, Director, at 617.834.9467.
On behalf of the Board,
Arcturus Growthstar Technologies Inc.
William Gildea, CEO & Chairman
The Company’s business model includes developing and acquiring technologies that will position it as a leader in the evolution of Controlled Environment Agriculture (CEA) for the global production of various types of plants. Arcturus provides scalable, indoor CEA systems that utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generate yields up to 10 times greater per square foot of land. The contained system provides many other benefits including seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability.
The Company is also in the business of designing and distributing LED lighting solutions utilizing the COB and MCOB technology. The Company is focused on delivering cost efficient lighting to North America via advanced e-commerce sites the Company owns and operates. LEDCanada.com which caters to B2B customers is a supplier of the newest and highest demand LED solutions. The Company also owns and operates COBGrowlights.com which caters to both large and small agriculture green houses and controlled cultivation centers.
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.
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