VANCOUVER, British Columbia, May 24, 2018 /PRNewswire/ —
Future Farm Technologies Inc. (the “Company” or “Future Farm”) (CSE: FFT) (CSE: FFT.CN) (OTCQX: FFRMF) is pleased to announce that NexTech AR Solutions (“NexTech”), the augmented reality company it plans to spin off, has secured an exclusive, five-year license to the eLearning education and training platform developed and offered by edCetra Training Inc. (“edCetra”). In addition, NexTech will have an option to buy edCetera itself for the next 12 months.
NexTech issued edCetra 100,000 common shares of NexTech stock at a deemed value of CDN$0.25 per share as the consideration for the exclusive license. If NexTech elects to exercise its option to purchase edCetra, the consideration will be an additional 100,000 shares, provided that the value of the shares at the time of exercise is at least CDN$0.25 per share.
edCetra has reported to NexTech that the platform has been used by Fortune 500 companies such as Imperial Oil, Bombardier and Staples, as well as the Library of Congress and others to educate and train employees. By licensing the technology, NexTech can accelerate its business plan and will spend the next few months customizing it to create an augmented reality (“AR”) training and education platform for the cannabis industry, with a plan to expand into other industries in the future. The new augmented reality platform is expected to launch in the next 90 days.
The use of augmented reality as a training and education tool is expected to be a major growth driver for the AR industry. NexTech’s management anticipates it will have a first mover advantage since it will provide customization and upgrades to an existing platform. The edCetra license includes the following features and functionality:
- Fully realized learning on demand system
- Supports multiple file types (video, webinar, text, PDF)
- Pay as you go, and subscription enabled
- Allows for multiple business models supporting retailers, wholesalers and publishers
- Set any price for any piece of content
- Out of the box reporting
Core features of the system include digital asset management, user administration, e-commerce and content delivery. Reuben Tozman, President and Founder of edCetra and an expert in the field of educational technology who recently joined NexTech’s board of directors, comments, “I am excited to be a part of this next generation platform and help NexTech’s technology bring AR to education and training. I see a lot of demand and a bright future for this.”
The augmented reality market is set to grow substantially in the near future as companies such as Apple, Google, Microsoft and Intel are now aggressively launching software and hardware to support this dynamic and fast-growing industry. According to ResearchAndMarkets.com, spending is projected to jump from $11.14 billion in 2018 to $60.55 billion by 2023, representing a compound annual growth rate of 40%.
Once the spinoff is complete, Future Farm shareholders will own shares in NexTech AR Solutions, a newly formed company occupying a valuable niche in the cannabis market with augmented reality-enhanced packaging as well an ad-tech driven platform featuring a virtual budtender for dispensaries.
On behalf of the Board,
Future Farm Technologies Inc.
William Gildea, Chairman and CEO
About Future Farm Technologies Inc.
Future Farm is a Canadian company with holdings throughout North America including California, Massachusetts, Florida, Maine, Puerto Rico and Newfoundland. The Company’s mission is to advance sustainable agriculture through production of wholesale and retail cannabis products, including hemp. As a leader in its field, Future Farm is committed to using only the highest quality processes and products. Towards this goal, the Company acquires or partners with licensed cannabis operators, and acquires or develops leading technologies in cannabis production, breeding, genetics, and Controlled Environment Agriculture (CEA). Future Farm’s scalable, indoor CEA systems utilize minimal land, water and energy resources. The Company holds an exclusive, worldwide license to use a patented vertical farming technology that, when compared to traditional plant production methods, generates yields up to 10 times greater per square foot of land.
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.
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SOURCE Future Farm Technologies Inc.