Scope Carbon Announces Strategic Investment In Farm Flight
Scope’s partnership will align Scope and Farm Flight in developing industry-leading, analytical solutions in the carbon and agricultural markets
Vancouver, British Columbia March 6, 2023 — Scope Carbon Corp. (CSE: SCPE; OTCQB: SCPCF, Frankfurt: VN8) (“Scope” or the “Company”) a carbon mapping technology provider utilizing image recognition technology, is pleased to announce to announce a USD $100,000 investment in Arizona-based Farm Flight, Inc. (“Farm Flight”), a pioneer of image based crop data and analytics.
Scope has agreed to purchase an unsecured convertible note of Farm Flight (the “Note”) with interest accruing at a rate of 8% per annum, payable three (3) years from the date of issuance, unless sooner prepaid or converted. The Note is also coupled with a share purchase warrants (each a “Warrant” and together with the Note, the “Securities”) entitling the holder to purchase 9,345 common shares of the Farm Flight at a price of USD $1.07 per common share, representing approximately 10% of the amount invested by Scope.
“Scope considers Farm Flight to be a unique and promising company in the agricultural analytics space, and we continue to be excited about our partnership between the two companies,” said Sean Prescott, Scope’s Non-Executive Chairman. “Scope and Farm Flight share strong commitments to innovation, integrity, and sustainability. Our partnership positions both companies as setting new standards of excellence in the area of analytics for the carbon and agricultural industries.”
“AI development is happening quickly in this space. We believe that Scope Carbon’s leadership team and technological development will soon make it a leading voice in the Carbon markets, so we’re pleased to strengthen our partnership with them,” said Sam Baker, Chief Executive Officer and founder of Farm Flight. “Working together, Scope and Farm Flight have a real opportunity to effect positive change in the regenerative agriculture space.”
All Securities issued under the investment will be subject to Canadian resale restrictions of four months and one day, in addition to applicable U.S. resale restrictions. No commission or fee is or will be paid in connection with the purchase of the Securities.
The Securities issued pursuant to the Investment have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States in the absence of U.S. registration or an applicable exemption from the U.S. registration requirements.
Farm Flight intends to use this investment to further the development of it’s physical infrastructure and imaging technology; allowing them to expand both their own customer base and Scope Carbon’s potential customer base as well as general working capital purposes.
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.
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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, the prospects of Scope and Farm Flight, the potential benefits, if any, of Scope’s partnership with Farm Flight, Scope’s investment in Farm Flight and the use of funds by Farm Flight. 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.