CALGARY, Alberta, Oct. 15, 2019 (GLOBE NEWSWIRE) -- FluroTech Ltd.(TSXV: TEST) (OTCQB: FLURF), (“FluroTech” or the “Company”), a technology company focused on the analytical cannabis and hemp testing market, has been awarded a Research License from Health Canada. The license permits the Company to grow up to 144 cannabis plants from seed or clone and store up to 1 KG at its laboratory and cannabis research facility for use in the development of testing protocols for cannabinoids, heavy metals and other contaminants. Furthermore, the research license will allow for future development projects around pesticide and mold testing applications.
“The research license allows the Company to accelerate the development of new applications of our base platform technology, the CompleTestTM, by not having to rely on third parties as extensively,” states Dr. Trevor MacMillan, Ph.D. and Director of Scientific Research at FluroTech. “Current projects in the development pipeline will be more efficient as the Company has the ability to grow plants in-house with biomarkers or heavy metals to optimize extraction protocols or study the uptake and distribution throughout the plant, receive samples from producers to expand our reference database, and establish decarboxylation procedures to test for cannabinoids throughout the entire supply chain. This will provide valuable data to producers working on products for the next wave of legalization.”
The Company expects to release a low THCA testing protocol for hemp in the next month and release a cadmium testing protocol, the first of four heavy metal protocols, soon thereafter. Each new protocol represents a new revenue stream for the Company and increased product differentiation from competitors utilizing HPLC technology.
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
7 - 3535 Research Road NW
Calgary, AB T2L 2K8
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 benefits to be realized from the Research License, the release of a low THCA testing protocol for hemp and the timing thereof, the release of a cadmium testing protocol and the timing thereof and the benefits of such additional product lines.
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, the market for a low THCA testing protocol for hemp and the market for cadmium testing, 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, failure to realize the anticipated benefits from the Research License, a lack of demand for low THCA and cadmium testing protocols, 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.