Sprout AI Update on Audit, welcomes Kevin McGeough & cultivates first Karú potato with fogponic system. TheraCann signs LOI for internships at Sprout AI COE.

Sprout AI (CSE:BYFM)

VANCOUVER, BRITISH COLUMBIA, CANADA, May 15, 2023/EINPresswire.com/ -- Sprout AI Inc. (CSE: BYFM) ("Sprout AI" or the "Company"), a leading company in the vertical farming industry, is pleased to announce the upcoming Year End Audit filings ending January 31st, 2023. The audit process is currently underway, and Dean Callaway, the Chief Financial Officer of Sprout AI, is expected to submit the report by May 31st, 2023.

Sprout AI is also proud to welcome Kevin McGeough as its new board member. With his MBA, culinary degree, and expertise in the field of aggrotech, Kevin brings a wealth of knowledge and experience to Sprout AI. His appointment to the board is expected to contribute significantly to the company's growth, given his deep understanding of the agricultural industry.

"Sprout AI is revolutionizing the vertical farming industry, and I am thrilled to join the board to help guide its future growth," said Kevin McGeough. "I believe that my background and experience will be instrumental in developing and implementing strategies that will enable Sprout AI to continue to excel."

The company is also pleased to announce the successful completion of its research project for the cultivation of the first potato seeds from the “Karú” variety, produced in controlled environmental conditions in Panama, using Sprout AI’s proprietary fogponics system. This project was carried out under the agreement that the Company has with the Agriculture Innovation Institute of Panama (IDIAP), the leading agricultural research institute in the country. On May 11th, 2023, the seeds were presented to IDIAP, the Agriculture Ministry, and farmer representatives during a ceremony held at the Companies COE.

With this project, the Panamanian government seeks to replace the import of potato seeds for cultivation, currently coming from Germany, with a national production harvested in the Sprout AI system. The yield using fogponics in the Sprout AI habitats is promising, and the visit by IDIAP highlights the importance of technology in agriculture and its potential impact on food security in Panama.

The Deputy Minister in Charge highlighted the importance of this initiative, which will benefit potato producers in the country, especially those in the Highlands, due to its impact on food security in Panama. She added that this project demonstrates that successful results can be achieved when the National Government and private companies work as allies.

She also pointed out that innovation is being made in this area, thanks to the joint effort with private companies such as TIBC and its publicly traded subsidiary Sprout AI.

In addition, Sprout AI is pleased to announce that TheraCann Australia Benchmark Pty Ltd, a fellow subsidiary of TheraCann International Benchmark Corp (TIBC), has signed a letter of intent with the Universidad Especializada de las Americas (UDELAS), its strategic partner, to provide select students with internships at TheraCann's Center of Excellence (COE) in Panama. These students will have the opportunity to study the operations of the Sprout AI Controlled Environment Urban Indoor Cultivation Systems during their internships of 3 to 6 months.

"We have learned about one of the most extraordinary experiences in the field of food cultivation technology… The technology is extraordinary," said Sr. Juan Bosco Bernal, director of the Universidad Especializada de las Americas.

"This experience also allowed us to sign a collaboration agreement… that will serve as a basis for university internships for students in both food safety and biomedicine so that these students can study, develop skills, and contribute to this great experience that we have in Panama."

Sprout AI is committed to advancing the vertical farming industry and looks forward to continued growth and innovation in the future.

About Sprout AI
Sprout AI is a technology company in the business of planning, designing, manufacturing and/or assembling scalable AI-controlled vertical cultivation equipment for international urban farming. The adaptive technology produces an environment with improved growing parameters and early detection of adverse conditions resulting in consistent and repeatable crops, with shorter cultivation cycles, independent of geographic climates. The self-contained multi-level rolling rack technology increases the cubic cultivation area while mitigating the risk of outside and cross-contaminants.

For more information about Sprout AI, please visit our website: http://sproutai.solutions

Chris Bolton
Chief Executive Officer
Phone: +011 (507) 6384-8734
E-mail: mainweb@sproutai.solutions

Colleen McKay
Investor Relations Contact
Tel: (289) 231-9026
E-mail: cmkay@sproutai.solutions

Address: International Business Park, Unit 5B, Building 3860 Panama Pacifico, Republic of Panama

Forward-Looking Statements This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts, but rather on the expectations of the Company's management regarding the future growth of the Company, its results of operations, performance, business prospects, and opportunities. This news release uses words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company's management, based on information currently available to them. This forward-looking information includes, among other things, statements relating to: the intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company and anticipated developments in operations of the Company. 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 analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate and are 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, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance, or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including global or national health concerns, including the outbreak of pandemics or contagious diseases, such as COVID-19 and including the evolution of new variants of COVID-19, the duration and effect thereof and delays relating to vaccine development, procurement and distribution; risks relating to the effective management of the Company's growth; liabilities and risks, including environmental liabilities and risks associated with the Company's operations; the Company's ability to attract and retain customers; the competitive nature of the industries in which the Company operates; and the other risk factors described in the Company's final long-form prospectus dated May 31, 2021. If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable Canadian securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements, or the information contained in those statements. All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.

Colleen McKay
Sprout AI Inc., Sprout AI S.A.,
+1 289-231-9026
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