NNRF, Inc. Signs Letter of Intent
to Acquire Real Estate with Commercial Greenhouse
NNRF 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 Transaction
Pursuant 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: tholden@nnrfinc.com
Cautionary Note Regarding Forward-Looking Information
Certain statements in this press release are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as may, should, will, could, intend, estimate, plan, anticipate, expect, believe or continue, or the negative thereof or similar variations. These statements include forward looking statements regarding new revenue sources and growth plans for the Company. Those assumptions and factors are based on information currently available to the Company. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business, and political conditions, including changes in the financial markets; changes in applicable laws; and the diversion of management time. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking statements and forward-looking information. The forward-looking information contained in this release is made as of the date hereof and the Company assumes no obligation to update or revise any forward-looking statements or forward-looking information that are incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.