SCOTTSDALE, AZ. and HOUSTON, TX. -- October 18, 2017 --
InvestorsHub NewsWire -- Zoned Properties, Inc. (OTCQX: ZDPY), a
strategic real estate development firm whose primary mission is to
identify, develop and lease sophisticated, safe and sustainable
properties in emerging industries, including the licensed medical
marijuana industry, and Indoor Harvest Corp. (OTCQB: INQD), a
developer of personalized cannabis medicines and a provider of
advanced cultivation methods and processes, today announced the two
companies have entered into a Binding Letter of Intent outlining
three independent agreements to complete research and development
projects for licensed medical marijuana facilities to be located in
Tempe, Ariz., Parachute, Colo. and Stockdale, Texas or other
location to be determined after approval of a provisional license
under the Texas Compassionate Use program.
“Zoned Properties has spent years establishing best practices
for the development of licensed medical marijuana facilities that
can support the research and operational projects Indoor Harvest
intends to complete over the next few years,” commented Bryan
McLaren, Chief Executive Officer of Zoned Properties. “We believe
the synergies between Indoor Harvest’s advanced cultivation
technologies and our property development expertise could be
leveraged to establish premier facilities for cultivation research
and licensed medical marijuana operators.”
“The transition of our business operations to producing cannabis
for research and pharmaceutical development is progressing
rapidly,” commented Rick Gutshall, Interim-Chief Executive Officer
and Chief Financial Officer of Indoor Harvest. “The intended
agreements for research and project development with Zoned
Properties provides us with a formal structure for taking the next
steps in executing our plans for research facilities across the
Country.”
Under the terms of the Binding Letter of Intent, the two
companies will work together to mutually agree upon terms,
provisions and obligations of three simultaneous, independent
agreements.
- Tempe Agreement – an agreement for the
development and installation of a research cultivation site
utilizing Indoor Harvest’s cultivation technology and equipment
within at most 2,500 square feet of space at Zoned Properties’
Tempe Medical Marijuana Business Park.
- Parachute Agreement – an agreement for the
development and operation of Zoned Properties’ Parachute Medical
Marijuana Business Park and for Indoor Harvest to engage Zoned
Properties as the exclusive Strategic Development Advisory.
- Texas Agreement – an agreement for Indoor
Harvest to engage Zoned Properties as the exclusive Strategic
Development Advisory for Indoor Harvest’s anticipated future
development located in Stockdale, Texas or at another location to
be determined.
“While Indoor Harvest’s recent installation in Canada
demonstrated the ability to integrate our aeroponic tables into
existing operating infrastructure and mechanical systems, the
research cultivation site in Tempe will showcase our complete
patent pending process, designed from the ground up, alongside
partners in HVAC and LED lighting,” stated Chad Sykes, founder and
Chief of Cultivation of Indoor Harvest.
Execution of any of the three individual agreements is subject
to, among other things, satisfactory due diligence and the
negotiation and execution of definitive agreements, each of which
will contain customary representations, warranties, covenants and
closing conditions. There is no assurance that any or all of the
agreements will be executed.
The Binding Letter of Intent includes a one-time, non-refundable
payment of $25,000 by Indoor Harvest to Zoned Properties. The
payment is consideration for entering into the Binding Letter of
Intent and represents a 10% deposit to be applied towards the
assignment of the Parachute Development Rights which have been
valued at $250,000 within the Binding Letter of Intent.
About Zoned Properties, Inc. (OTCQX: ZDPY):
Zoned Properties is a strategic real estate development firm
whose primary mission is to identify, develop, and lease
sophisticated, safe, and sustainable properties in emerging
industries, including the licensed medical marijuana industry. The
Company acquires commercial properties that face unique zoning
challenges and identifies solutions that can potentially have a
major impact on the cash flow and property value. Zoned Properties
targets commercial properties that can be acquired and re-zoned for
specific purposes. Zoned Properties does not grow, harvest, sell or
distribute cannabis or any substances regulated under United States
law such as the Controlled Substances Act.
About Indoor Harvest Corp. (OTCQB: INQD):
Indoor Harvest Corp. is a developer of personalized cannabis
medicines, and a provider of advanced cultivation technology,
methods and processes. Indoor Harvest provides the cannabis
industry production platforms for building integrated agriculture
(BIA) production. Indoor Harvest’s patent pending aeroponic methods
allow for the production of chemically consistent, contaminate free
cannabis, economically at scale.
Safe Harbor Statement
This press release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical facts
included in this press release are forward-looking statements. In
some cases, forward-looking statements can be identified by words
such as "believe," "expect," "anticipate," "plan," "potential,"
"continue" or similar expressions. Such forward-looking statements
include risks and uncertainties, and there are important factors
that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
factors, risks and uncertainties are discussed in the respective
companies’ filings with the Securities and Exchange Commission.
Investors should not place any undue reliance on forward-looking
statements since they involve known and unknown, uncertainties and
other factors which are, in some cases, beyond the respective
companies’ control which could, and likely will, materially affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects the respective companies’
current views with respect to future events and is subject to these
and other risks, uncertainties and assumptions relating to
operations, results of operations, growth strategy and liquidity.
Each of Zoned Properties and Indoor Harvest assumes no obligation
to publicly update or revise these forward-looking statements for
any reason, or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future.
Investor Relations
Brett Maas
Managing Partner
Hayden IR
Tel (646) 536-7331
brett@haydenir.com
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