DENVER, Feb. 6, 2013 /PRNewswire/ -- FusionPharm, Inc. (OTC: FSPM), the developer of the patent pending PharmPods™ hydroponic cultivation system, today announced that it has completed the sale of 8 PharmPod High Intensity containers (www.pharmpods.com) under its licensing agreement with Meadpoint Venture Partners ("Meadpoint"). PharmPod H.I containers utilize High Intensity Discharge (HID) and/or High Pressure Sodium (HPS) lighting systems to achieve outstanding results with fruiting and flowering plants. The sale completes the terms of Meadpoint's initial order under a license agreement signed in November 2012 under which Meadpoint also agreed to minimum purchases of 50 containers in both 2013 and 2014.
"We are very pleased with the performance of Meadpoint Venture Partners as our primary channel partner for the distribution and sale of our PharmPod High Intensity containers," said FusionPharm CEO Scott Dittman. "We are excited about the potential of our HI containers as an effective and economical medium for the cultivation of fruiting and flowing plants in a high-growth industry."
About FusionPharm, Inc.
FusionPharm, Inc. was organized to capitalize on opportunities present in the rapidly growing the $26 billion organic food and specialty herb market. FusionPharm's primary focus is the development and deployment of the patent pending PharmPods™ advanced hydroponic cultivation systems. PharmPods are constructed from standard ISO steel shipping containers that are repurposed for use in indoor plant cultivation. Using advanced lighting technology, cutting edge growing media and proprietary cultivation techniques, a single PharmPod is capable of growing more produce than one full acre of traditional agriculture in less than half the time using 90% less water than traditional agriculture and no harmful pesticides or herbicides.
NOTES ABOUT FORWARD-LOOKING STATEMENTS: Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company's Securities and Exchange Commission reports and filings. Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which they are made.
Contact: FusionPharm, Inc.
SOURCE FusionPharm, Inc.