TORONTO, Dec. 15, 2017 /CNW/ - High Hampton Holdings Corp. (CSE: HC) (FSE: 0HCN) ("High Hampton" or the "Company") is pleased to announce that it has received a favourable Environmental Site Assessment ("ESA") on its 10.8 acre land parcel within the Coachella cultivation zone. The ESA was recommended by Infrastructure Engineers Inc. as a precautionary measure to rule out the existence of any hazardous conditions as a result of a past use of the property. In summary, the ESA states that no evidence was found for any Recognized Environmental Conditions ("REC"), and that no further environmental investigation is deemed necessary at this time. The positive ESA brings the Company closer to the Award of a Conditional Use Permit (CUP) for its CoachellaGro Asset which is expected early 2018.
The ESA was prepared by Irvine, California based P.A. & Associates Inc. and received by Infrastructure Engineers Inc. on December 11, 2017. Prepared as a Phase I Assessment, the surveys undertaken as part of the report seek information from property records, historical data bases, and city files to identify hazardous conditions which may have occurred or were likely to have occurred in the past history of the property. The existence of hazardous material can affect property development, financing and the ability to sell the land.
The ESA also included the following key findings:
- According to RWQCB's (Regional Water Quality Control Board) GeoTracker website, the site is not listed in any of the databases;
- According to DEH (Department of Environmental Health), there are no environmental violations records for the site;
- There were no builds known to exist on the site, no buildings found on the site, nor any processing that could lead to generation, storage and/or transportation of hazardous material on site.
David E. Argudo, CEO of High Hampton, commented:
"As we move forward toward the Conditional Use Permit (CUP), I am content with the favorable result of the Phase 1 ESA that indicates that there is no evidence of Recognized Environmental Conditions. We are extremely pleased with the progress to date on our CoachellaGro operation and are ahead of schedule in the permitting process with respect to the Conditional Use Permit (CUP) and a Phase I ESA. We look forward to a successful 2018 and wish to thank our shareholders for their support during an incredible 2017."
About High Hampton Holdings
High Hampton Holdings is a cannabis sector investment company focused on opportunities in California. The Company's wholly owned subsidiary, CoachellaGro Corp., is a California corporation focused on the development of a 10.8-acre property situated in the proposed cannabis industrial park located in Coachella, California. CoachellaGro is in the application process for a conditional use permit for development of a full-service production facility in order to serve third party state licensed medical marijuana operators. The City of Coachella has been progressive in setting up city ordinance that sets aside 90 acres within which will be a legal framework for the cultivation, production, extraction and transportation of cannabis. The complex is intended to contain all the necessary; security, infrastructure, equipment, labour and skilled management, supplies and ancillary services for a closed loop production process flow.
High Hampton trades in Canada, ticker symbol HC on the CSE, and in Europe, ticker symbol 0HCN on the FSE. Neither the CSE, nor the FSE has approved nor disapproved the contents of this press release. Neither the CSE, nor the FSE accepts responsibility for the adequacy or accuracy of this release.
Marijuana Industry Involvement
Canadian listings (CSE) will remain in good standing as long as they provide the disclosure that is rightly required by regulators and complying with applicable licensing requirements and the regulatory framework enacted by the applicable state in which they operate. Marijuana is legal in certain states however marijuana remains illegal under US federal law and the approach to enforcement of US federal law against marijuana is subject to change. Shareholders and investors need to be aware that adverse enforcement actions could affect their investments and that High Hampton's ability to access private and public capital could be affected and or could not be available to support continuing operations.
On behalf of the Board of Directors
High Hampton Holdings Corp.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of the parties to complete the Acquisition and certain ancillary transactions contemplated thereby. These transactions are subject to a number of material risks, and there is no assurance that they will be completed on the terms or within the timeframes currently contemplated, or at all. The forward-looking information contained in this press release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
All monetary references herein refer to Canadian dollars unless otherwise specified.
SOURCE High Hampton Holdings Corp.
For further information: 8 Wellington St. E. Mezzanine Level, Toronto, On, M5E 1C5; David E. Argudo, Chief Executive Officer, Email: [email protected]; Or Christian Scovenna, Director & VP Corporate Finance, Email: [email protected]