Urban Barns Prepares To Enter Kazakhstan And Republic Of Tatarstan, Russian Federation
MONTREAL, March 18, 2013 (GLOBE NEWSWIRE) -- URBAN BARNS FOODS INC. (OTCQB:URBF) ("the Company" or "Urban Barns") is pleased to announce it has signed a mandate letter with a minority shareholder of the Company ("the Party") to identify and select local growing partners in each of the Republic of Tatarstan, part of the Russian Federation and Kazakhstan (together the "Territories") to offer food security, food safety and traceability of local grown vegetables, including lettuce, basil, watercress, mint, Swiss chard, cilantro and spinach, for local hotels and other food retailers (the "Project").
In accordance with the terms and provisions of the mandate letter, the Party will identify and select suitable licensing and joint venture partners or other business combinations in the said Territories. Following execution of a Memorandum of Understanding ("MOU") with selected partners, the Party will undertake to advise and guide the Company to a successful definitive and binding agreement resulting in the establishment of an Urban Barns growing facility in each of the Territories. It is anticipated that a new local entity will be set up in each of the Territories, a licensing agreement between the local entities and the Company along with a technical services agreement between the local entities and the Company for provision of technical services, training, support and know-how for an agreed upon monthly fee. The Party will have 6 month exclusivity on the Territories and unless otherwise agreed by both parties, the mandate will expire on September 13, 2013.
Dan Meikleham, Chairman of Urban Barns, commented, "We are very pleased to move ahead in Kazakhstan and Tatarstan. There is a tremendous need for fresh vegetable production in these areas of the world. The Urban Barns technology will enable both these Territories to produce fresh green leafy vegetables, 12 months per year for the very first time in a controlled environment. We expect to receive potential licensee partners from Kazakhstan to visit our Langley, B.C. facility within the next 60 days."
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