Announcement of Sprouts AI Auditor, Debt Financing Opportunity and Promotion of Carlos Zapata to Chief Operating Officer

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Calgary, Alberta–(Newsfile Corp. – March 25, 2022) – Sprout AI Inc. (CSE: BYFM) (OTCQB: BYFMF) (“Sprout AI” or the “Company”), a leading vertical agricultural technology company , is pleased to announce the appointment of Segal LLP, an independent firm associated with Moore Global, as auditors. Moore Global is one of the world’s leading accounting and advisory networks. Segal’s relationship with Moore gives Sprout AI the unique ability to receive a holistic solution for its auditing needs. Sprout AI will also now have access to a network of industry specialists to keep abreast of changing rules, regulations and trends across the board. Segal LLP is actively working with the Moores-Panama auditors to complete this consolidated international audit.

Chris Bolton, CEO and President of Sprout AI, said, “We are pleased to work with Moore Global and have been impressed with their breadth of knowledge and thoroughness. We are very confident to have them in place as auditors.

With this appointment, the Company remains on schedule for the completion of the Company’s 2021 year-end audited financial statements, which are expected to be released no later than the annual general meeting scheduled for August 25, 2022. Company plans to provide unaudited financial information to the market. update in the coming months.

Sprout AI has secured a debt financing opportunity through which the company will access $540,000 through a commercial loan. This loan will bear interest at an annual rate of 6% for a term of 3 years. The purpose of the loan is to assist in the advance purchase of inventory to continue to meet supply chain shortages as well as operational expenses.

Sprout AI also wishes to inform its investors that from March 15and, 2022, the Center of Excellence (COE) reopened to the public to welcome customers and potential investors for tours of Sprout AI’s facilities and assembly line. The first rounds were attended by representatives from Ivory Medical and Twin Berry Farms, as well as potential customers from Peru, the United States and Panama. These were the first visits organized since the start of the Covid-19 pandemic in the first quarter of 2020.

Chris Bolton notes: “The evolution of Sprouts’ ability to showcase all of its controller assembly capabilities, coupled with its demonstration of Sprout AI version 2 in the rack, marks the completion of our transition as a subsidiary to part of TheraCann International, to a publicly traded company. »

Marking this transition, Sprout wishes to announce the promotion of Carlos Zapata to the position of Chief Operating Officer (COO). Carlos, who has been with Sprout AI since October 2020 as Assembly and Manufacturing Manager, has extensive experience in complex engineering operations and has over 20 years of manufacturing experience. Previously, he was Vice President of Manufacturing for Sojitz Corporation, which manufactures and assembles vehicles for Mitsubishi, Hyundai and FUSO, as well as Director of Operations and Partner of Susetesa, an electrical and mechanical maintenance service provider for Panama. and Central America.

Chris Bolton said, “We are very grateful to Kyle Horak, who helped lay the foundation for Sprout, after navigating the complex registration and regulatory affairs in Panama and internationally. We wouldn’t be as strong as we are without his efforts. We are excited as we move into the next phase of our growth, building on this strong foundation as well as Carlos’ expertise. »

Kyle will retain his position as a full-time member of Sprout AI’s Board of Directors, where his regulatory expertise will continue to be an asset. The Company will provide a full update on the status of its project in the coming weeks.

For non-hardware updates and to learn more about Sprout AI and the vertical farming industry, please follow Sprout AI on:

Twitter: https://twitter.com/SproutAIS
LinkedIn: https://www.linkedin.com/company/sproutaisolutions
Facebook: https://www.facebook.com/SproutAIS/
Instagram: https://www.instagram.com/sproutais/

About Sprout AI

Sprout AI is a vertical farming technology company in the business of planning, designing, manufacturing and/or assembling sustainable and scalable AI-controlled vertical farming equipment for agriculture indoor vertical. Adaptive technology produces an environment with improved growth parameters and early detection of adverse conditions, resulting in consistent, repeatable crops with shorter crop cycles regardless of geographic climates.

Self-contained tiered rolling rack technology increases cubic growing area while mitigating the risk of outside and cross contaminants.

For more information on Sprout AI, please visit https://www.sproutai.solutions.

Chief Executive Officer
Chris Bolton
Sprout AI Inc.
Phone: +011 (507) 6384-8734
Email: [email protected]

Investor Relations
Colleen McKay
Sprout AI Inc.
Tel: + 1 (289) 231-9026
Email: [email protected]

Website: https://www.sproutai.solutions
Address: International Business Park,
Unit 5B, Building 3860
Panama Pacifico, Republic of Panama

THE CANADIAN SECURITY EXCHANGE HAS NOT REVIEWED AND ACCEPTS NO RESPONSIBILITY FOR THE ACCURACY OR RELEVANCE OF THIS RELEASE, NOR HAS THE CSE REGULATORY SERVICE PROVIDER.

Forward-looking statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws with respect to the Company. The forward-looking information included in this press release is not based on historical facts but rather on the Company’s management’s expectations regarding the Company’s future growth, results of operations, performance, prospects and business opportunities. . This press release uses words such as “will”, “expect”, “anticipate”, “intend”, “anticipate”, “believe”, “estimate” or similar expressions to identify forward-looking information. This forward-looking information reflects the current beliefs of the Company’s management based on information currently available to it.

Such forward-looking information includes, among other things, statements relating to: the order, intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company; and anticipated developments in the Company’s operations. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyzes made by the Company in light of experience and perception of historical trends, current conditions and expected future developments and other factors it deems appropriate and subject to risks and uncertainties.

Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, potential investors should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will be consistent with the Company’s expectations and projections is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including : global or national health issues, including the outbreak of a pandemic disease, such as COVID-19 and including the evolution of new variants of COVID-19, the duration and effects thereof and delays in vaccine development, supply and distribution; risks related to the effective management of the Company’s growth; liabilities and risks, including environmental liabilities and risks associated with the Company’s activities; the Company’s ability to attract and retain customers; the competitive nature of the industries in which the Company operates; and other risk factors described in the Company’s final long form prospectus dated May 31, 2021.

Should one of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results could differ materially from those anticipated in the forward-looking statements. The information contained in the forward-looking statements in this press release is provided as of the date of this press release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or events. or future results, except as required by applicable Canadian securities laws. Accordingly, prospective investors should not place undue reliance on any forward-looking statements or the information contained in such statements.

All forward-looking information contained in this press release is expressly qualified by the foregoing caveats.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118100



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