Milner, BC Canada (PressExposure) October 22, 2012 -- Urban Barns Foods Inc. (URBF.QB) ("Company" or " Urban Barns"), is an emerging company specializing in "CUBIC FARMING" a revolutionary type of farming that dramatically increases yields of vegetables with radically diminished water consumption when compared to conventional farming. All produce is locally grown in any geographical location and climate. Urban Barns announced today that it has completed a private placement with investors to sell 25,000,000 common Class A Shares for total proceeds of $250,000.00.
Dan Meikleham, Chairman of Urban Barns, stated that, "Since listing the Company almost three years ago all previous capital raises were primarily used for Research and Development and audit reporting." Meikleham continued, "With the results of a Top 4 Independent public accounting firm's review of our process, the board has decided to move into full commercial production starting with Boston Butter lettuce, Basel, Spring Mix and Spinach. Plans are well underway to build the first Urban Barn of its kind in the world using the revolutionary CUBIC FARMING method."
Mr. Richard Groome, Director, added, "In addition to the new capital raised, due to our positive progress, our original seed capital investors have converted their $85,000 debt to 18,826,135 common Class A Shares. After the capital raise and the conversion, the total issued and outstanding shares are now 132,769,782 common Class A Shares."
The securities issued and sold in the private placement will not be registered under the Securities Act of 1933 as amended (the "Act"), and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act.
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." http://www.urbanbarns.com and http://www.urbanbarnsfoods.com are registered trademarks and Cubic Farming and Cubic Agriculture are copyright of Urban Barns Foods Inc. All other company and product names mentioned are used only for identification purposes and may be trademarks or registered trademarks of their respective companies.