Mirabel, Quebec--(Newsfile Corp. - January 11, 2016) - Urban Barns Foods Inc. (OTCQB: URBF) ("Urban Barns" or "the Company"), a vertical farming company that produces Kosher-certified leafy vegetables using its proprietary Cubic FarmingTM technology, is pleased to announce its results for the quarter ended October 31, 2015.
Revenues for the quarter ended October 31, 2015 were $36,027 as compared to $17,252 for the same period in 2014. Over the past several months, the Company has experienced a consistent increase in customer demand for all of its products, including its Kosher-certified lettuce and basil. Furthermore, Urban Barns has been able to rectify the difficulties it encountered with the opening and start-up of the Company's first growing facility in Mirabel, Québec, and production has continued to steadily increase as a result. The Company's proprietary Cubic FarmingTM technology and processes continue to improve, and during the second quarter, it is expected that an increase in machine cycles will allow Urban Barns to increase its production by up to 40%, at minimum additional cost.
Operating expenses for the Company were $233,318 for the three months ended October 31, 2015, compared to $777,649 for the corresponding period last year, a decline of $544,331. This significant decrease is attributable to the ongoing focus of management to reduce essential expenditures to be more in line with current operations, and to eliminate all non-essential cost items.
Mr. Robyn Jackson, the newly elected President and CEO of Urban Barns, commented, "I am excited to be leading this new phase for the Company and believe that a positive turning point has been reached. I look forward to the challenges and opportunities that 2016 will bring."
About Urban Barns Foods Inc.
Urban Barns uses patent pending and proprietary growing equipment to produce premium quality, chemical-free and non-GMO leafy vegetables in a secure and controlled indoor environment, including lettuce and basil that is Kosher-certified.
Forward-Looking Statements
Except for historical information contained herein, the matters set forth above may include forward-looking statements that involve certain risks and uncertainties. Words such as "may", "could", "anticipate", "believe", "estimate", "expect", "intend", "plan", and similar expressions are used to identify forward-looking statements. These forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements. Urban Barns does not undertake any obligation to update any forward-looking statements and cautions investors to consider all other risks and uncertainties, including those disclosed in Urban Barns' filings with the United States Securities and Exchange Commission.
For further information, contact:
Urban Barns Foods Inc.
Robyn Jackson, President and CEO
rjackson@urbanbarns.com
Tel: +1 (403) 831-6720
www.urbanbarns.net
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