VANCOUVER, British Columbia, October 5, 2016 /PRNewswire/ --
Arcturus Growthstar Technologies Inc. (the "Company" or "Arcturus") (CSE: AGS) (OTC Pink: AGSTF) is pleased to announce that it has closed on its transaction to acquire a large portfolio of revenue generating Apps and source code ("App Portfolio"). This all-stock acquisition brings on a seasoned team of app developers, which instantly expands the Company's tech portfolio and positions Arcturus for rapid rollout of a suite of marijuana centric apps. It also positions the Company to receive consistent monthly income, as the App Portfolio's trailing 12-month EBITDA was USD $139,000 or CDN $183,000.
"This app portfolio and experienced team lays the foundation for our ability to quickly release new agriculture and legal cannabis related apps without having to go outside of our own company for development and monetization expertise. At the same time, it provides us with a current stream of cash flow while we are building our vertical farming business," says Mr. William Gildea, Arcturus Growthstar Technologies Inc.'s CEO and Chairman. "With Deere & Company (DE), a NYSE listed company and one of the largest equipment suppliers having over 20 mobile apps in the agriculture market, we felt it important to have our own app division as well."
"For the month of September, the All-In-One App Portfolio revenue grew by 50%, serving up over 57,000 Facebook ad impressions and over 26,000 AdMob impressions, which puts us at an annual run rate of almost 1,000,000 ads for the next 12 months," comments Mikael Hovhannisyan, the app portfolio manager. "With our plans to increase the portfolio's number of apps by two to three times, we expect the revenue and ad impressions numbers to only keep going up."
For further information, contact William Gildea, Director, at 617.834.9467.
On behalf of the Board,
Arcturus Growthstar Technologies Inc.
William Gildea, CEO & Chairman
The Company's business model includes developing and acquiring technologies that will position it as a leader in the evolution of Controlled Environment Agriculture (CEA) for the global production of various types of plants. Arcturus provides scalable, indoor CEA systems that utilize minimal land, water and energy regardless of climate, location or time of year and are customized to grow an abundance of crops close to consumers, therefore minimizing food miles and its impact to the environment. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generate yields up to 10 times greater per square foot of land. The contained system provides many other benefits including seed to sale security, scalability, consistency due to year-round production, cost control, product safety and purity by eliminating environmental variability.
The Company is also in the business of designing and distributing LED lighting solutions utilizing the COB and MCOB technology. The Company is focused on delivering cost efficient lighting to North America via advanced e-commerce sites the Company owns and operates. LEDCanada.com which caters to B2B customers is a supplier of the newest and highest demand LED solutions. The Company also owns and operates COBGrowlights.com which caters to both large and small agriculture green houses and controlled cultivation centers.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts
responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
William Gildea, Director
#5-9079 Shaughnessy Street
SOURCE Arcturus Growthstar Technologies Inc.