Vancouver, British Colombia--(Newsfile Corp. - June 16, 2022) - Sprout AI Inc. (CSE: BYFM) ("Sprout AI" or the "Company") is pleased to announce it has signed an agreement as of June 8, 2022, to partner with Active 20-30 Las Cumbres, Rep. of Panama on their Rice, Beans and Greens initiative. Through this partnership, Sprout AI will be growing a combination of crops that will provide the produce for the "greens" portion of this vital program that currently feeds over 10,000 vulnerable Panamanians each year. Each Sprout AI Habitat can hold up to 400 plants. Based on a 30-day growth cycle, the average output would be 5,000 lbs per habitat, per year. Assuming 0.5 lbs of "green" per serving, each habitat would be able to provide approximately 10,000 servings per year, thus providing 14 people, 2 servings per day for a full year.
Active 20-30 Las Cumbres, Rep. of Panama was founded in 1989 and the mission of the association has remained unchanged; to provide young adults with an opportunity for personal growth, friendships, and leadership development while improving the quality of life for the special needs of children in their community.
Federico Cotter Taylor, President of Active 20-30 Las Cumbres, Rep. of Panama notes, "For us, Active 2030 is a way of living, because young adults can truly work with the community. We make a huge difference in places you never heard about. Our yellow-vested members, have committed themselves to the people, the cause and their country. Our motto is "One never stands so tall as when kneeling to help a child." In Panama North alone 33% of the population is low-income children, thus 66,000 children are in need food. Our goal is to provide food for 25,000 people this year and Sprout AI is going to play an important role in helping us."
To learn more about Active 20-30 Las Cumbres, Rep. of Panama, please click:
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To commemorate this partnership, Sprout AI will be hosting an exclusive Sponsorship event at our Centre of Excellence (COE) in Panama on July 9th, 2022. The purpose of the sponsorship is to expand the number of Sprout AI grow chambers (Habitats), of which each sponsorship ranges from $18,597 for a single centrally located habitat to $344,997 for an entire rack. The company is pleased to introduce its first sponsor, Allied Steel Buildings.
Allied is one the world's most trusted Steel Structure Providers. Having manufactured and delivered over 5,500 buildings in over 74 counties they have developed a reputation for their high focus on quality and client experience. Through collaboration and outside-of-the-box thinking, Allied offers their clients an answer to the world's most complex building challenges. From commercial to industrial and aviation to cold storage, with clients such as Microsoft, Nestle, and 3M, each structure is built to exceed the clients' needs with the most efficient, innovative, and cost-effective design. Sprout AI is proud to have its Centre of Excellence currently located within an Allied building, and to have worked with Allied to plan, design, manufacture, and deliver the prefabricated building that is currently being erected in Zimbabwe that will house up to 1440 Sprout AI Habitats.
Michael Lassner, President of Allied, notes, "We are honored to be the first sponsor of this event. It's about the clients and about the future. We believe in the future that Sprout AI see's and we are honored to continue to be a supportive partner to do what it takes to see it through because the world is counting on it."
To learn more about Allied Steel Buildings please click:
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The partnership with the Rice, Beans and Greens program could not be timelier as Panama recently reported concerns about food insecurity as Latin America nears a food crisis. Proactively, in February 2021 the government of Panama enacted a law for the establishment of Agroparks through the creation of a new government department called The National Directorate for Agribusiness, hereinafter DINAGRON. DINAGRON's purpose is to encourage investments, research and to promote agricultural production, processing, and distribution from purpose-built, sustainable high-tech buildings in Panama. As a result, companies such as Sprout AI are well-positioned to take advantage of this application process. This initiative is entirely aligned with Sprout AI's own mandates and has been a catalyst in their application to become a licensed producer, processor, and distributor of produce in Panama. Participating in this program will provide Sprout AI with:
The ability to distribute produce directly to Panamanian grocery stores.
The ability to distribute produce through community programs such as Active 20-30 Las Cumbres, Rep. of Panama direct to recipients.
