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.”
About Urban Barns Foods Inc.:Urban Barns Foods uses proprietary equipment to produce affordable fruits and vegetables in a secure and controlled indoor environment. By setting up subsidiary facilities and growing locally, Urban Barns Foods can focus on supplying any community, irrespective of the regional climate, effectively reducing shipping times and related spoilage costs. Urban Barns Foods 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, Completely Healthy.” Urban Barns Foods and Urbanbarnsfoods.com 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. Forward-Looking Statements: 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.