Foundation Farms Corp., Joins Forces with Econic to Deploy Their Indoor Farming Tech

Rhea-AI Summary

Foundation Farms, a subsidiary of GMEV, and Econic, a subsidiary of ZAAG, have agreed to collaborate on indoor farming technologies. This partnership aims to optimize manufacturing processes for cannabis and leafy greens production, leveraging shared resources like LED systems and equipment. Foundation Farms will lease part of Econic's facility in Alberta to establish its first vertical farm. Both companies anticipate mutual growth through cost savings and market opportunities, enhancing their business prospects in their respective sectors.

Positive

• Collaborative agreement between Foundation Farms and Econic to optimize manufacturing.
• Foundation Farms to establish its first vertical farm in Red Deer, Alberta.
• Shared technology resources will reduce costs in equipment and labor.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / February 23, 2021 / Foundation Farms, Corp., ("Foundation Farms") a subsidiary of GME Innotainment, Inc. ("GMEV") GME Innotainment Inc. (OTC PINK:GMEV) and ZA Group Inc. (OTC PINK:ZAAG) are pleased to announce that their respective subsidiaries, Foundation Farms (GMEV subsidiary) and Econic (ZAAG subsidiary) have verbally agreed to collaborate in the manufacturing and deployment of their respective indoor farming technologies.

Econic, owner of a 15,000 square foot manufacturing facility builds, owns and operates containerized grow pods for the production of cannabis medical products. Foundation Farms business is to build, own, and operate indoor vertical farms for the production of leafy greens and associated food products. The collaborative arrangement will provide opportunities for mutual capital cost savings in both equipment procurement and assembly labor. Key components of the respective technologies such as LED lighting systems, pumps and controls and tanks are common to both companies. Secondly, both companies intend to share their respective market opportunities.

The first two steps in this working arrangement have already been taken. Foundation Farms is leasing a portion of the Econic facility to house the company's first vertical farm in Red Deer, Alberta. Secondly, Econic announced last week that one of its First Nations customers for future cannabis grow pods has signed a Letter of Agreement to lease a leafy greens vertical farm. As part of that announcement, Econic reported that it is forwarding this business opportunity to Foundation Farms.

In a joint statement, Ed Kroeker, CEO of Foundation Farms and Wade Eno, CEO of Econic excitedly shared that, "Our collaborative sharing arrangement, while simple in structure, will serve to multiply our growth potentials."

Yves R. Michel, GMEV CEO commented that "It is a great opportunity for two companies with diverse, but complimentary, business goals to share critical resources in a manner that catapults both partners into the upper tier of business success, within their respective sectors," and John Morgan, President of ZAAG added, "We have two companies with green technologies that understand how the world of nature harnesses symbiosis to achieve success and who share the same vision for corporate success through collaborative arrangements."

Yves R. Michel
Chief Executive Officer and Director
208 East 51st St., Suite 170
New York, NY 10022
Source: GME Innotainment, Inc. ("GMEV")
www.srcorpgroup.com
Released February 23, 2021

OTCPink: GMEV

This press release may include certain statements that are forward-looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on GME Innotainment, Inc., current expectations and projections regarding future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to GME Innotainment, Inc.'s anticipated new developments, business prospects, financial performance, strategies and similar matters. GME Innotainment, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.

SOURCE: GME Innotainment, Inc.

View source version on accesswire.com:
https://www.accesswire.com/631206/Foundation-Farms-Corp-Joins-Forces-with-Econic-to-Deploy-Their-Indoor-Farming-Tech

FAQ

What is the collaboration between GMEV and ZAAG about?

GMEV and ZAAG subsidiaries, Foundation Farms and Econic, are collaborating on indoor farming technologies to optimize manufacturing and share market opportunities.

What are Foundation Farms' plans for its vertical farm?

Foundation Farms plans to lease a portion of Econic's facility in Alberta to establish its first vertical farm.

How will the collaboration impact GMEV and ZAAG's business?

The collaboration is expected to enhance mutual growth, reduce costs, and create new market opportunities for both companies.

What technologies will GMEV and ZAAG share in their collaboration?

Both companies will share critical resources such as LED lighting systems, pumps, controls, and tanks for their respective farming operations.

When was the collaboration agreement announced?

The collaboration agreement was announced on February 23, 2021.