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.
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.”
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