This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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."

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.66 -0.09%
FB $118.58 0.85%
GOOG $698.30 0.76%
TSLA $241.82 0.44%
YHOO $36.53 -0.19%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs