Business
Indoor Harvest Corp Announces $2 Million Equity Purchase Agreement With Kodiak Capital Group
Indoor Harvest Corp Announces $2 Million Equity Purchase Agreement With Kodiak Capital Group.
About this update from Indoor Harvest Corp.
[{"type":"text","content":"\n\n HOUSTON, Feb. 04, 2016 (GLOBE NEWSWIRE) -- Indoor Harvest Corp (OTCQB:INQD), through its brand name Indoor Harvest®, is a full service, state of the art design-build engineering firm for the indoor and vertical farming industry. The company provides production platforms, mechanical systems and complete custom designed build outs for both greenhouse and building integrated agriculture grows, tailored to the specific needs of virtually any cultivar. The Company is pleased to announce that it has entered into a $2,000,000 equity purchase agreement (\"Agreement\") with Kodiak Capital Group, LLC (\"Kodiak\").\n Under the terms of the Agreement, Indoor Harvest Corp (\"IHC\") has the right to sell to Kodiak up to $2,000,000 of IHC's common stock. Kodiak cannot require IHC to sell shares to Kodiak, but is obligated to make purchases as requested by IHC. If during the valuation period, as defined under the terms of the agreement, should the purchase price fall below $0.50, Kodiak may elect to purchase all, or any portion thereof, of the shares for $0.50. Proceeds from the funds raised will be utilized by IHC to scale operations, develop new products and for general working capital. \"This commitment from Kodiak would be our largest single investment to date and our first with an institutional partner. This funding will provide us considerable flexibility as we scale up operations in 2016 and onward to meet a current estimated project pipeline of over 19 individual projects. We're excited to be working with Kodiak and are looking forward to the value added relationship and building shareholder value together,\" stated Chad Sykes, the founder and CEO of Indoor Harvest. “We have liked the Indoor Harvest team, the market and the business model from the very beginning. What really excites us is the traction the company has showed over the last few months. We strongly believe they will be shaping a large global market, that has been untouched, with their combination of strong execution and deep understanding,” stated Ryan Hodson, Managing Director of Kodiak. Additional details regarding the Agreement are included in a current report on Form 8-K filed by IHC with the Securities and Exchange Commission today. Consistent with the SEC’s April 2013 guidance on using social media outlets like Facebook and Twitter to make ...