New Age Farm Inc (C:NF)
Shares Issued 105,573,317
Last Close 1/17/2017 $0.10
Wednesday January 18 2017 – News Release
Mr. Carman Parente reports
OROVILLE CAMPUS OPERATIONS UPDATE
New Age Farm Inc. has provided an operations update for its Oroville facility further to prior news releases in November, 2016.
The company previously reported that the Tier 2 tenant-grower was on track for its first harvest on the Oroville property. New Age Farm is very pleased to advise that the tenant-grower has completed their harvest and that the Company is now in a position to invoice this tenant-grower for its lease for the use of Company facilities and for services provided by the Company and its master growers. As the tenant-grower completes its crop commercialization process and realizes its revenues from the harvest, the Company will also realize revenue. Revenues are reported in the Company’s quarterly financial statements and are publicly released in accordance with continuous disclosure requirements under National Instrument 51-102.
In further news, the Company’s Tier 3 tenant-grower has advised that New Age Farm’s Master Growers were able to begin seeding during the month of December. The tenant-grower has reported that it encountered delays over previously announced harvest forecasts due to delays in obtaining regulatory permits required for each phase of operation start up. New Age Farm and its tenant-growers operate in a highly regulated industry and clearance is required from the Washington State Liquor and Cannabis Board (“WSLCB”) in keeping with I-502 requirements at each phase of operations. Upon completion of their inspection, the WSLCB granted authorization for seed planting. Ongoing reporting to the WSLCB is required and if any part of the process is altered, updated or changed, the previous clearances are reviewed and the process may need to be repeated.
Carman Parente, President and CEO of New Age Farm, offered this comment, “The current developments are really exciting steps for our team, our tenant-growers, and our shareholders. It is what we have been working toward for the past two years. We thank all our stakeholders for your ongoing support.”