MP Materials posts smaller-than-expected loss on higher output, sales
The company sold 9,729 metric tons of that concentrate during the quarter, 6% higher than the year-ago period.
(via TheNewswire)
April 30, 2021 – TheNewswire - Vancouver, British Columbia - Future Farm Technologies Inc. (the “Future Farm” or the “Company”) (CSE:FFT) (CNSX:FFT.CN) (OTC:FFRMF) is pleased to provide an update on its audit and strategic direction.
Future Farm acknowledges the continuing concern its shareholders have about the completion of the audit for fiscal year 2020, as well as the submission of interim financial reports for subsequent periods. The financial reports are required to revoke the cease trade orders issued by the BC Securities Commission and Ontario Securities Commission and lift the suspension imposed by the Canadian Securities Exchange. The Company remains dedicated to spending the time and resources to complete an accurate and complete audit and to submit interim financial reports. As has been previously reported, the pandemic made that process difficult at the beginning. More recently, the Company has had to make difficult decisions about where best to deploy its capital and has chosen to make supporting business operations a priority over pushing to complete the audit and interim financial reports. The Company made this decision in the belief that it is important that Future Farm be a healthy, growing business enterprise when trading does resume.
The completion of the audit is therefore still a number of weeks away. While that process continues, Future Farm is working very hard to support and grow the business of what is now its primary operating unit, High Purity Natural Products. The Company’s 50% subsidiary in St. John’s, Newfoundland, CEPG, is also making progress on initiating research and grow operations using its two licenses from Health Canada, one a micro-grow license and the other a research and development license.
As planned and previously reported, the Company did sell its land in Apopka, Florida for US$1.8 million and used those proceeds to reduce substantially the senior secured debt to an investment fund managed by Yorkville Advisors. The agreement to sell our building in Providence, Rhode Island for US$800,000 remains in place as the prospective buyer waits for the Rhode Island cannabis licensing process to be completed.
For further information, contact Investor Relations at [email protected].
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, CEO & Chairman
About Future Farm Technologies Inc. and High Purity Natural Products, LLC
Future Farm Technologies is a Canadian public company that, following its merger with High Purity Natural Products, is now a leading supplier of top-quality health and wellness products, including those made from hemp, to meet the burgeoning demand in the U.S. and global markets.
Future Farm’s seasoned management team, now joined by the High Purity Natural Products management team, brings a deep understanding of manufacturing, formulation, marketing, sales and operations with the financial and regulatory expertise needed to become a significant participant in the rapidly growing market for health and wellness products made from hemp and other plants.
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.
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. There is no guarantee that the Company will be successful in its efforts to further develop its existing hemp operations, or that the Company will be able to raise sufficient capital to execute on its intended business plan and objectives. 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.
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