CALGARY, Alberta, Oct. 30, 2013 (GLOBE NEWSWIRE) -- URBAN BARNS FOODS INC. (URBF.QB) ("the Company" or "URBAN BARNS"), today announced the closing of a private placement of 67,567,568 common shares of the corporation at $0.0148 per share for a total private placement of $1,000,000 in cash. Under the terms of the financing, the sole subscriber, Dundee Agricultural Corporation ("Dundee"), will have the right to nominate two directors. Dundee will also have a right of to maintain their pro rate share position on future financings.
URBF Chairman Dan Meikleham is pleased to announce two new board members, namely, Mr. Horst Hueniken, Vice President and Portfolio Manager at Goodman & Company, Investment Counsel Inc., and Mr. Kevin Reed, President and CEO of Blue Goose Capital Corp. Meikleham also announced that Mr. Jack Benne, Co – Founder and CEO has resigned his position as Officer and Director; however, will remain Honorary head of the company's Research and Development team. Mr. Tito Montilla, Director, has also announced his resignation from the Board of Directors. On behalf of all shareholders, Mr. Meikleham expressed his sincere thanks for dedication of Mr. Benne and Mr. Montilla during the Company's formative years.
Mr. Kevin D. Reed has served as the Chief Executive Officer and as a director or chairman of a number of Canadian corporations and currently serves as a Director of Fraser Institute. Mr. Reed holds C.I.M. (Canadian Investment Manager) certification from Canadian Securities Institute and holds a Bachelor of Arts in Social Sciences from the University of Ottawa. In 1991, he completed the Canadian Securities Course from Canadian Securities Institute.
Mr. Horst E. Hueniken has served as a Managing Director and Research analyst, and a Portfolio Manager, at a number of corporations covering the agriculture and aquaculture products and services sector. Mr. Hueniken holds a Chartered Financial Analyst designation, and has been top-three ranked by for stock picking by Starmine, Greenwich Associates, and Brendan Wood International. He holds an M.B.A. from the Ivey School of Business, and a Bachelor of Applied Science degree in Mechanical Engineering from the University of Waterloo.
In July, Urban Barns Foods engaged the services of Optimize Capital Markets to arrange its financing through its Institutional Crowdfunding Portal. Matthew McGrath, CEO of Optimize Capital Markets said, "We are very pleased to have helped two such quality organizations connect and consummate this transaction through our Institutional Crowdfunding Portal."
About Urban Barns Foods Inc.
Urban Barns uses patent pending proprietary equipment to produce affordable vegetables in a secure and controlled indoor environment. By setting up subsidiary facilities and growing locally, Urban Barns can focus on supplying any community, irrespective of the regional climate, effectively reducing shipping times and related spoilage costs. Urban Barns has the unique ability to scale and cater to the demands of all major communities. Our commitment to our consumers is reflected through our motto, "Purely Fresh, Naturally Tasty, and Completely Healthy." The websites www.urbanbarns.com and www.urbanbarnsfoods.com are registered trademarks and Cubic Farming and Cubic Agriculture are copyright of Urban Barns. All other company and product names mentioned are used only for identification purposes and may be trademarks or registered trademarks of their respective companies.
About Optimize Capital Markets
Optimize Capital Markets™ is leading the next generation of Investment Banking Firms through its Institutional Corporate Finance Team coupled with its Institutional Crowdfunding Services. They focus on both private and public entities to obtain additional capital to maximize their business activities. We have been able to differentiate ourselves dramatically from the typical bank by providing our corporate clients traditional corporate finance services along with instant access to Our Institutional Crowdfunding Marketplace. Its website can be found at www.optimizecapitalmarkets.com
Forward-Looking Statements:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Urban Barns or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of Urban Barns' products, the competitive environment within the industry, the ability of Urban Barns to continue expanding its operations, the level of costs incurred in connection with Urban Barns' expansion efforts, economic conditions in the industry and the financial strength of Urban Barns' customers and suppliers. Urban Barns does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.