Vancouver, British Columbia--(Newsfile Corp. - November 17, 2021) - Sprout AI Inc. (CSE: BYFM) ("Sprout AI" or the "Company") is a technologically focused, sustainable vertical farming company that has developed scalable, AI-controlled aeroponic cultivation habitats. Sprout AI's technology provides solutions to the ever-increasing complexities surrounding the current and future needs of a sustainable global food production and supply chain.
Sprout AI Australia Pty Ltd, a fully owned subsidiary of the Company, wishes to congratulate its distributor TheraCann Australia Benchmark Pty. Ltd. ("TheraCann Australia") and its client Ivory Medical (PVT) Ltd., (Ivory Medical) in their successful groundbreaking event and the commencement of its site preparation ahead of receiving its 54,000 sq. ft. purpose-built facility that was designed to produce up to 163 Kilograms of dried cannabis flower per year to be used to make EU GMP compliant white label medical cannabis oil based products.
TheraCann Australia has been contracted by Ivory Medical, under a 5-year managed services agreement, to provide technical and operational support for this facility. This contract will entail the receipt, installation, maintenance, and support of the necessary equipment to produce, process and prepare for the distribution of white-label EU GMP compliant medical-grade cannabis products. These products will be used for international research and development, and medical patient applications. For more information on TheraCann Australia and its Ivory Medical press release please visit https://theracann.solutions/blog-grid-view/.
The building comprised of both a warehouse and processing area has been fabricated and is in transport to the project site. The building materials were fabricated by Allied Steel. The building and materials used therein were purposely planned and designed to be EU GMP compliant.
The cultivation technology selected is Sprout AI's version 2 automated vertical indoor rolling rack enclosed plant habitat and root chamber technology that can house up to 32 plants per habitat. The first partial order of 140 Sprout AI habitats is in process of final assembly, and preparation for shipment. Up to 1440 Sprout AI units will be utilized to produce Ivory Medical's high-quality biomass for processing into medical-grade products. Each Sprout AI habitat encompasses an individual control and time cycle which provides Ivory Medical with the maximum flexibility in its selection of crops to be grown. Sprout AI habitats also utilize a staggered harvested schedule of one habitat per hour, and in so doing provide a perpetual harvest of the highest quality, repeatable batch of cannabinoids and terpenes.
The additional technologies selected for this project, including Sprout AI's version 2 habitats, are REP3S compliant, validating they are repeatable, economic, practical, scalable, safe and secure, and are capable of configuring to meet the ever-changing needs of government(s), researcher(s) or medical patient end-user(s).
TheraCann Australia has also selected the extraction, processing, and regulatory compliance technology for this project as well as part of its "BenchmarkSOLUTION" turn-key solution. To learn more visit https://www.theracann.solutions/.
According to Kyle Horak, Chief Operating Officer for Sprout AI, "TheraCann Australia's selection of Sprout AI for use by Ivory Medical's fully configurable facility will give Ivory Medical a distinct competitive advantage over what other facilities could only dream of doing. Being able to easily configure what, how much, and by when to cultivate each client order, Ivory Medical is able to provide the highest caliber white label opportunities. Being able to replicate the batch to ensure the same cannabinoid and terpene profiles also provides Ivory Medical with a distinct competitive advantage. We look forward to our delivery of Sprout AI habitats as part of our rolling order with Ivory Medical, commencing with our first order for 140 habitats as part of up to 1440 habitats for which this building has been designed to hold."
About Sprout AI
Sprout AI is a vertical farming technology company in the business of planning, designing, manufacturing and/or assembling sustainable and scalable AI-controlled vertical cultivation equipment for indoor vertical 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 https://www.sproutai.solutions/.
Chief Executive Officer
Chris Bolton
Sprout AI Inc.
Phone: +011 (507) 6384-8734
E-mail: mainweb@sproutai.solutions
Investor Relations
Contact: Colleen McKay
Sprout AI Inc.
Tel: + 1 (289) 231-9026
E-mail: cmckay@sproutai.solutions
Website: https://www.sproutai.solutions
Address: International Business Park, Unit 5B, Building 3860
Panama Pacifico, Republic of Panama
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Forward-Looking Statements
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 order, 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 the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
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