Econic Crop Solutions receives $500,000 in investments.

Rhea-AI Summary

Econic Crop Solutions, a division of ZA Group (OTC PINK:ZAAG), has secured over $500,000 in equity financing through a private placement. This funding will support the manufacture and deployment of grow pods, each generating $100,000 annually from joint venture leases. Currently, three pods are operational, with ten more completed and in deployment. The company expects to achieve self-financing and significant profits by the end of 2021, projecting asset growth exceeding $5,000,000.

For more details, visit www.theeconicedge.ca.

Positive

• Secured over $500,000 in equity financing.
• Each grow pod generates $100,000 in annual lease revenue.
• Three pods are currently operational with additional deployments planned.
• Projected asset growth exceeding $5,000,000 in 2021.

Negative

• None.

NAPLES, FL / ACCESSWIRE / March 15, 2021 / Econic Crop Solutions Inc, a Division of ZA Group Inc. (OTC PINK:ZAAG) is pleased to announce that it has received over US$500,000 of equity financing through a private placement. The funds are being used to kickstart the manufacture and deployment of grow pods to service the three contracts previously disclosed. Each pod is leased to the company's joint venture partners at $100,000 per annum and additional revenues are accrued through operating contracts. Revenues are already accruing from the three existing pods. Ten more pods have been completed and are currently being deployed, and the company's manufacturing facility is on the 10 pod per month rollout schedule previously announced. The company projects that by 2021 year end, all manufacturing activity will be self financed and significant profits will accrue to the bottom line. In addition, with each pod having an asset value of $60,000, the company anticipates total asset growth in excess of $5,000,000 during 2021.

The company has recently updated its website to reflect the rapid changes taking place and investors are encouraged to view the latest developments by going to www.theeconicedge.ca.

When asked to comment on the company's success, Wade Eno, CEO of Econic stated, "We were able to raise the necessary funds very quickly because of the wide-ranging support we have from our close business associates and joint venture partners. They understand the potential already being displayed and don't want to miss out on the investment bonanza."

John Morgan, President of ZA Group, stated, "I am very excited to witness the progress being made by Econic and even with my own veteran experience at raising seed financing in public companies like this, I myself was surprised at how quickly the private placement was completed."

Forward Looking Statements:

This press release contains forward-looking statements. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

IR Contact info:

John Morgan
ir@zagroupusa.com
https://zagroupusa.com
https://www.theeconicedge.ca

SOURCE: ZA Group Inc.

View source version on accesswire.com:
https://www.accesswire.com/635450/Econic-Crop-Solutions-receives-500000-in-investments

FAQ

What financing has Econic Crop Solutions received?

Econic Crop Solutions has received over $500,000 in equity financing through a private placement.

How much revenue does each grow pod generate?

Each grow pod leased to joint venture partners generates $100,000 annually.

How many grow pods are currently operational?

Three grow pods are currently operational.

What is the total projected asset growth for 2021?

The company anticipates total asset growth exceeding $5,000,000 during 2021.

Where can I find more information about Econic?

More information can be found on their updated website at www.theeconicedge.ca.