Foundation Farms Corp., Reports a Successful On-target First Harvest

Rhea-AI Summary

Foundation Farms, Corp., a subsidiary of GME Innotainment (OTC PINK:GMEV), successfully completed its first harvest at the E-ROOTS CENTRE in Red Deer, Alberta, taking only 21 days from seed to harvest. The initial products received positive consumer feedback for quality and taste. Plans to double production capacity are underway, backed by strong interest in joint ventures across North America and the Caribbean. Management confirmed a quick capital cost recovery of six months per E-ROOTS Centre. The global vertical farming market is seeing significant investment, particularly in North America.

Positive

• Successful first harvest in just 21 days.
• Overwhelmingly positive market acceptance of products.
• Plans to double production capacity.
• Quick capital cost recovery of six months for each E-ROOTS Centre.
• Increased interest in joint venture partnerships from multiple regions.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / June 3, 2021 / Foundation Farms, Corp., ("Foundation Farms") a subsidiary of GME Innotainment, Inc. (OTC PINK:GMEV) today reported a successful on-target first harvest at the company's E-ROOTS CENTRE located in the Red Deer, Alberta area. Management commented that the crop grew and matured even faster than expected using the E-ROOTS system. From seed to harvest took only 21 days. Market acceptance of the final products has been overwhelmingly positive with consumers reporting exceptional quality and taste.

Plans are underway to double the production capacity of the existing Red Deer area vertical farm facility. Management has reported that the experience with this first crop has already confirmed earlier projections that the company's capital cost recovery on each E-ROOTS Centres is as short as six months. Word of this success is spreading and as a result the company is getting serious joint venture partnership enquiries from Minneapolis, New York, Toronto, and the Caribbean.

When asked to comment on the results, Ed Kroeker, CEO of Foundation Farms stated "A recent Ontario Greenbelt Foundation report indicated that current global investment in vertical farms is estimated at US$3.1 billion with about a third of that taking place in North America. In the Foundation Farms joint venture business model, our own capital requirements are minimal. Using the language of agriculture, our seed for each project is the E-ROOTS technology and operating expertise, our joint venture partner seeds the capital requirements and both parties reap a bountiful harvest as demonstrated by the quick capital cost recovery."

Yves R. Michel, CEO of GMEV further added, "We share the excitement created by this successful venture and I understand that further enquiries are being made for more joint ventures in the Alberta region. Using Mr. Kroeker's analogy and extending it further-each E-ROOTS Centre is the seed to attract additional joint venture opportunities in the surrounding region. Consequently, due to the positive responses received thus far, I envision hundreds of E-ROOTS Centre installations over the next five years."

CONTACT:

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

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/650277/Foundation-Farms-Corp-Reports-a-Successful-On-target-First-Harvest

FAQ

What is the recent achievement of Foundation Farms related to GMEV?

Foundation Farms reported a successful first harvest at their E-ROOTS CENTRE in Red Deer, Alberta, completing the process in just 21 days.

How quickly can Foundation Farms recover capital costs?

The company confirmed that capital cost recovery for each E-ROOTS Centre can be as short as six months.

What are the future plans for Foundation Farms?

Foundation Farms plans to double the production capacity of its Red Deer facility and is exploring joint venture opportunities.

What is the significance of the vertical farming market for GMEV?

Global investment in vertical farms is estimated at US$3.1 billion, with about one-third occurring in North America, creating growth potential for GMEV.