Shares of Urban Barns Foods (OTCBB:URBF) were up more than 33% in mid-day trading today on news that a company representative visited Dubai to discuss new regional opportunities in the Middle East with the company’s regional representative, Profound Management GT CEO Talal Thabet.
“Discussions focused on ensuring that the next steps to be taken are to finalize the structuring of a volume share purchase,” stated Mr. Thabet and that Profound’s role is, “structuring the volume share purchase is essential before we commence discussions with our pool of trusted investors, as it is the basis of our dialogue. We know that the time is right to reveal our technology.”
According to a November 28th press release, Urban Barns Food has entered into a Memorandum of Understanding (MOU) with Caribbean Produce Exchange Inc., a leading distributor of produce in Puerto Rico. Under the terms of the MOU, Caribbean Produce intends to purchase for local distribution produce grown by Urban Barns at a Puerto Rico Cubic Farming facility.
Urban Barns uses patent pending and 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, regardless 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.
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