PORTLAND, OR--(Marketwired - May 5, 2014) - THE NOW CORPORATION (OTC: NWPN) (the "Company" of "NOW") is pleased to announce that it has reached an agreement with the Family Trust that holds title to certain farm lands in the state of Colorado to install the exoPOWER wind turbine system to provide all of the power needs for a planned hydroponic hemp and medicinal marijuana farm.
As announced on March 26, 2014, the Company will be a joint venture partner along with the Family Trust (collectively, the "JV Partners"), with the right to earn up to 50% interest of a contiguous 10,000 acres zoned as agricultural land. The JV Partners plan to build a hydroponic facility to cultivate, harvest and distribute hemp and medicinal marijuana, as allowed under the Colorado State Farm Bill, and subject to being granted the requisite State licenses.
The Company holds certain distribution rights to the exoPOWER wind turbine technology, and has commissioned SP Power Farm Group BC Ltd. ("pfBC") and its partner Zephyr Power Consulting ("Zephyr") to initiate a pre-feasibility study that will include wind analysis, power requirements to fully self-sustaining, and general economic modeling for the growing of marijuana, hemp, hydroponic facilities as electricity is one of the main cash outlays of any of these projects.
Additionally, NOW and Zephyr have initiated discussions with an LED lighting system partner to test and develop LED lighting systems specific for optimal growth of hemp plants in a green-house environment.
Energy consumption is known to be extremely high for hydroponic farming operations, and as such, the Company believes that incorporating off-grid, green power generation solutions with energy efficiencies of LED lighting systems will position it alongside other innovative and forward-thinking operators and allow it to realize substantial economic and environmental benefits taking advantage of this new State by State approvals for growing medical marijuana products.
Brian Sims, President of The NOW Corporation commented, "We believe that the prove-out of our integrative approach for clean energy production and efficient use of energy will create significant commercial opportunities in the agricultural and other industrial sectors for our shareholders, creating huge savings on power for all grow ops around the world."
The Board has been notified by the accountant the financial statement for the year ending December 31st 2013 has been prepared with the first quarter ending March 31st 2014 when approved by the Company's Board will be filed with OTC Markets Website to comply with Current Information Tier standards transparency.
On behalf of the Board of Directors,
The NOW Corporation
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, and are subject to Rule 3B-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.