Captiva Verde Industries Ltd. announces commencement of commercial farming operations and receipt of final payment from Ice River Springs Water Co. Inc.
Toronto Venture Exchange Trading Symbol: VEG.H
19,492,229 Common Shares Issued
CALGARY, May 12, 2014 /CNW/ - Captiva Verde Industries Ltd. ("Captiva Verde" or the "Company") is pleased to announce that the Company, which trades under its new symbol "VEG.H" on the Toronto Venture Exchange, has commenced large-scale commercial organic farming operations in the US. The first harvest is anticipated at the end of this month, and production revenues from the first crop will be announced at the completion of the first harvest. Based on our strategic farm plan at various locations in the southwest United States, the Company anticipates seven (7) crops per calendar year.
The Company is also pleased to announce that it has received payment of $533,400 CDN for the second and final promissory note from Ice River Springs Water Co. Inc. on May 9, 2014. This completes all the terms of the Asset Purchase Agreement dated March 1, 2013 whereby the Company transferred substantially all of its assets of Arrowhead Springs Water Ltd. and the assignment of its trademarks.
With the receipt of the final payment, the Company has $1.5 million CDN cash, no debt, minimal overhead and imminent significant cash flow from its current commercial organic farming operations.
Jeff Ciachurski, CEO of Arrowhead states: "we are pleased to have commenced commercial organic farming operations in the United States. Captiva Verde plans to be a major supplier of organic leafy vegetables in North America. We look forward to the realization of our strategic farm plan and building a world-class organic farming company.
On behalf of the Board of Directors
Chairman and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements. The Company has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward-looking statements may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to obtain required regulatory approval. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
SOURCE Captiva Verde Industries Ltd.For further information: Jeffrey Ciachurski, Chairman and Chief Executive Officer, 9 Landport, Newport Beach, California, USA 92660, Cell: (949) 903-5906, E-mail: firstname.lastname@example.org; Michael Boyd, Director, Tucson, Arizona, Office: (520) 275-0979, E-mail: email@example.com