VANCOUVER, British Columbia, September 29, 2016 /PRNewswire/ --
Arcturus Growthstar Technologies Inc. (the "Company" or "Arcturus") (CSE: AGS) (OTC Pink: AGSTF) is pleased to announce that it has engaged the services of CBO Financial, Inc. as its financial advisor with respect to New Market Tax Credits (NMTC) for a vertical farm project. The NMTC program is a $65 billion federal program designed to incentivize private investment in low-income communities. NMTCs are provided to financial institutions in exchange for equity investments that eligible businesses can use to subsidize project development costs. CBO Financial helps driven organizations, such as Arcturus, to finance facilities that will provide goods and services that benefit populations in need and revitalize communities. Arcturus' partnership with CBO Financial is both shareholder and capital structure friendly in the sense that the draw of capital is non-dilutive in nature.
"We are very pleased to have engaged CBO Financial," says Mr. William Gildea, Arcturus Growthstar Technologies, Inc.'s CEO and Chairman. "CBO Financial is an invaluable resource. We plan to work with CBO Financial to navigate the NMTC qualifying and application process as a means of bringing additional capital to our vertical farming project."
Mr. Craig Stanley, CEO and Founder of CBO Financial states, "[t]he CBO Financial team is excited to be selected by Arcturus to assist with securing New Markets Tax Credits for the vertical farm project. CBO has been involved in this program since its inception in 2004 and has received direct awards in six out of thirteen annual rounds totaling $150 million, one of a small number of groups in the U.S. to have received six or more awards. In addition CBO has secured over $500 million in NMTCs for clients. The NMTC program provides 20% to 25% of a project cost in very flexible financing for projects located in low-income communities. We hope this is the first of many projects with Arcturus. For more information see http://www.cbofinancial.com ."
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.
ARCTURUS GROWTHSTAR TECHNOLOGIES INC.
Suite 1518, 1030 West Georgia Street
Vancouver, British Columbia
SOURCE Arcturus Growthstar Technologies Inc.