RMMI Corp. Newell Facility Renovation, Corporate Update and Board Change
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES . ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./
CALGARY , Dec. 17, 2018 /CNW/ - RMMI Corp. ("RMMI" or the "Company") (CSE: RMMI) is pleased to provide an update on the renovation of its Newell facility and related activities.
Interior demolition of the main building commenced at the beginning of December and is expected to be completed before December 25 , 2018. Reconstruction and renovation of the building will commence immediately thereafter and is targeted for completion in Q2 2019. The Company's 23,400 square foot main facility will be capable of supplying the Canadian market with a wide range of cannabis products. Employing modern extraction technologies and processes, the Company is estimating over 1,000 litres of high-purity, organic-quality cannabis oil can be produced once the facility is at capacity. Management believes that the facility, combined with advanced AEssense Corporation aeroponic systems, will produce attractive yields by utilizing stackable technology and a highly controlled environment.
To ensure yield maximization and optimum plant quality, the facility design will allow for precise control of all aspects of propagation, cultivation and processing. The Company believes that with robust environmental controls, full-spectrum controllable LED lighting and precise irrigation control, the Company will be able to produce the highest quality plants while reducing crop risk. Each growing room will be configured with a wide array of sensors to allow the Company to collect real-time data on growing conditions and climate and continually improve its results. These systems will allow each room to maintain accurate environmental setpoints for conditions such as humidity and temperature and adjust to variations in internal and external conditions. The facility is designed to maximize the genetic potential of each strain for terpene profile, flower quality and yield.
RMMI will regularly provide updated photos of the facility renovation on the RMMI website: www.rmmi.ca.
Highlights and corporate updates:
Earl Connors , President and CEO of RMMI, stated: "Over the past year RMMI has executed on all aspects of the Company's business plan, creating forward momentum and value for our shareholders, as demonstrated by our achievements in 2018." In the past three months, RMMI has completed the following:
- Closed its Initial Public Offering and listed on the Canadian Stock Exchange, with trading commencing on September 25 th;
- Entered into a supply agreement with Namaste Technologies Inc.'s (TSXV:N) (M5BQ.F) (NXTTF) wholly-owned subsidiary Cannmart Inc. ("Cannmart"), whereby Cannmart will purchase medical cannabis products from RMMI, to offer in its online medical-cannabis marketplace;
- Completed the Company's first hemp cultivation to collect valuable information such as nutrient and pH requirements at different stages of growth, and work towards standardizing environmental conditions such as temperature, humidity, lighting, electroconductivity of the nutrient-water mix, as well as other factors that will be directly transferable to cannabis cultivation;
- Commenced the Company's second hemp cultivation to collect additional data and continue to optimize its processes, procedures and quality control system. Please visit the Company's website (www.rmmi.ca) to view photos of the hemp cultivation program;
- Executed an agreement with Surna Inc. ("Surna") (SRNA), to supply application-specific, individually-packaged HVAC and environmental control systems, custom-designed for the Company's cultivation and production facility;
- Entered into a supply and installation agreement with a local Alberta company to replace the walls and roof of the main building on its Newell property, ensuring a high-integrity building envelope. This work is expected to be completed by mid-February. Interior renovations and the cultivation facility will be developed in parallel; and
- Entered into a purchase agreement for the supply of its initial order of AEssence stackable aeroponics systems and related equipment for the cultivation of cannabis crops.
"In 2018, the Company made excellent progress towards its goal of becoming a premium, organic-quality cannabis producer", said Earl Connors , President and CEO of RMMI. "Our balance sheet is strong, our building design is optimized, and we have the resources, platform and people to continue to execute our strategic plan and deliver sustainable value to our investors and stakeholders."
RMMI also continues to evaluate partnership, acquisition and other opportunities to enhance long term shareholder value and potentially provide immediate revenue and cash flow, vertically integrate other cannabis businesses or provide geographic diversification including international jurisdictions.
Board Change:
Marc Staniloff , a director of RMMI, will retire from RMMI's Board at the end of this year, to focus on his businesses and spend more time with his family. Mr. Staniloff remarked, "It has been a privilege to serve on RMMI's Board of Directors. I continue to be impressed by the focus and determination of the management team and the Board, and the progress they have made in two short years. I wish the RMMI team and Board of Directors continued success."
CEO Earl Connors commented, "It has been an honor to have worked with Marc, an accomplished and successful entrepreneur. He has provided valuable guidance and insight during his tenure. On behalf of the Board and all of us at RMMI, we wish Marc continued success in all of his endevours." The Compensation and Governance Committee will engage in a process to identify individuals to fill Mr. Staniloff's vacancy on RMMI's board, in due course.
About RMMI Corp.
RMMI is an Alberta based company that focuses on the production, cultivation and sale of marijuana in various forms. RMMI, through its wholly-owned subsidiary, Rocky Mountain Marijuana Inc. ("Rocky Mountain"), is a late stage applicant under the Cannabis Act ( Canada ) and is in the process of obtaining the requisite license to commence cannabis production and operations. Rocky Mountain blends science with nature, using aeroponic cultivation and CO2 extraction, and intends to produce high-purity, organic-quality cannabis oils. RMMI's team will employ leading commercially-available science and technology to maximize production yields and product quality as a low-cost producer, while reducing risk to its crops and its business.
For more information about RMMI, please call Investor Relations or visit www.rmmi.ca.
Forward Looking Statements
Certain statements contained in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of the applicable securities legislation (collectively, "forward-looking statements"). These statements relate to management's expectations about future events, results of operations and RMMI's future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Unless otherwise indicated, these statements speak only as of the date of this news release. In particular, this news release contains forward-looking statements pertaining RMMI's future business plans, Newell facility renovations and its expected completion date, the ability to successfully supply products that meet high quality standards and expected volumes and the optimum operation of the facility once completed.
Forward-looking statements are based on certain assumptions and analyses made by RMMI in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. In making the forward-looking statements, RMMI has made various material assumptions, including but not limited to, receipt of applicable regulatory licences from Health Canada, material assumptions relating to general business and economic conditions and RMMI's ability to successfully execute its business plans strategy. Although RMMI believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and RMMI cannot assure that actual results will be consistent with the forward-looking statements included in this news release. Given these risks, uncertainties and assumptions, readers should not place undue reliance on the forward-looking statements in this news release and should review the various risk factors set forth in RMMI's AIF dated October 10 , 2018.
The forward-looking statements included in this news release are expressly qualified by this cautionary statement and, except as otherwise indicated, are made as of the date of this news release. RMMI does not undertake any obligation to publicly update or revise any forward-looking statements or departures from them except as required by applicable securities laws. All of the forward-looking statements contained in this news release are expressly qualified by the foregoing cautionary statements.
SOURCE RMMI
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2018/17/c5754.html