Business
Efftec International Inc. Acquires Majority Interest in The Future Farms(R) Retail Indoor Garden and Hydroponics Center Located in Miami, Florida
Efftec International Inc. Acquires Majority Interest in The Future Farms(R) Retail Indoor Garden and Hydroponics Center Located in Miami, Florida.
About this update from Nexteligent Holdings Inc.
[{"type":"text","content":"\n \n \n Efftec International Inc. Acquires Majority Interest in The Future Farms(R) Retail Indoor Garden and Hydroponics Center Located in Miami, Florida\n \n \nEfftec International Inc. Acquires Majority Interest in The Future Farms(R) Retail Indoor Garden and Hydroponics Center Located in Miami, Florida\n \n LAS VEGAS, NV--(Marketwired - May 4, 2016) - Efftec International Inc. (OTC PINK: EFFI) is pleased to announce it has acquired a majority interest in an established and profitable Indoor Gardening and Hydroponics Retail Center Located in Miami, Florida, trademarked The Future Farms®, www.thefuturefarms.com. Terms of the acquisition involve a combination of cash and restricted stock. Part of the cash provided will be used to increase inventory as Future Farms gears up for the expected passage of the Florida Medical Marijuana legislation.\n The Future Farms® was founded in 2005 and for the past 11 years has operated as a retail store and more recently added an online retailer presence selling indoor and hydroponic plant grow equipment. With 2015 single store sales close to $1M USD including actual net profits and a projected sales increase in 2016, The Future Farms® makes an excellent foundational retail acquisition for Efftec. This acquisition, while complementary to our core business, will provide a solid base of revenue and earnings as Efftec continues to organically grow. We are extremely pleased to welcome Mr. Gustavo Torres, who founded, owns and operates The Future Farms® and is well known expert in the gardening space, to our Company.\n Mr. Torres will join Dr. Jack Morris and Brian Tucker as the third member of the Efftec Board of Directors. This addition will allow the working board members to further separate areas of responsibility and take a major step towards Efftec's strategic plan. As previously stated Efftec will focus on providing advanced growing equipment, facilities and consulting. To this end Efftec is focused on making additional acquisitions in the hydroponics marketplace to achieve maximum synergy between companies.\n The Future Farms® will act as our consumer retail brand allowing us to support the sales of our unique product lines, Red Light Bakers, XE Lighting, Budz GrowShades, Gro Shedz personal grow systems as well as other produc...