Indie Growers Association Subsidiary Announces Letter of Intent for 10 Year Lease Agreement
(firmenpresse) - CARSON CITY, NEVADA -- (Marketwired) -- 10/01/14 -- Indie Growers Association (OTCQB: UPOT) is pleased to announce that its wholly owned operating subsidiary, River Ridge Sunshine Farms LLC, has signed a Letter of Intent (LOI) to sublease a parcel of land at its Prosser, Washington, property. Under the terms of the LOI, Hydro Pro LLC, a private Washington grower, has stated its intention to sign a definitive agreement for a 10 year renewable lease of farm land and supporting infrastructure from River Ridge Sunshine Farms. The lease rate will be $9.52 per square foot of garden canopy per month for an approximate monthly rental income of $200,000 per month payable to River Ridge. The proposed leased parcel will consist of fenced land with private gated access, approximately 1,500 square feet of warehouse space, 21,000 square feet of garden canopy, and a security camera system.
About River Ridge Sunshine Farms LLC
River Ridge Sunshine Farms LLC is a wholly owned subsidiary of Indie Growers Association. It holds a 10 year, renewable lease on a 14 parcel agricultural property in Prosser, Washington. One of the parcels has already been subleased to Cannabliss Organic Gardens, a licensed medical marijuana grower, who is awaiting final approval of its Tier 3 license. River Ridge Sunshine Farms LLC intends to sublease all of the parcels to licensed marijuana growers.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties, including the Company's beliefs about its business prospects and future results of operations. Some factors that could cause actual results to differ materially include economic and operational risks, changes in anticipated earnings, continuation of current contracts, and other factors detailed in the Company's filings with the Securities and Exchange Commission, including its most recent Forms 10-K and 10-Q. The Company forecasts provided above are dynamic and therefore refer only to this release date. The Company does not undertake to update any forecasts that it may make available to the investing public. This news release has been issued by the Company as required by law and per the Company's listing and reporting obligations.
Indie Growers Association Inc.
Robert Coleridge, President
Contacts:
Indie Growers Association Inc.
1 (888) 648 0488
1 (206) 400 7569
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Unternehmensinformation / Kurzprofil:
Datum: 01.10.2014 - 13:00 Uhr
Sprache: Deutsch
News-ID 340386
Anzahl Zeichen: 0
contact information:
Town:
CARSON CITY, NEVADA
Kategorie:
Mining & Metals
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