11:51:01 EDT Thu 06 Aug 2020
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Arev Nanotec Brands Inc
Symbol AREV
Shares Issued 9,457,808
Close 2020-07-07 C$ 0.11
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Arev signs JV deal with Sask. hemp outfit

2020-07-08 12:54 ET - News Release

Mr. Mike Withrow report

AREV ENTERS INTO JOINT VENTURE ON ITS SORRENTO PROPERTY WITH SASKATCHEWAN BASED HEMP AGRO

Arev Nanotec Brands Inc. has entered into a joint venture with Hemp Agro of Saskatchewan. The joint venture is called "The Arev Permaculture Project" and is located on the Trans-Canada Highway between Kamloops and Salmon Arm, B.C.

Under the terms of the agreement, Arev is responsible for financing the project. Each entity in this venture will retain ownership of its own land. The net sales proceeds of the hemp raw material are to be split 80 per cent to Arev and 20 per cent to Hemp Agro.

The company has planned this permaculture project over the last two years and has committed the time and resources required for site preparation. Two years ago, the property was logged and all stumps removed to prepare the land and soil for sustainable agriculture. At the end of the first year, the company planted fall rye to naturally nourish the soil. The second-year crop of fall rye was allowed to reseed itself. It grew successfully and supplied the company with the natural conditioning required for a highly fertile soil. This year, the company has planted its first hemp crop of 15 acres. It has also planted hops and black elderberry. The company's next step of growth will include the cultivation of echinacea and other medicinal plants for use in its proprietary formulations.

The company has selected True Form Packaging of Edmonton, Alta., to process its natural health products under its site licence with Health Canada.

Michael Withrow, chief executive officer of Arev, commented: "The project is designed to produce quality organic ingredients for the creation of our products. It has taken time and patience, and we have managed to achieve quality results while at the same time have kept development costs under strict control." He went on to say, "It was a long road to get to this point of having a licensed property and with the skills of Agro Hemp, and we have the expertise of an experienced Canadian hemp farmer on the team."

Romeo Prescott, CEO of Agro Hemp, commented: "We are excited to be a part of the Arev permaculture project. Our partnership with Arev will create a model for sustainable small-farm operations, growers growing cash crop of medicinal plants for extraction and formulation. Our goal is to provide the farmer a new method of crop diversity that is healthy and wholesome. Farmers or landowners are closely connected to the end product."

This transaction is subject to the approval of the Canadian Securities Exchange.

About Arev Nanotec Brands Inc.

Arev produces and sells functional ingredients produced through its proprietary extraction systems. These premium ingredients and products are targeted for the natural health, medical, functional food, nutraceutical and sport nutrition markets.

We seek Safe Harbor.

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