Shares of Urban Barns Foods Inc. (OTC: URBF), a development-stage company engaged in the sustainable development of fresh vegetables, soared in Thursday’s trading session. The penny stock gained 20% to finish the day at $0.180, with volume up from daily average of 16,087 to 3.27 million.
Urban Barns Foods shares rose on Thursday after the company announced that its Securities lawyer traveled to Dubai and met with Urban Barns regional representative, Profound Management GT. The company is exploring opportunities in the Middle East.
Dan Meikhelham, chairman of Urban Barns, said that the company’s partners and regional representatives, Profound Management, confirmed that its innovative agricultural growth technology has been introduced to certain strategic partners in much of the Gulf Cooperation Council (GCC) region and has been well received.
Earlier this week, Urban Barns Foods also announced that it signed a Memorandum of Understanding (MOU) with Caribbean Produce Exchange Inc., a leading distributor of produce in Puerto Rico.
Under the terms of the MOU between the two companies, Caribbean Produce plans to purchase for local distribution produce grown by Urban Barns at a Puerto Rico Cubic Farming Facility.
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