New Age Farm Signs SECOND Tenant Lease in Washington State
New Age Farm Washington, LLC Enters into Lease Agreement
February 20, 2015 – Vancouver, BC: New Age Farm Inc. (CSE:NF) (“New Age Farm” or the “Company”) is pleased to announce that it has signed a second lease agreement with a private Washington State Tier Three licensee (the “Tenant”). The Tenant will lease up to 21,000 square feet of I-502-compliant space from New Age Farm Washington LLC.
Carman Parente, President of New Age Farm commented, “With the addition of this second tenant lease for the Washington Property, our business model is now well underway. We will continue to execute on our land banking and specialty property development plans to serve the needs of tenant-growers in the US and Canada. In the US market, we are closer to two important goals: our “Green Campus” business model and revenue generation.”
Tenant occupancy is anticipated in the second half of 2015, following completion of certain building and property improvements and is subject to New Age closing escrow on the property (see News Release dated November 5, 2014).
About the Washington I-502 Marijuana Market
In November 2012, the Washington State Liquor Control Board (WSLCB) passed Initiative 502 (I-502) pursuant to a vote by the people of the State of Washington. I-502 authorized the WSLCB to regulate and tax recreational marijuana products for persons over twenty-one years of age and thereby created a new industry for the growing, processing and selling of Washington State-regulated recreational marijuana products. A recent WSLCB commissioned report by the Rand organization suggests that there are currently up to 650,000 recreational marijuana users in Washington State, worth approximately $1.25 – $1.5 Billion USD in annual sales.
About New Age Farm
New Age Farm has two wholly-owned subsidiaries, the first in British Columbia, Canada and its second in Washington State, USA. Its US subsidiary, New Age Farm Washington LLC (“New Age Farm WA”), has entered into escrow for the purchase of a 2.69 acre property permitted for both agricultural and light industrial processing uses; the site contains two buildings totaling 6700 ft2. The site is suitable for expansion, with ample room for the construction of additional buildings. New Age Farm WA has one lease in place with a with a private Washington State Tier Three licensee with expected tenant occupancy in early 2015.
Through its Canadian subsidiary, NHS Industries Ltd. (“NHS”), New Age Farm owns a five and a half acre greenhouse facility in the lower mainland of BC with a 48,000 ft2 greenhouse facility, capable of growing 2.4 million 4” potted plants annually. NHS is in the process of formulating innovative proposals for small scale agricultural facilities for exploring multiple avenues for cash flow processes. This facility will meet a growing demand in the Metro Vancouver and Fraser Valley areas to help smaller growers become more efficient, more productive, implement value added product lines, and reduce waste.
Both campuses are located minutes from major Canada – USA border crossings. New Age Farm intends to lead the creation of beta sites for sustainable growing capabilities as well as minimizing all carbon footprints with regard to all on-site operations. For further information about New Age Farm, please consult the Company’s profile on SEDAR at www.sedarplus.ca or its Listing Statement available at the Canadian Securities Exchange website at thecse.com or visit the Company’s website at newagefarminc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Carman Parente
President and Chief Executive Officer
For further information go to our website www.newagefarminc.com
or contact Mr. Richard Cindric @ (604) 719-1796
The Canadian Securities Exchange has neither approved nor disapproved the contents of this
news release and accepts no responsibility for the adequacy or accuracy hereof.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, successful completion of the due diligence process and closing of escrow on the Washington State property, completion of planned improvements at both the Canadian and US sites on schedule and on budget, and the availability of financing needed to complete the Company’s planned improvements on commercially reasonable terms. See the cautionary statement “Forward-Looking Statements” and “Risk Factors” in the Company’s Listing Statement dated August 1, 2014 available under the Company’s profile at thecse.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation. This news release does not constitute an offer to sell securities and the Company is not soliciting an offer to buy securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
This news release does not constitute an offer of securities for sale in the United States. These securities have not and will not be registered under United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to a U.S. Person unless so registered, or an exemption from registration is relied upon.