In conjunction with our application for Panama's Agropark program, The Company is also pleased to announce the signing of a Memorandum of Understanding (MOU) on May 25th, 2022, with the Institute of Agricultural Innovation of Panama (IDIAP). IDIAP is a government organization whose main function is to study, adapt, validate, and disseminate agricultural knowledge and technologies, framed within the policies, strategies, and guidelines of the agricultural sector in Latin America. IDIAP was currently exploring indoor cultivation aeroponic technologies for purpose of assisting the establishment of facilities within multiple LATAM cities. In the following weeks IDIAP and Sprout AI will be defining a multi-year research and development (R&D) project purposely designed to further develop indoor vertical cultivation using Sprout AI's fogponic system, as a better alternative to aquaponic, hydroponic, and aeroponic technologies. Results will be published in peer-review papers to further advance this relatively new sector relating to the understanding of plant root agricultural science. The intellectual property developed by Sprout AI will remain the property of Sprout AI.
Chris Bolton, CEO and Chairman of Sprout AI, notes, "With ongoing reports of pending food shortages, and need to address critical food security issues, Sprout AI has taken a leadership position to showcase how countries, and municipalities, can provide solutions through the adoption of indoor vertical cultivation technologies. By bringing DINAGRON, Allied Buildings, IDIAP, and Active 20-30 Las Cumbres, Rep. of Panama together utilizing Sprout AI's leading-edge indoor vertical cultivation technology, Sprout AI has demonstrated a repeatable, economic, practical, repeatable, scalable, safe and secure model to address Food Security Issues that can be replicated globally. By showcasing how this can be done to benefit both the direct consumer, as well as the socially disadvantaged, and in a way that is both sustainable, environmentally conscious and demonstrates good corporate governance, Sprout AI has once again proven itself to be a path-setter. Together we look forward to a whole new level of validation of our technology that will set us above our competitors and provide new pathways to relationships throughout Latin America, and the World."
The mentioned programs and partnerships represent many prospects for Sprout AI. With the support of local officials and businesses, in addition to the backing of these programs, Sprout AI will have the opportunity to demonstrate its ability to implement and deliver local produce to high-risk neighborhoods/communities. The success of this initiative will further provide a path for entry to provide a vertical farming solution to foreign governments also facing food insecurities.
For non-material updates and to learn more about Sprout AI and the vertical farming industry, please follow Sprout AI on:
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Sprout AI is a technology company in the business of planning, designing, manufacturing and/or assembling scalable AI-controlled vertical cultivation equipment for international urban farming. The adaptive technology produces an environment with improved growing parameters and early detection of adverse conditions resulting in consistent and repeatable crops, with shorter cultivation cycles, independent of geographic climates. The self-contained multi-level rolling rack technology increases the cubic cultivation area while mitigating the risk of outside and cross-contaminants.
For more information about Sprout AI, please visit http://sproutai.solutions. Chris Bolton Chief Executive Officer Sprout AI Inc. Phone: +011 (507) 6384-8734 E-mail: firstname.lastname@example.org
Investor Relations Contact Colleen McKay Tel: (289) 231-9026 E-mail: email@example.com
Address: International Business Park, Unit 5B, Building 3860 Panama Pacifico, Republic of Panama
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE'S REGULATION SERVICES PROVIDER.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts, but rather on the expectations of the Company's management regarding the future growth of the Company, its results of operations, performance, business prospects, and opportunities. This news release uses words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company's management, based on information currently available to them.
This forward-looking information includes, among other things, statements relating to: the intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company and anticipated developments in operations of the Company. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties.
Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties, and assumptions, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance, or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including: global or national health concerns, including the outbreak of pandemic or contagious diseases, such as COVID-19 and including the evolution of new variants of COVID-19, the duration and effect thereof and delays relating to vaccine development, procurement and distribution; risks relating to the effective management of the Company's growth; liabilities and risks, including environmental liabilities and risks associated with the Company's operations; the Company's ability to attract and retain customers; the competitive nature of the industries in which the Company operates; and the other risk factors described in the Company's final long-form prospectus dated May 31, 2021.
If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable Canadian securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements, or the information contained in those statements.
All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128059
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