Mr. Nicholas Brusatore reports
AFFINOR GROWERS CLARIFIES LICENSEE LOI FOR LAND IN COLOMBIA WITH MEDICAL CANNABIS PRODUCTION APPLICATION
At the request of Investment Industry Regulatory Organization of Canada, Affinor Growers Inc. has clarified the terms of the letter of intent between licensee Vertical Designs Colombia Inc. SAS, and Petrocol Holdings Ltd., a privately held company which has an application to produce medical cannabis on property currently owned by Petrocol Holdings in Colombia. Once a definitive agreement is agreed and executed no later than July 20, 2018, the immediate plan is to begin the installation of 50 of Affinor Growers' patented vertical farming towers after a cannabis production licence is granted from the federal government of Colombia. The first 50 rotating stainless steel towers will cost approximately $20,000 each, for a total of $1-million. The company has retracted all revenue and gross margin figures referenced in its original press release of April 18, 2018.
There is no consideration payable to Vertical Designs Colombia from Petrocol Holdings, as Vertical Designs Colombia falls under the same jurisdiction as Vertical Designs Aruba Inc., and therefore the consideration has already been paid. The consideration outlined in the press release dated Feb. 21, 2018, was a 10-per-cent ownership in Vertical Designs Aruba.
This agreement is contingent upon Petrocol Holdings receiving a licence to mass produce medical cannabis in Colombia.
As per the exclusive Caribbean licence released Feb. 21, 2018, Affinor Growers the patent holders of the vertical farming technology will receive a 10-per-cent voting shares ownership in Vertical Designs Colombia and will receive one seat on the board in exchange for the exclusive licence to mass produce fruits, vegetables and cannabis. Affinor Growers will appoint Nick Brusatore to help ensure all governance and protocol are met for the rapidly growing development in Colombia.
About Affinor Growers Inc.
Affinor is focused on growing high-quality crops such as romaine lettuce, spinach, strawberries and cannabis using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier and grower using exclusive vertical farming techniques.
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