Econic Crop Solutions Signs Letter of Agreement with Saddle Lake Cree Nation for the Supply and Operation of a Facility for "Leafy Greens Production and Ancillary Food Products"

Rhea-AI Summary

Econic Crop Solutions, a division of ZA Group (OTCMKTS: ZAAG), has signed a Letter of Agreement with the Saddle Lake Cree Nation to establish a facility for leafy greens production. This initiative aims to combat food insecurity among First Nations communities, with over 50% of their population affected by this issue. The Saddle Lake Business Group will partner with Sysco Edmonton to provide fresh products to corporate customers. Econic's CEO emphasizes the project's potential for career development and community empowerment, while Foundation Farms will supply the vertical farming technology.

Positive

• Signed a Letter of Agreement with Saddle Lake Cree Nation for leafy greens production.
• Addresses food insecurity affecting over 50% of First Nations residents.
• Collaboration with Sysco Edmonton to supply fresh food products.
• Potential career development and employment opportunities for the Saddle Lake community.
• Engagement with Foundation Farms for advanced farming technology.

Negative

• None.

NAPLES, Fla., Feb. 17, 2021 /PRNewswire/ -- Econic Crop Solutions Inc, a Division of ZA Group Inc. (OTCMKTS: ZAAG) is pleased to announce that it has received a signed Letter of Agreement from the Saddle Lake Cree Nation in Alberta for the supply and operation of a facility for "leafy greens production and ancillary food products". The Saddle Lake Cree Nation, located northeast of Edmonton, Alberta has a population of 11,000 within an occupied land area of 75,000 acres. The Saddle Lake Cree Nation is the second most populous First Nation in Alberta.

The Saddle Lake Band Council has initiated this project for two major reasons. Firstly, the Saddle Lake Business Group has been invited to partner with Sysco Edmonton by providing various fresh food products including leafy greens to that multinational company for sale to its corporate customers in the region. Secondly, the Saddle Lake community is on a mission to demonstrate national leadership in reversing a chronic food security problem in First Nations communities. Statistics Canada recently reported that 50.8% of residents of First Nations communities experience food insecurity which has been defined as not being able to access food to meet dietary needs and food preferences.

Wade Eno, CEO of Econic stated, "We are excited to engage in this new joint venture with our fourth First Nations community partner. We continue the pattern of providing career development and employment opportunities for our First Nations partners while diversifying their business portfolios. We are also very pleased to announce that our technology partner of choice to provide and operate the vertical farming infrastructure for this and future leafy greens production facilities is Foundation Farms (a subsidiary of GMEV, a company that trades on the OTC markets)."

John Morgan, President of ZA Group, stated, "Econic is demonstrating a core principle—true leaders build leaders. Today's announcement and subsequent action will propel the Saddle Lake First Nations community forward as a recognized national  leader in providing food security for First Nations residents."    

View original content:http://www.prnewswire.com/news-releases/econic-crop-solutions-signs-letter-of-agreement-with-saddle-lake-cree-nation-for-the-supply-and-operation-of-a-facility-for-leafy-greens-production-and-ancillary-food-products-301229803.html

SOURCE Econic Crop Solutions Inc

FAQ

What is the recent agreement signed by ZAAG with the Saddle Lake Cree Nation?

ZAAG's division, Econic Crop Solutions, signed a Letter of Agreement with the Saddle Lake Cree Nation for leafy greens production.

How does the partnership with Sysco Edmonton impact ZAAG?

The partnership allows the Saddle Lake Business Group to supply fresh food products to Sysco Edmonton, enhancing market reach.

What is the food insecurity rate among First Nations communities?

Over 50% of residents in First Nations communities experience food insecurity.

Who is providing the vertical farming infrastructure for ZAAG's new facility?

Foundation Farms, a subsidiary of GMEV, will provide the vertical farming technology.

What is the goal of the leafy greens production initiative by ZAAG?

The initiative aims to alleviate food insecurity and foster economic development within First Nations communities.