Urban Barns Foods (URBF.OB), Urban Barns is a leading-edge provider of fresh produce that uses proprietary technology to grow organic food in an indoor environment. Urban farming is a trend that has grown in recent years and we are seeking to establish a firm footprint in the health conscious urban market. Our focus is to ensure optimum quality of produce at a cost effective ratio and aggressively gain brand recognition.

Urban Barns, announced today that the board of directors has established corporate governance policies by the adoption of the following manuals and charters:
  • Code of Conduct Manual.
  • Governance Committee Charter
  • Nomination and Compensation Committee Charter
  • Audit Committee Charter
  • Corporate Governance Manual
  • Finance & Accounting Manual
  • Human Resource Manual
  • Authority Matrix

Mr. Dan Meikleham, Chairman and CEO of Urban Barns, stated “Now we have completed our first financing agreement we have adopted corporate governance policies. While the Board delegates authority to the company's management to handle the company’s operations, the Board retains the ultimate fiduciary responsibility to shareholders to sustain and enhance value.” “We had already identified the senior executive team to handle the business affairs at Urban Barns however, prior hiring the human capital to run our operations, we have adopted best practices to empower the senior management to run the business within defined parameters to ensure that all business objectives are met.” The Chairman added, “Prior to our planned international expansion, to maintain overall responsibility, we believe it is important to set the corporate governance rules for directing and controlling the operational activity at Urban Barns Foods in the interest of all stakeholders.

On the adoption of the Corporate Governance Manual, Mr. Cesar Montilla, Chairman of the Governance Committee stated, “The Board has a vital responsibility to provide clear directions and boundaries in which the company's Executive Management must operate. This involves setting out a clear vision, objectives and strategy for the company and defining the delegations that will be allowed to manage and the policies and boundaries in which they are permitted to operate.”

The adopted charters are fully compatible with all laws and regulations in all jurisdictions where Urban Barns Foods plans to conduct business.

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 Foods 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 Foods’ products, the competitive environment within the industry, the ability of Urban Barns Food to continue to expand its operations, the level of costs incurred in connection with Urban Barns Foods’ expansion efforts, economic conditions in the industry and the financial strength of Urban Barns Foods’ customers and suppliers. Urban Barns Food does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.

Copyright Business Wire 2010

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