News GME Innotainment Inc. (“GMEV”) Announces the Acquisition of Foundation Farms Corp., a Specialty
Purveyor of Beyond Organic Locally Grown Fruits, Herbs and Vegetables.
GME Innotainment Inc., is pleased to announce that it has acquired a controlling interest of 60% in Foundation
Farms, Corp., though a Share Exchange Agreement, dated October 31, 2019; wherein, Foundation Farms will exchange 60% of its outstanding shares for 100,000 shares of the Company’s newly created Series A Preferred Stock.
The shares of Series A Preferred Stock have a par value of $0.001 and each share is convertible into 3,621 shares of
common stock, there is also a 9.9% conversion to common stock limitation. Foundation Farms, specializes in the
operation of highly sophisticated organic fruit, herb and vegetable indoor cultivation units and provide beyond organic locally grown vegetables year-round to its customers. Foundation Farms is a pre-revenue generating enterprise
that is looking to take advantage of the growing demand for organic vegetables and the “locavore” craze.
Foundation Farms Corp., has already placed its initial order with the manufacturer and expects the first installation
to begin taking place by the first quarter of 2020.
Yves R. Michel, CEO of GMEV stated: “ As a company that is working on saving our precious resources and moving our culture to a more sustainable way of living, we are very excited to be entering this new market with the
Foundation Farms Corp. acquisition. We believe that there is significant demand for locally grown fresh vegetation
without the travel time, traceability and nutrient loss that occurs in the traditional approach to delivery, all grown in
a pesticide free Aeropod environment. Additionally, when grown in the Aeropod, the crop can produce all year long,
producing a dramatic increase in the harvest, all while using a fraction of the water otherwise required. We are looking forward to pursuing the growth of Foundation Farms Corp. as quickly as possible and continue to actively look for other opportunities generally under the sustainability banner.”
Darcy Rai, CEO of Foundation Farms, Corp., has also celebrated this acquisition “as giving Foundation Farms, the
ability to access the capital it needs to complete its acquisition and expansion of its Foundation Farms throughout
the western states and provinces.” Mr. Rai also noted that working with Yves, will be appealing, as Mr. Michel has
much experience and knowledge to offer the Foundation Farms team.
Yves R. Michel
Chief Executive Officer and Director
208 East 51st St., Suite 170
New York, NY 10022
Source : GME Innotainment, Inc. (“GMEV”)
Released December 18, 2019
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