Aquamer Acquires Urban Agricultural Corp. to Revolutionize Farming

To conduct its urban indoor farming business, Urban Ag will be utilizing TerraSphere’s proprietary system of vertically stacked growing trays

PRNewswire
Red Bank, N.J.
Aug. 16, 2010

Excerpt:

“We plan to locally produce, in urban areas, environmentally friendly and sustainably grown healthy fruits and vegetables on a year-round basis,” commented Ed Reilly, CEO of Urban Ag.  ”TerraSphere has developed an advanced growth system that should allow us to produce these products year around, regardless of weather or environmental conditions, significantly benefiting local communities.  Using these proprietary growth systems, we plan to produce fruits and vegetables that are free of herbicides and pesticides and that will have a substantially longer shelf life than agricultural products produced by traditional farming techniques.”

Nick Brusatore, inventor and co-founder of TerraSphere Systems said, “Current economic, societal, political and regulatory trends have created strong demand for innovative agricultural solutions and presenting we believe a significant market opportunity for innovators such as TerraSphere and Urban Agricultural Corp.  It is a pleasure to have Urban Agricultural Corp and their management teams become part of TerraSphere’s plan to produce a trusted guaranteed supply of fresh fruits and vegetables year round.”

Under the terms of the license for Massachusetts, Urban Ag is obligated to pay TerraSphere a non-refundable, non-creditable license fee of $1,000,000 over twelve months ($250,000 of which has been paid) and a mid-single digit royalty on sales of produce grown with the use of TerraSphere technology (with a specified minimum annual royalty of between $60,000 and $78,000 over the life of the license).  The term of the license is for the greater of 15 years or the life of the TerraSphere patents.  If Urban Ag expands its operations in Massachusetts beyond certain levels, additional license fees may become payable to TerraSphere.

See the complete news release here.