Future Farm Technologies Inc. (FFRMF)

[PappaDogg]

Bi-Optic Ventures to acquire LED lighting assets

2015-10-07 13:38 ET - News Release



Mr. Michael Withrow reports

BI-OPTIC TO ACQUIRE LED LIGHTING ASSETS

Bi-Optic Ventures Ltd. has entered into an asset purchase agreement with Robert Huston, Growthstar Technologies Inc. and Ultimate Energy Savings Canada Inc., whereby Bi-Optic will acquire certain LED (light-emitting diode) lighting equipment and intellectual property. Both Growthstar and Ultimate Energy are privately held British Columbia corporations, based in Vancouver.

Bi-Optic anticipates utilizing the assets acquired in the Acquisition to establish a business in which it develops and markets LED lighting technology for use by the agricultural industry, retail consumers and government agencies. As consideration for the Acquisition, Bi-Optic will pay $60,000 and issue 1,500,000 common shares. Prior to closing of the Acquisition, it is anticipated that Bi-Optic will apply to list its common shares for trading on the Canadian Securities Exchange ("CSE") and voluntarily delist its shares from the TSX Venture Exchange ("TSXV"). On closing of the Acquisition, it is anticipated that Bi-Optic will change its name to "Arcturus Growthstar Technologies Inc.", and will reconstitute its board of directors to include Robert Huston, Mike Withrow, Harry Chew and Scott McDermid, with Robert Huston serving as Chief Executive Officer.

Closing of the Acquisition remains subject to a number of conditions, including the completion of satisfactory due diligence, receipt of any required shareholder, regulatory and third-party consents, the CSE having conditionally accepted the listing of the Company's common shares, the TSXV having agreed to voluntarily delist the Company's common shares, and the satisfaction of other customary closing conditions. Additional information regarding the Acquisition will be made available under the Company's profile on SEDAR (www.sedar.com) as such information becomes available.

Read more at http://www.stockhouse.com/companies/bullboard/v.op.h/bi-optic-ventures-inc#eYGHE0Ucta6JVSjU.99