VANCOUVER, British Columbia, September 28, 2017 /PRNewswire/ --
Future Farm Technologies Inc. (the "Company" or "Future Farm") (CSE: FFT) (OTCQB: FFRMF) is pleased to announce that it has signed a license agreement with AR E1, LLC ("ARE1") wherein the Company has acquired the exclusive right to use ARE1's patented technology in the cannabis industry. Future Farm and ARE1 will work together to merge augmented reality (AR) and ad-tech with the cannabis industry through the CannaCube Live™ platform. This transaction brings both an impressive portfolio of intellectual property as well as a very experienced development team whom have created over 300 AR apps for major clients like: Disney, Coca Cola, Colgate, Toyota, Kellogg, AT&T, General Motors, Ford, Pirelli, FedEx, Chevrolet, as well as many other blue chip clients.
See Demo of "FFT" Cube Here: https://youtu.be/D8jh2g0Hy2g
An overview of the business model is available for download on Future Farm's website or by using the following link: https://futurefarmtech.com/wp-content/uploads/2017/09/ARE1-FFT-9-23-17.pdf
"With this AR platform, we have a first mover advantage in the cannabis market," says William Gildea, CEO of Future Farm. "The AR market is estimated to grow to a $120 billion industry by 2020. This is a major opportunity for Future Farm to be at the forefront of this fast growing technology and merge it with cannabis, another of the fastest growing market sectors in the world."
The AR market is set to explode from a $10 billion market today to $120 billion over the next two years as Apple, Google, Microsoft, and Intel are now launching software and hardware to support this dynamic and fast-growing industry. Future Farm is aiming to carve out its niche in the cannabis market with augmented reality enhanced packaging for branding as well as an ad-tech driven platform where dispensaries, cultivators, processors and others will use its AR platform to create a richer customer experience in stores, on the farm and at home.
Eric Koenig, founder of AR E1, LLC comments, "Launched in July 2016, Pokémon Go was the first major augmented reality app, generating 50 million downloads in 19 days hitting $2 million in revenue per day and over $1.2 billion in total revenue. With this huge success, we believe that augmented reality has crossed over into the mainstream. Now, the timing is right for this platform and we are thrilled to be working with Future Farm Technologies since we believe the cannabis user is uniquely matched to embrace our CannaCube Live™ augmented reality platform and the many exciting, eye-popping merged reality experiences it will offer."
As consideration for the exclusive right to use AR E1, LLC's patented AR technology in the cannabis industry, Future Farm agrees to issue 5,000,000 shares to AR E1, LLC, with up to an additional 5,000,000 shares payable in installments upon the completion of certain milestones, as set forth in the parties' agreement. There is no finder's fee associated with this transaction.
About Future Farm
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. Future Farm 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.
For further information:
Future Farm Technologies Inc.
CEO and Chairman
SOURCE Future Farm Technologies Inc.