VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/04/11 -- A new report from Asia Development Bank shows hopes that resurgent global food prices, which reached record increases in the first two months of 2011, will soon fall are dim. The report accredits the sharp increase in world food prices, which have risen 36 percent in the last year, primarily to production shortfalls caused by extreme weather events, export bans and the rising cost of oil.
'Food inflation hit a record high this year due to a combination of extreme weather, poor crops in major growing countries, export bans, rising oil prices and a rising population,' said Stephen Fane, CEO of Valcent Products Inc., the company that invented the technology, VertiCrop. 'As world food prices continue to spike, we expect to see increased interest in urban farming systems like VertiCrop across the globe.'
Named one of TIME Magazine's 50 Best Inventions, VertiCrop, allows leafy green vegetables to be grown in controlled environments such as abandoned urban warehouses, dramatically reducing food transportation costs. Food production is 20 times the yield of field crops, using a fraction of the space and 92 percent less water.
'Urban farming systems like VertiCrop provide a secure and profitable growing solution by offering more efficient crop production, reduced food miles and lower distribution costs than traditional field farming,' said Fane. 'The ability to grow high-volume produce in local environments where weather and natural disasters aren't a threat, has never been more attractive.'
Progressive farmers, grocers and local governments are looking into the vertical farming technology after recent natural disasters because crops are resistant to external weather and contamination risks. VertiCrop also eliminates the need for harmful pesticides and herbicides, maximizing taste and nutrition. For more information visit: www.verticrop.com.
About Valcent Products Inc.
Valcent Products Inc. (VPI) is a publicly traded company (OTCBB: VCTZF) located in Vancouver, Canada, and is recognized as the world leader in the development, manufacturing and integration of commercial VertiCrop technology for global markets. Valcent is an environmentally responsible company that has created a proprietary growing system that can be used in any climate and requires a very small footprint in urban environment. www.valcent.net