Urban Barns Foods (URBF.OB),
announced today that it has met with potential clients and government officials in Puerto Rico with the objective of updating them on the potential of Urban Foods and looking at opportunities in establishing the same in their local market. Immediately following the Puerto Rico meetings, the directors met in Manhattan with potential financiers, and the following day held a full board of directors meeting in Vancouver, Canada, to authorize raising 5 million dollars of working capital to establish the first startup barn locations.
Mr. Dan Meikleham, Chairman and CFO, said, “During February, I traveled to Puerto Rico. Together with Cesar A. Montilla, Jr., our Director of Marketing, we followed up on his previous successful approach to local food distributors and major retailers.” Mr. Montilla added, “We are very pleased to say that, as we expected, there was positive feedback from concerned industry parties. In addition, we met with officials at the Economic Development Corporation of Puerto Rico (PRIDCO) who have expressed interest in associating with Urban Foods and are looking at all possible avenues to assist Urban Barns Foods in setting up business in Puerto Rico.”
Marking a beginning, the company requested two or possibly three, buildings of 20,000 sq. ft each, to satisfy expected start-up demand. The officials of PRIDCO supplied a list of available suitable buildings for review. After the start up phase, the company anticipates the initial three barns can produce 300,000 heads of lettuce or other vegetables every month for the local market.
Mr. Montilla commented, “We believe that we are able to capture market share due to the advantage provided by being the first provider in this innovative industry. Urban Barns Foods has the capability of meeting the requirements to become a preferred local supplier to the current distributors and retail outlets in this vibrant and well established market.”