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Foundation Farms Corp., Joins Forces with Econic to Deploy Their Indoor Farming Tech
7:30 am ET February 23, 2021 (Accesswire) Print
NEW YORK, NY / ACCESSWIRE / February 23, 2021 / Foundation Farms, Corp., ("Foundation Farms"
a subsidiary of GME Innotainment, Inc. ("GMEV"
GME Innotainment Inc. (OTC PINK:GMEV) and ZA Group Inc. (OTC PINK:ZAAG) are pleased to announce that their respective subsidiaries, Foundation Farms (GMEV subsidiary) and Econic (ZAAG subsidiary) have verbally agreed to collaborate in the manufacturing and deployment of their respective indoor farming technologies.
Econic, owner of a 15,000 square foot manufacturing facility builds, owns and operates containerized grow pods for the production of cannabis medical products. Foundation Farms business is to build, own, and operate indoor vertical farms for the production of leafy greens and associated food products. The collaborative arrangement will provide opportunities for mutual capital cost savings in both equipment procurement and assembly labor. Key components of the respective technologies such as LED lighting systems, pumps and controls and tanks are common to both companies. Secondly, both companies intend to share their respective market opportunities.
The first two steps in this working arrangement have already been taken. Foundation Farms is leasing a portion of the Econic facility to house the company's first vertical farm in Red Deer, Alberta. Secondly, Econic announced last week that one of its First Nations customers for future cannabis grow pods has signed a Letter of Agreement to lease a leafy greens vertical farm. As part of that announcement, Econic reported that it is forwarding this business opportunity to Foundation Farms.
In a joint statement, Ed Kroeker, CEO of Foundation Farms and Wade Eno, CEO of Econic excitedly shared that, "Our collaborative sharing arrangement, while simple in structure, will serve to multiply our growth potentials."
Yves R. Michel, GMEV CEO commented that "It is a great opportunity for two companies with diverse, but complimentary, business goals to share critical resources in a manner that catapults both partners into the upper tier of business success, within their respective sectors," and John Morgan, President of ZAAG added, "We have two companies with green technologies that understand how the world of nature harnesses symbiosis to achieve success and who share the same vision for corporate success through collaborative arrangements."
Yves R. MichelChief Executive Officer and Director208 East 51st St., Suite 170New York, NY 10022Source: GME Innotainment, Inc. ("GMEV"
Released February 23, 2021