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VANCOUVER, British Columbia,
Nov. 28, 2011 /PRNewswire/ -- Urban Barns Foods Inc. (URBF.QB) ("Company" or "
Urban Barns"), a leading authority on sustainable development of fresh vegetables has entered into a Memorandum of Understanding (MOU) with Caribbean Produce Exchange Inc., a leading distributor of produce in
Puerto Rico. Under the terms of the MOU, Caribbean Produce intends to purchase for local distribution produce grown by
Urban Barns at a Puerto Rico Cubic Farming facility.
Gualberto Rodriguez, III, President of Caribbean Produce Exchange Inc., stated, "I am very pleased to welcome
Urban Barns to
Puerto Rico and look forward to a long and profitable relationship. No matter where you look around our planet there will always be high market demand for fresh and nutritious produce. Our current supply of lettuce comes from thousands of miles away. Just from lettuce alone represents a
$20,000,000 opportunity in addition to other produce we currently distribute and Urban Barns Foods brings the farm directly to grow locally for our actual market. Their method of growing food is ingenious and we are pleased to have formed this affiliation."
About Caribbean Produce Exchange Inc.
Caribbean Produce is the leading distributor of produce in
Puerto Rico with annual sales in excess of
$90,000,000 supplying imported and locally grown fruits and vegetables to the leading major food retail chains of
Puerto Rico including national named fast food service operators, and cruise ships, amongst others.
About Urban Barns Foods Inc.: Urban Barns uses patent pending and proprietary equipment to produce affordable vegetables in a secure and controlled indoor environment. By setting up subsidiary facilities and growing locally,
Urban Barns can focus on supplying any community, irrespective of the regional climate, effectively reducing shipping times and related spoilage costs.
Urban Barns has the unique ability to scale and cater to the demands of all major communities. Our commitment to our consumers is reflected through our motto, "Purely Fresh, Naturally Tasty, and Completely Healthy".
Urban Barns and Urbanbarnsfoods.com and Cubic Farming are registered trademarks and the copyright of Urban Barns Foods Inc. All other company and product names mentioned are used only for identification purposes and may be trademarks or registered trademarks of their respective companies.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to
Urban Barns or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of
Urban Barns' products, the competitive environment within the industry, the ability of
Urban Barns to continue to expand its operations, the level of costs incurred in connection with
Urban Barns' expansion efforts, economic conditions in the industry and the financial strength of
Urban Barns' customers and suppliers.
Urban Barns does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
Contacts: Urban Barns Foods Inc.Media Contact:
SOURCE Urban Barns Foods Inc.