MONTREAL, Nov. 29, 2014 (GLOBE NEWSWIRE) -- Urban Barns Foods Inc. (OTCQB:URBF) ("Urban Barns"), an innovative food producer dedicated to growing consistent, healthy and fresh vegetables year round using its proprietary Cubic Farming™ method, is pleased to announce that it plans to expand its Québec operations in order to meet increased customer demand. The company also wishes to announce that, in connection with the proposed expansion, it is seeking to complete a $6 million USD private placement to accredited and strategic investors.
The company's Mirabel, Québec facility was initially commissioned in March 2014, and since its official grand opening in June 2014, has allowed Urban Barns to serve many prestigious restaurants, hotels, distributors and caterers in the greater Montreal area. The company's produce has generated significant interest in the Toronto, ON and New York, NY areas over the past few months, and the proposed expansion is strategically planned to address those potential markets as well as the March 2015 launch of its previously-disclosed initiative with Sobeys Québec. Urban Barns shipped its first order to a preferred distributor in Toronto this week and has already agreed to terms with a Manhattan-based supermarket to start selling its fresh produce in 6 to 10 stores beginning in January 2015.
Urban Barns is also pleased to announce that the company's recent efforts with a Montréal-based Kosher certification body have been very positive. Three separate certification-oriented tests have been conducted and completed, with the final test planned for the first week of December 2014.
Richard Groome, the President and CEO of Urban Barns, commented: "The reactions to our products have been nothing short of spectacular. We are very pleased with our market penetration to date and continue to work and collaborate with our clients to provide them with the absolute best GMO- and pesticide-free fresh produce that can be grown 365 days a year. We've noticed significant international interest in our produce from sources around the world, and we are currently in active discussions with parties in several locations who appear to be in need of an Urban Barns Cubic Farming™ solution."
Urban Barns anticipates that the proposed expansion of its Mirabel facility will increase the annual production capacity of the location by 300%. The facility is currently capable of producing varieties of lettuce, fine herbs and microgreens.
Like, follow, discuss, and keep up to date:
About Urban Barns Foods Inc.
Urban Barns uses patent pending and proprietary equipment to produce affordable leafy vegetables in a secure and controlled indoor environment. By setting up subsidiary facilities and growing locally, Urban Barns can focus on supplying any community, irrespective of the regional climate, effectively reducing shipping times and related spoilage costs. Urban Barns has the unique ability to scale and cater to the demands of all major communities. The company's commitment to consumers is reflected through its motto, "Purely Fresh, Naturally Tasty, and Completely Healthy".
Except for historical information contained herein, the matters set forth above may include forward-looking statements that involve certain risks and uncertainties. Words such as "may", "could", "anticipate", "believe", "estimate", "expect", "intend", "plan", and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements. Urban Barns does not undertake any obligation to update any forward-looking statements and cautions investors to consider all other risks and uncertainties, including those disclosed in Urban Barns' filings with the United States Securities and Exchange Commission.
Source:Urban Barns Foods Inc.