VANCOUVER, Oct. 4, 2016 /CNW/ – Hempco Food and Fiber Inc. (TSXV: HFF) (“Hempco”) is pleased to announce that, further to the news releases dated April 25, 2016, and May 31, 2016, Seoulutions Corp., an international South Korean trading company, is again experiencing even higher demand for its hemp products. Hempco’s previously announced exclusive distribution one year contract with Seoulutions Corp. valued at C$3,000,000 has been filled and completed in 7 months. A new contract has been signed whereby Seoulutions Corp. will purchase a minimum of an additional $9,000,000 of hulled hemp seed nut/hearts from Hempco over the next year.
Hempco is in the process of installing new hemp seed processing equipment and is increasing production to meet all of its customer needs including this new Seoulutions Corp. contract. The processing facility expansion in MacGregor, Manitoba, announced May 31, 2016, is near completion, now processing approximately 200,000 lbs/month, up from 120,000 lbs/month previously. When the plant and all new equipment is fully operational the processing capacity is anticipated to be 10,000 lbs of hulled hemp seed/day, or approximately 250,000 lbs/month.
Hempco is also pleased to announce that it is to be featured on CEO clips, airing on BNN. CEO Clips, profiles some of the most innovative publicly traded companies in North America and will feature this clip here on BNN beginning Oct 2016. Business News Network (BNN) is Canada’s only all business specialty channel with real time coverage of global market activity from a Canadian perspective.
Hempco® is recognized as a “company that cares” and guarantees that its customers, all over North America, Europe and Asia, are provided the finest hemp seed foods possible. Hempco® has grown its business significantly and is generating value and profits for shareholders. It is a trusted and respected pioneer, innovator and provider of value added hemp seed foods as a major food source for humans and animals.
We seek Safe Harbor.
ON BEHALF OF THE BOARD
Chief Executive Officer
HEMPCO FOOD AND FIBER INC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Statements in this press release regarding the Company which are not historical facts are “forward-looking statements” that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties such as the risk that the closing may not occur for any reason. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as the decision of the TSXV to reject any grant of options or any person to act as investor relation service providers. Except as required by law, the Company does not intend to update any changes to such statements.
SOURCE Hempco Food and Fiber Inc.
Don Mosher, Marketing Executive, P: 604-685-6465, Vancouver BC, CanadaCopyright CNW Group 2016
Source: Canada Newswire (October 4, 2016 – 12:27 PM EDT)
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