On July 31, 2018, the Supreme Court of British Columbia issued its final order approving a plan of arrangement among Future Farm Technologies Inc., the Future Farm Technologies shareholders and Nextech AR Solutions Corp.
Under the Plan of Arrangement, Future Farm will spin-out 11,000,000 common shares of Nextech now owned by Future Farm to the Future Farm shareholders on a pro rata basis. Future Farm shareholders will then own approximately 25.86% of the issued and outstanding common shares of Nextech. On a per share basis, Future Farm shareholders will be entitled to receive, for every one common share of Future Farm held by them, a fraction of a Nextech common share equal to the quotient of 11,000,000 Nextech common shares divided by the number of Future Farm common shares outstanding on the close of business on the last trading day on the CSE immediately prior to the effective date of the plan of arrangement (the “Effective Date”).
The last trading day on the CSE immediately prior to the Effective Date will be the record date for the distribution of Nextech shares (the “Share Distribution Record Date”). Notice of the actual Share Distribution Record Date and the Effective Date will be given to the Future Farm Shareholders through one or more press releases.
“We are glad that the majority of our shareholders agreed with our plan to spin-out Nextech, and that the court issued its approval,” comments William Gildea, CEO of Future Farm. “Nextech occupies a valuable niche in the cannabis market, and now shareholders of Future Farm will enjoy its success as well.”
According to a market intelligence report by BIS Research, titled “Global Augmented Reality and Mixed Reality Market – Analysis and Forecast, 2018-2025”, the augmented reality market was estimated to be $3.48 billion in 2017 and is estimated to reach $198.17 billion by 2025.
