VANCOUVER, British Columbia, April 19, 2018 (GLOBE NEWSWIRE) -- Vertical Designs Colombia Inc. SAS. (“Vertical Designs Colombia”) is a privately held whole owned subsidiary of Vertical Designs LTD based in Abbotsford BC Canada currently signed under a Letter Of Intent to enter the public markets with Bullion Gold on the TSX.V:BGD.
Affinor Growers (CSE:AFI) clarifies at the request of IIROC the terms of the Letter of Intent between licensee Vertical Designs Colombia and Petrocol Holdings Ltd, a privately held company that has an application applied for to mass produce medical cannabis on property currently owned by Petrocol Holdings Ltd in Colombia. Once definitive agreement is agreed and executed no later than July 20, 2018, the immediate plan is to begin the installation of 50 of the Affinor Growers Patented Vertical Farming Towers after Cannabis Production license is granted from federal government of Colombia. The first 50 rotating stainless steel towers will cost approximately $20,000 each totaling $1,000,000.00. The Company retracts all revenue and gross margin figured referenced in its original press release of April 18, 2018.
There is no consideration payable to Vertical Designs Colombia from Petrocol Holdings Ltd. as Vertical Designs Colombia Inc. SAS, falls under the same jurisdiction as Vertical Designs Aruba Inc.; therefore the consideration has already been paid. The consideration paid outlined in the press release dated February 21, 2018 was a ten percent ownership in Vertical Designs Aruba.
This agreement is contingent upon Petrocol Holdings Ltd. receiving a license to mass produce medical cannabis in Colombia.
As per the Exclusive Caribbean license released Feb 21, 2018, Affinor Growers the patent holders of the Vertical Farming Technology will receive a 10% voting shares ownership in Vertical Designs Colombia and will receive 1 seat on the board in exchange for the exclusive license to mass produce Fruits, Vegetables and Cannabis. Affinor Growers will appoint Mr. Nick Brusatore to help ensure all Governance and Protocol is met for the rapidly growing development in Colombia.
About Affinor Growers
Affinor Growers is a publicly traded company on the Canadian Securities Exchange under the symbol ("AFI"). Affinor is focused on growing high quality crops such as romaine lettuce, spinach, strawberries and Cannabis using its vertical farming techniques. Affinor is committed to becoming a pre-eminent supplier and grower, using exclusive vertical farming techniques.
Neither Canadian Securities Exchange nor its Regulation Services Provider (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 contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
AFFINOR GROWERS INC.
"Nicholas Brusatore"
For More Information, please contact:
Nicholas Brusatore, CEO
604-356-0411
contact@affinorgrowers.com