New Age Farm (NF-Cse) March 2nd 2017 has entered into a letter of agreement with a local contractor to begin site preparation work on its Langley facility for the future buildout of the planned processing, cold storage and dry storage warehouse. Under the terms of the LOA, the Contractor will bulk excavate up to 65,000 cubic yards of peat from designated areas, screen it on site and backfill all excavated peat areas with structural fill to support the foot print of the Warehouse. The Contractor estimates approximately 7,900 truckloads of material will be handled at an average cost of $250 per truckload. The Company and the Contractor have further agreed to exchange the equivalent of $2 million of peat value and additional dumpage fees to offset the cost of the excavation, trucking and labour costs. This work is the first step in readying the site for the construction of a 50,000 square foot Tilt-up concrete warehouse structure. Tilt-up concrete construction has been chosen for the Warehouse because of the method's proven advantages that include speed, safety and construction cost benefits. The Warehouse will serve the Langley facility's on site tenant-growers and grower/processors from the surrounding community.
Carman Parente, President and CEO of New Age Farm said, "We are pleased to be getting underway with this project which will build value into the Langley facility that will benefit our shareholders now and in the future as construction completes and the planned spin out is finalized later this spring."
About New Age Farm Inc.
Through its wholly owned British Columbia subsidiary, NHS Industries Ltd. ("NHS"), New Age Farm owns a five and a half acre facility in the lower mainland of BC that includes a 48,000 square foot greenhouse.
Through its Washington State subsidiary, New Age Farm owns two properties, one located in Sumas, WA, and the other in Oroville, WA, where it offers fully built out turnkey service operations to licensed I-502 tenant-growers who will lease the facilities for production and / or processing.
For further information about New Age Farm, please consult the Company’s profile on SEDAR at www.sedar.com.
On Behalf of the Board Of Directors
Carman Parente
President and Chief Executive Officer
cparente@newagefarminc.com
For Further Information Contact
Catherine Jones
Corporate Communications
corpcom@newagefarminc.com
(888) 871-3936
WWW.NEWAGEFARMINC.COM |
