Scope Carbon Announces Secured Loan Facility Agreement With Farm Flight Inc.
Vancouver, British Columbia July 6, 2023 — Scope Carbon Corp. (CSE: SCPE; OTCQB: SCPCF, Frankfurt: VN8) (“Scope” or the “Company”) today announces that it has entered into a secured loan agreement (the “Loan Agreement”) with Farm Flight, Inc. (“Farm Flight”) for Scope to provide a loan to Farm Flight for the principal amount of USD $330,000 or such other amount as the Company and Farm Flight may agree in writing from time to time (the “Loan”). The incremental borrowing rate under the Loan is determined by the United States prime rate plus 1.5%. The Loan is repayable upon provision to Farm Flight of 75 days written notice. As of the date hereof the Company has advanced approximately USD $80,000 in funds of the Loan to Farm Flight. The proceeds of the Loan will be used by Farm Flight in the development of its technology and for general working capital purposes.
The Loan Agreement is an arm’s length transaction.
About Farm Flight, Inc.
Farm Flight is an image-based crop intelligence platform based in Tempe, Arizona. Farm Flight’s integrative platform combines data collection services, UAS technology, and various machine learning products into a single solution for customers throughout the supply chain. The technology that Farm Flight creates enables regenerative agricultural practices, mitigates waste, and helps producers increase their yields.
About Scope Carbon Corp.
Scope is a carbon mapping technology company located in Vancouver, British Columbia and is focused on the commercial development of its AI-driven image software, which the Company intends to use for the identification and estimation of carbon-based lifeforms and carbon emissions, both key components in the identification of carbon credits.
The Company is currently focused on the commercial development of its technology (the "Scope Analysis Platform") through its research and development program, to expand the capabilities of the Scope Analysis Platform and provide a one-tool solution in carbon mapping.
For more information please visit Scope Carbon Corp. or follow along on social media.
James Liang, Chief Executive Officer
(604) 683 0911
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding beliefs, plans, expectations, future, strategy, objectives, goals and targets and the repayment of the Loan Agreement. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “aim”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements involve known and unknown risks and are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, those risks and assumptions described in the Company’s prospectus dated August 10, 2022, a copy of which is available under the Company’s profile on SEDAR at www.sedar.com. While Scope considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions, continued satisfaction of Canadian Securities Exchange requirements, product safety and recalls, regulatory compliance and risks associated with the Company’s business. For more information on the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the risk factors set out in the Company’s prospectus dated August 10, 2022, a copy of which is available under the Company’s profile on SEDAR at www.sedar.com. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.
The Canadian Securities Exchange has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.