DALLAS, Jan. 20, 2015 /PRNewswire/ -- Algae International Group, Inc. (OTC: ALGA), through its operating subsidiary American Seed & Oil Company, today announced plans to construct up to 12 multi-room indoor grow facilities over the next twelve to eighteen months.
The Company recently announced having secured financing to construct a new facility to grow medical marijuana in the State of Maine. The private lender financing the State of Maine facility has committed to funding a total of up to 12 similar facilities in States were legal medical marijuana or recreational marijuana has been passed into law. The funds to construct the facility in the State of Maine and the anticipated funding of the 12 additional facilities are secured by the facility and the forecasted performance of the grow operations.
"The grow room facility financing structure is ideal for a small public company with an early stage operation in that the funds are secured by the facilities and the forecasted performance," said Steven Rash, the CEO of Algae International Group, Inc. "With this financing the Company can expand exponentially without the necessity of issuing stock as would be required in a financing secured by equity."
Look for more information on the expansion of grow room operations to be published on the Company website in the near future: www.americanseedandoil.com
About Algae International Group, Inc.
Algae International Group, Inc. (OTC: ALGA), through its operating subsidiary American Seed & Oil Company, Inc., is in the business of hemp production in Vermont to supply seed to the expanding hemp farming market, hemp based consumer products market, and hemp based construction material market. The Company is also piloting a number of other cannabis related products. For more information please visit www.americanseedandoil.com
Follow the company on Twitter: http://twitter.com/US_HEMP
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. The company's actual performance, results and achievements may differ materially from the expressed or implied in such forward-looking statements as a result of a wide range of factors.
Email: [email protected]
SOURCE Algae International Group, Inc.