Business
NNRF, Inc. Signs Letter of Intent to Acquire Farm Property
NNRF, Inc. Signs Letter of Intent to Acquire Farm Property.
About this update from Nnrf, Inc.
[{"type":"text","content":"NNRF, Inc. Signs Letter of Intentto Acquire Real Estate with Commercial GreenhouseNNRF Inc. (OTC PINK: NNRI) today announced that it has finalized a fully executed Letter of Intent (LOI) to proceed with the purchase of land located in Tennessee which includes a 96,640 square foot commercial greenhouse. This transaction helps NNRF to continue to move forward with their goal of growth in the Green Economy. The property and greenhouse will be an operating organic farm utilizing revolutionary growing techniques and processes developed and patented by partners in a to-be-formed Joint Venture which will enable increased agricultural results.The acquisition of the property and greenhouse is the first step in the development of an organic produce growing facility which will be utilized for both research and development and a showcase for our Green Agriculture venture utilizing proprietary growing techniques and systems which will be licensed and integrated through a joint venture agreement which is in the process of being finalized. The property which includes a 17.5-acre tract of land also includes 21 interconnected greenhouses totaling approximately 96,640 square feet which are all climate-controlled. There is also an existing 17,928 square foot office/warehouse building. The Proposed TransactionPursuant to the Proposed Transaction, the Company will issue $750,000 in common shares (subject to SEC Rule 144 Restrictions), based on the two-week average price of the stock at the time of close of escrow, in addition to $750,000 cash. One stock warrant will be issued for every two shares of stock issued at the close of escrow at a $0.10 per share exercise price.The Proposed Transaction is subject to completion of due diligence reasonable or customary in a transaction of a similar nature.About NNRF, Inc.NNRF, Inc. has recently positioned itself as an eco-friendly holding company. We envision to become a leading diversified holding company, maximizing shareholders value and enabling economic development with specific focus on emerging green markets. NNRF looks to build value by targeting companies that are positioned to grow as the world moves to invest and develop green technologies, green energy and healthier living and lifestyles.Contact NNRF: [email protected] Cautionary Note Regar...