Symbol: TSX-V: LG
MONTREAL, April 4, 2018 /CNW Telbec/ - LGC Capital Ltd. (TSXV: LG) ("LGC") is pleased to announce that since signing the Letter of Intent ("LOI") with Evolution Bnk ATM S.p.A ("Evolution Bnk"), as announced on March 12, 2018, Evolution Bnk has now filed a patent for an environmentally responsible energy consumption solution which will satisfy the bulk of its power requirements for its cannabis growing operations as well as its crypto currency mining business.
Evolution Bnk is in the process of completing the construction of its first Cannabis cultivation facility on 5,000 m2 (54,000 square feet) in Sanremo, where it is converting especially chosen old glass greenhouses in the famous flower-growing region of Sanremo on Italy's Mediterranean coast, which are ideally suited for a complete rebuild. The rebuilt greenhouses will see the glass roofs replaced fully with solar panels and will include the construction of a basement for the installation of an array of computer servers for its crypto-currency mining business. The basement will include a ventilation system that will provide year-round temperature control for the cultivation of cannabis. The Sanremo greenhouses will be fully enclosed and will be equipped with artificial lighting to provide for the maximum number of crop cycles per year.
In the March 12 LGC press release, the Company advised that LGC had chosen to invest in Evolution Bnk in part due to its integrated approach, which combines their energy efficiency and heat transfer technology designed to significantly lower operating costs of cannabis production, and that their patent was in the process of being filed and more information on this technology will be disclosed in the future.
Evolution Bnk believes that the first phase of greenhouse conversion will have the capability to produce about 7,500 kg of cannabis production per year and is planning the conversion and commissioning of another 15,000 m2 (160,000 sq. ft.) of greenhouse space in the Sanremo area over the coming year. There is significant margin to further increase this growing capacity.
Mazen Haddad, LGC's Co-Chairman commented; "Evolution Bnk's new patented integrated approach of solar powered cannabis production and crypto-currency mining heat transfer has the potential to significantly reduce the unit costs of cannabis production. We look forward to being part of this exciting venture. There are numerous greenhouses facilities in Sanremo, Italy which could be converted thanks to Evolution's unique approach and the mild Mediterranean climate, we see Italy as a potential future leader in very low-cost cannabis production."
John McMullen, LGC's CEO commented; "Having a European partner in Evolution Bnk continues to support our thesis of a portfolio in legal global cannabis opportunities offering the most potential to our shareholders."
Closing of the transaction with Evolution Bnk is subject to satisfactory due diligence on the part of LGC, the parties entering into definitive agreements, standard closing conditions, and regulatory approval, including that of the TSX Venture Exchange.
About LGC (http://www.lgc-capital.com)
LGC Capital Ltd. is a Canadian incorporated public company listed on the TSX Venture Exchange (TSXV: LG). LGC's objective is to become a diversified business group with core business divisions that provide shareholders with exposure to a diverse range of businesses, products and services.
Information Relating to Evolution Bnk ATM S.p.A.
All information contained in this press release relating to Evolution Bnk ATM S.p.A. has been provided to LGC by Evolution Bnk ATM S.p.A. LGC has relied upon this information without having made independent inquiries as to its accuracy or completeness and assumes no responsibility for any inaccuracy or incompleteness of such information.
This press release may contain forward-looking statements with respect to LGC Capital Ltd. ("LGC") and Evolution Bnk ATM S.p.A., and their respective operations, strategy, investments, financial performance and condition. These statements generally can be identified by use of forward- looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of LGC and Evolution Bnk ATM S.p.A. could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Some important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, government regulation and the factors described under "Risk Factors and Risk Management" in LGC's Management's Discussion and Analysis for the fiscal year ended September 30, 2017, as filed on SEDAR (www.sedar.com). The cautionary statements qualify all forward-looking statements attributable to LGC and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and neither LGC nor Evolution Bnk ATM S.p.A. has any obligation to update such statements, except to the extent required by applicable securities laws.
Caution Regarding Press Releases
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE LGC Capital Ltd
For further information: John McMullen, Chief Executive Officer, Tel.: (416) 803-0698, Email: [email protected]; London contact: Anthony Samaha, Chief Financial Officer, Tel.: +44 (0) 20 7440 0640; Investor Relations: Dave Burwell, The Howard Group Inc., Tel.: (403) 221-9015, Toll Free: 1-888-221-0915, Email: [email protected]