June 16, 2010, Vancouver – Valcent Products Inc. says its wholly owned subsidiary, Valcent Products (eu) Limited, has signed an agreement to supply a VertiCrop™ high density farming system to Hong Kong’s VF Innovations Ltd. (VFI), a new company specifically created to foster innovation in vertical farming. Valcent is currently in discussions to form a Hong Kong-based partnership with VFI to manufacture and distribute the company’s vertical growing systems for the Peoples Republic of China (PRC).

The VertiCrop system is intended to sell fresh produce to the Hong Kong market and to serve as a demonstration unit for future customers and partners in the PRC and other segments of the Asian market. The Valcent technical team will be in Hong Kong in early July for meetings with prospective customers, partners, and representatives of the Government of the PRC, and to finalize specifications for the VertiCrop system to be installed.

At present, management estimates that Hong Kong produces 44 tons of vegetables per day and imports over 1,600 tons daily. Following completion of the first unit scheduled for 18 weeks, the goal of the VFI partnership is to produce 10 tons of vegetables daily by employing multiple VertiCrop systems in the Hong Kong market within 24 months.

“We are delighted to announce our first commercial agreement for sale of a VertiCrop system, particularly as Hong Kong will provide us with a gateway into one of the largest markets in the world,” said Chris Bradford, president and CEO of Valcent Products. “In our discussions with the VFI management team over the past few months we have become firmly convinced that we have found a potential partner fully capable of working with us to carry this major international project forward.”