CALGARY, Alberta, Dec. 10, 2019 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF), a technology company focused on becoming the standard in the analytical cannabis and hemp testing market, is pleased to announce a distribution agreement with CaryLand, LLC based in Boulder, Colorado. CaryLand provides mobile and laboratory based testing technologies and consulting solutions to the agriculture, cannabis and hemp industries. Details of the non-exclusive agreement in the US include a firm commitment on the part of CaryLand to purchase, at a minimum, four CompleTest™ devices per month for a year commencing January 2020.
“CaryLand is excited to be working with FluroTech and the CompleTest™ solution. We believe that FluroTech offers the most accurate and reliable mobile testing device currently available,” states Eric Jarvis, COO, and Frank Kogen, CEO, of CaryLand, LLC. “Our business plan going forward includes identifying additional markets where CompleTest™ can lower the point-of-entry cost with solutions that scale to meet rapidly evolving testing and certification demands.”
CaryLand has indicated to the Company that its initial focus is to introduce the CompleTest™ solution to federal, state, and municipal regulatory and law enforcement agencies to aid in distinguishing cannabis from hemp plant material to meet USDA and DEA guidelines. The new USDA national regulatory framework sets out procedures for sampling and testing THC levels in plants. Farmers will be required to have samples of their hemp taken by a USDA approved agent within 15 days of harvest. Those samples will then be tested in labs registered with the DEA to confirm whether the amount of THC exceeds 0.3% - the legal line between hemp and cannabis.
Rex Kary, COO of FluroTech, comments, “We believe that CaryLand has the ability to transact in multiple US states which lines up with FluroTech’s aim to work with various distribution networks. Broadening the addressable market to include those in charge of regulation enforcement and expanding the CompleTest™ market opportunity, advances FluroTech’s objective to be recognized as the standard testing device in multiple sectors impacted by hemp legalization.”
FluroTech is a technology and marketing company whose core business is focused on the commercialization of new technologies in the cannabis and hemp industries. FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples. Using technology that was first developed at the University of Calgary, FluroTech has created a two-part solution comprising a platform technology called the CompleTest™ and consumable testing kits. Its accuracy has been independently validated. FluroTech continues to develop additional applications for the CompleTest platform technology.
|Danny Dalla-Longa |
Chief Executive Officer
|Eric Jarvis |
Chief Operating Officer
|FluroTech Ltd. |
7 - 3535 Research Road NW
Calgary, AB T2L 2K8
|CaryLand LLC |
280 Boulder View Road
Boulder, CO 80302
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about the FluroTech’s distribution agreement with CaryLand, including the contractual obligation to purchase four CompleTest™ devices a month starting in January 2020, the benefits to FluroTech resulting from such distribution agreement and the intent to introduce the Company’s technology to various regulatory authorities. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties and the need and demand for the CompleTest™ to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to, adverse market conditions and regulatory and other risks associated with the cannabis and hemp industries in general, users of the Company’s the CompleTest™ failing to achieve the anticipated benefits of the product, competition from other developers of similar technology, failure to reach commercialization of the technology, changes in US or Canadian regulations related to the industry and failure for the products anticipated market to develop. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.