Foundation Farms, Corp., in Final Stages of Negotiating a Joint Venture Agreement

Rhea-AI Summary

Foundation Farms, a subsidiary of GME Innotainment, Inc. (OTC PINK:GMEV), is nearing the final stages of a joint venture agreement to establish a 3,000 sq ft vertical farm in Abbotsford, British Columbia. This facility will feature a 450 tower vertical farm, warehouse space, and a conference room. Projected annual revenue is approximately $450,000, with a gross margin of 98%. CEO Ed Kroeker expressed optimism regarding the company's expansion, citing successful harvests and promising new partnerships.

Positive

• Projected annual revenue of approximately $450,000 from the new Abbotsford vertical farm.
• Expected gross margin of 98%, indicating strong profitability.
• Successful second harvest at the flagship Red Deer area vertical farm.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / July 28, 2021 / Foundation Farms, Corp., ('Foundation Farms') a subsidiary of GME Innotainment, Inc. (OTC PINK:GMEV) today announced that the company is in the final stages of negotiating a joint venture agreement to fabricate and install a vertical farm in Abbottsford, British Columbia. The planned facility will be 3,000 square feet in total, and will include a 1,000 square feet, 450 tower vertical farm, with additional warehouse space and a showroom/media and conference room. The company is pleased to report that the joint venture partner for this project is in the entertainment and media marketing business and has expressed their excitement about becoming directly involved in promoting the food security and environmental sustainability aspects of the Foundation Farms growth plan. They also use social media very effectively to bring widespread attention to their current ventures and they have shared some innovative ideas specific to Foundation Farms.

A professional and detailed financial plan has been completed for the project. The Abbotsford farm is projected to produce approximately $450,000 in revenue annually. Gross Margin is expected to be $445,000, or 98% of sales.

When asked to comment on this latest news, Ed Kroeker, CEO stated, "Our flagship Red Deer area vertical farm has now undergone a second harvest and the production results confirm the positive indicators provided to us earlier by our technology suppliers. Our experience over the past months has also given us new ideas for further technology optimization within our E-ROOTS CENTERS. We are excited about the increased exposure that these new partners will now bring to the company; we are ready for this next phase of expansion."

Yves R. Michel, CEO of GMEV added, "I am pleased to see how quickly Foundation Farms has grown from its first vertical farm startup a few months ago to a second harvest already completed and now a geographic expansion at hand. I am also excited to see the high-profile joint venture partners that are multiplying the corporate exposure to the marketplace."

CONTACT:

Yves R. Michel
Chief Executive Officer and Director
208 East 51st St., Suite 170
New York, NY 10022
www.srcorpgroup.com
OTCPink: GMEV

Forward Looking Statements

Certain statements in this press release constitute forward-looking statements. These forward-looking statements are based on current expectations and assumptions that involve risks and uncertainties and on information available to the Company as of the date hereof. The Company's actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risk factors disclosed in its latest Annual Report on OTCMarkets.com, its Regulation A+ Offering Statement, and other filings with the Securities and Exchange Commission, including the sections entitled 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' contained therein. Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as 'plans,' 'anticipate,' 'believe,' 'could,' 'continue,' 'estimate,' 'expect,' 'intend,' 'may,' 'should,' 'will' and 'would' or similar words. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

SOURCE: GME Innotainment, Inc.

View source version on accesswire.com:
https://www.accesswire.com/657398/Foundation-Farms-Corp-in-Final-Stages-of-Negotiating-a-Joint-Venture-Agreement

FAQ

What is the latest update on GMEV's Foundation Farms?

Foundation Farms is finalizing a joint venture for a vertical farm in Abbotsford, BC, with an expected revenue of $450,000 annually.

What are the financial projections for the Abbotsford vertical farm by GMEV?

The Abbotsford vertical farm is projected to generate approximately $450,000 in annual revenue with a gross margin of 98%.

How has Foundation Farms progressed in its vertical farming initiatives?

Foundation Farms has completed its second harvest at its Red Deer area farm and is expanding operations with new partners.

What is the significance of the joint venture for GMEV?

The joint venture will increase GMEV's exposure and support food security and environmental sustainability goals.