Toronto, Ontario--(Newsfile Corp. - August 11, 2014) - Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") announces that it has entered into an exclusive agreement with a private international company that specializes in developing growth mediums, fertilizer products, and other consumer products and services conducive for commercial indoor growing operations, including organics, flowers, foods, and cannabis. The agreement with Homegrown Hydroponics provides Satori with the exclusive right to negotiate the terms of a partnership and distribution agreement ("Co-operation Agreement"), in furtherance of the proposed development and distribution of cannabis growth enhancing products.
Homegrown has been designing, manufacturing, and retailing products used in indoor and outdoor garden and grow operations for 28 years, and currently franchises and operates several retail outlets across Canada and the United States. Homegrown is currently negotiating testing partnerships with several licensed medical marijuana growers with a view to producing quality growth enhancing products for the burgeoning North American cannabis market, using resources acquired through Satori's mineral and mining partnerships.
To that end, and in support of the agreement with Homegrown Hydroponics, Satori is currently negotiating a right of exclusivity from an arms-length party to complete due diligence in contemplation of reaching suitable terms for an interest in an industrial mineral mine prospective for natural growth enhancers.
The arrangements with Homegrown and the negotiations with the industrial-mineral mine owner, as well as Satori's earlier announced phosphate-rock joint venture with Jourdan Resources Inc. (see News Release dated April 30, 2014), in addition to its recent appointment of agricultural management and operations consultant Ms. Tegan Adams, M.Sc. (see News Release dated July 29, 2014), Satori is demonstrating its increasing focus on developing mineral resources and partnering for the ultimate marketing and launching of a range of products to be used in commercial agricultural operations, specifically in regulated cannabis production.
Ms. Adams said of the arrangement, "In Homegrown Hydroponics, Satori has secured an opportunity with a company having a deep history of bringing high quality agricultural fertilizer products to markets across North America and around the world. When you consider the size of the new North American medical marijuana market, and that sector's early struggles in establishing consistency and quality in its growing processes, I believe there will be a large market for the right products that can correct those inconsistencies, especially with a locked down supply chain of the necessary production elements. Having met the Homegrown team, we are impressed by their knowledge and integrity making us very excited to be working with leading experts in the agri-product development field."
CEO Jennifer Boyle said of the announcements, "We are looking to continually secure a strong supply of the raw mineral materials needed to create a commercial growth enhancement product line, and are now looking to Ms. Adams to put together the pieces needed to take those materials to market in the most efficient way. Once the arrangements are finalized, we will make efforts to move on to the testing phase with grow partners."
In consideration for the right of exclusivity granted by Homegrown to Satori under the Cooperation Agreement, Satori shall issue to Homegrown 200,000 common shares, and the period of exclusivity expires November 9, 2014.