Novo Integrated Sciences, Farm 7 Group announce Kenya cooperative ag pact

Novo Integrated Sciences announced the Company and Farm 7 Group Inc., a Canada corporation , have entered into a joint venture agreement relating to the development, administration and arrangement of structured financing for the implementation and commencement of the Kenya Agricultural Cooperative Project , a Kenya centric agricultural project with finalized and executed uptake contracts for food-based agricultural goods on up to 9 million hectares with potential revenue up to $350M. The JV Agreement, which has an initial term of 30 years, provides for the annual distribution of the net profits 75% to F7 and 25% to Novo. Robert Mattacchione, Novo’s CEO and Chairman of the Board, stated, “With F7 having secured guaranteed commodity buyer contracts for annual delivery of up to 1.6 million metric tons of food-based harvested commodities such as cassava starch, yellow corn, wheat, soybean, and sunflower, the project is anticipated to have significant financial impact on both organizations. Novo will be providing all administration and structured finance solutions to the joint venture.”