HOUSTON--(BUSINESS WIRE)--Indoor Harvest, Corp., through its brand name Indoor Harvest™, is a development stage company that seeks to become a design build contractor, developer, marketer and direct-seller of commercial grade aeroponic fixtures and supporting systems for use in urban Controlled Environment Agriculture ("CEA") and Building Integrated Agriculture ("BIA"). The Company is pleased to announce that is has begun phase one construction of a demonstration aeroponic vertical farm in Houston, Texas.
The Company has leased an initial 10,000 square feet of industrial office/warehouse space minutes from downtown Houston with frontage access to the I-10 interstate corridor. The project will be broken into two phases, with a total estimated construction cost of $850,000. Phase one, which is expected to be completed by mid 2014, will include planning, city approvals and infrastructure improvements to the leased facility. Phase two, which will begin mid 2014, will involve the installation of the aeroponic farming system, controls and processing facilities. The Company recently closed $442,000 in private equity funding to complete phase one and has plans to raise additional capital to complete phase two. The completion of the project is contingent on our raising additional funds, of which there is no assurance.
Vertical farming has been shown as a possible solution for increasing urban food supplies while decreasing the ecological impact of farming. If developed, we believe this method of farming to be the next generation of farming and the start of automated, technology-based urban food production. CEA and BIA vertical farming practices are not dependent on the climate and can produce 24 hours a day, 365 days a year.
Indoor Harvest is currently developing equipment and methods that it believes will lower the barrier of entry for urban vertical farmers. The Company believes based upon management’s knowledge of the industry that there may be a growing opportunity in the local production of quality, non-GMO, pesticide free produce for restaurants and specialty grocers using the Company's patent pending aeroponic system. We believe that currently the cost to successfully launch such a business can be cost prohibitive due to the amount of research and development required. In order to reduce the barrier to entry, Indoor Harvest aims to develop methods and systems to lower this barrier by providing tested turn-key solutions. The Company's demonstration facility will initially serve to conduct the necessary research and development towards best practices and will in the future serve as a demonstration facility for the Company's products and services.
Mr. Chad Sykes, Chief Executive Officer of the Company, stated, "Given our changing climate and growing global population, we believe new ways of producing food will be needed. We here at Indoor Harvest are focused on becoming a significant part of that effort.
Scalability and slim margins have been a big issue for large scale vertical farming to date. We believe, however, that smaller vertical farming operations, particularly those focused on very niche high value products may not face these same issues. We believe that these smaller vertical farming operations are a great market to pursue which we hope can provide us with the feedback and knowledge needed to really develop larger vertical farming solutions for the future."
ABOUT INDOOR HARVEST CORP
Indoor Harvest, Corp., through its brand name Indoor Harvest™, is an emerging design build contractor and OEM manufacturer of commercial aeroponic system fixtures and components for use in urban Controlled Environment Agriculture and Building Integrated Agriculture. Our patent pending aeroponic fixtures are based upon a modular concept in which primary components are interchangeable providing a level of customization that we believe, based upon our knowledge of the industry, is currently not offered by other aeroponic system manufactures. We are developing our aeroponic fixtures and systems for use by both horticulture enthusiasts and commercial operators who seek to utilize aeroponic vertical farming methods within a controlled indoor environment. Please visit our website at http://www.indoorharvest.com for more information about our Company.
FORWARD LOOKING STATEMENTS
This release contains certain “forward-looking statements” relating to the business of Indoor Harvest and its subsidiary companies, which can be identified by the use of forward-looking terminology such as “estimates,” “believes,” “anticipates,” “intends,” expects” and similar expressions. Such forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the Securities and Exchange Commission. These forward-looking statements are based on Indoor Harvest’s current expectations and beliefs concerning future developments and their potential effects on Indoor Harvest. There can be no assurance that future developments affecting Indoor Harvest will be those anticipated by Indoor Harvest. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the Company) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by such forward-looking statements. Indoor Harvest undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
