Valcent Products Inc. , today announces that its wholly owned subsidiary, Valcent Products (eu) Limited signed an agreement to supply a VertiCrop high density farming system to Hong Kong's VF Innovations Ltd. (VFI), a new company specifically created to foster innovation in vertical farming. Valcent is currently in discussions to form a Hong Kong-based partnership with VFI to manufacture and distribute the company's vertical growing systems for the Peoples Republic of China (PRC).
The VertiCrop system is intended to sell fresh produce to the Hong Kong market and to serve as a demonstration unit for future customers and partners in the PRC as well as other segments of the Asian market. The Valcent technical team plans for Hong Kong based meetings in early July with prospective customers, partners, and representatives of the Government of the PRC, and to finalize specifications for the VertiCrop system to be installed.
At present, management estimates that Hong Kong produces 44 tons of vegetables per day and imports over 1,600 tons daily. Following completion of the first unit scheduled for eighteen weeks, the goal of the VFI partnership is to produce 10 tons of vegetables daily by employing multiple VertiCrop systems in the Hong Kong market within 24 months.
Chris Bradford, President and CEO of Valcent Products stated, "We are delighted to announce our first commercial agreement for sale of a VertiCrop system, particularly as Hong Kong will provide us with a gateway into one of the largest markets in the world. In our discussions with the VFI management team over the past few months we have become firmly convinced that we have found a partner fully capable of working with us to carry this major international project forward."
The Company further wishes to announce the appointment of Robert M. Baker as a Director and interim CFO of the Company. Mr Baker has over 30 years experience in corporate finance and investment banking. He has served on the board of directors of numerous public companies and also currently serves on the boards of Global Green Solutions Inc., Snowdon Resources Corporation, and International Gold Corp.
About Valcent Products Inc.:
Valcent Products Inc. specializes in growing solutions and plant based consumer products and is a leader in the development of innovative and practical eco-technologies.
The VertiCrop system is intended to sell fresh produce to the Hong Kong market and to serve as a demonstration unit for future customers and partners in the PRC as well as other segments of the Asian market. The Valcent technical team plans for Hong Kong based meetings in early July with prospective customers, partners, and representatives of the Government of the PRC, and to finalize specifications for the VertiCrop system to be installed.
At present, management estimates that Hong Kong produces 44 tons of vegetables per day and imports over 1,600 tons daily. Following completion of the first unit scheduled for eighteen weeks, the goal of the VFI partnership is to produce 10 tons of vegetables daily by employing multiple VertiCrop systems in the Hong Kong market within 24 months.
Chris Bradford, President and CEO of Valcent Products stated, "We are delighted to announce our first commercial agreement for sale of a VertiCrop system, particularly as Hong Kong will provide us with a gateway into one of the largest markets in the world. In our discussions with the VFI management team over the past few months we have become firmly convinced that we have found a partner fully capable of working with us to carry this major international project forward."
The Company further wishes to announce the appointment of Robert M. Baker as a Director and interim CFO of the Company. Mr Baker has over 30 years experience in corporate finance and investment banking. He has served on the board of directors of numerous public companies and also currently serves on the boards of Global Green Solutions Inc., Snowdon Resources Corporation, and International Gold Corp.
About Valcent Products Inc.:
Valcent Products Inc. specializes in growing solutions and plant based consumer products and is a leader in the development of innovative and practical eco-technologies.
