CALGARY, Alberta, Oct. 02, 2019 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSX-V: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), an aspiring leader in analytical cannabis and hemp testing technologies, announces that, in order to test the performance of its biotracker technology outside of the laboratory, company scientists introduced the technology to numerous hemp plants in its outdoor beta testing sites. The plants from the beta testing sites have now been harvested and FluroTech is pleased to announce that initial results appear to show that the harvested plants’ root systems did take up the biotrackers and dispersed throughout the plant.
The Company is excited by these initial preliminary results and believes that its biotracker technology, once it is ready for commercialization, has the potential to address several issues facing the cannabis industry today, provided that it continues to perform as currently anticipated by the Company. For example, such technology may be applied to specifically label extract in vape cartridges to allow government officials and intermediaries along the supply chain to identify legally produced vape cartridges from those produced illegally. This is particularly relevant in the current market, given the recent negative publicity surrounding illness and deaths from vaping, which may be caused by illicit cannabis vape cartridges containing various contaminants.
In addition, notwithstanding manufacturers’ best efforts, FluroTech notes that there are still some vulnerabilities in the supply chain where illegal product could enter the legal system, for example by employing forged packaging. The use of a biotracker, introduced into the flower and then carried through the extraction process into the extract, may be a potential solution to this vulnerability, as the biotracker could then be verified using the Company’s CompleTestTM process.
“FluroTech is continually exploring unique ideas to solve issues plaguing current seed-to-sale in this nascent industry. Our primary goal is to help the legal participants in the cannabis and hemp industry differentiate their product from that produced in the illicit market,” stated Danny Dalla-Longa, Chief Executive Officer at FluroTech. “The FluroTech development team continues to progress its biotracker technology as the Company continues to explore partnerships to effectively scale the technology, which could ultimately allow for validation along the entire supply chain.”
FluroTech is a technology and marketing company whose core business is focused on the commercialization of new technologies in the cannabis industry. FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples. Using the technology that was developed at the University of Calgary, FluroTech has developed a two-part solution comprising an instrument called the CompleTest™ and consumable testing kits.
To learn more, visit www.FluroTech.com.
Chief Executive Officer
Alistair Ross Technology Centre
Suite 111, 3553-31 Street NW
Calgary, AB T2L 2K7
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 commercialization of the Company’s biotracker technology and timing thereof, the potential uses of the biotracker technology and the benefits thereof and the anticipated performance of the Company’s biotracker and CompleTestTM technologies.
The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, the need and demand for the CompleTestTM and biotracker technology in the cannabis and hemp industry and the potential uses of the biotracker technology, 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 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.