Toronto, Ontario--(Newsfile Corp. - July 17, 2020) - Red Light Holland Corp. (CSE:TRIP) (FSE:4YX) ("Red Light Holland" or the "Company"), an Ontario-based corporation positioning itself to engage in the production, growth and sale of a premium brand of magic truffles to the legal, recreational market within the Netherlands, is pleased to announce that it has engaged RadixMotion Inc. ("RadixMotion"), a virtual reality company based in the State of Delaware, to design and develop a virtual reality shopping experience module (the "VR Module") intended to explain the effects of microdosing of magic truffles on the human brain, as well as a virtual reality avatar (the "VR Avatar") that is centered around Red Light Holland's brand and expected to be integrated into the Meu Platform (as defined below). RadixMotion, which will work closely with Red Light Holland's Scarlette Lillie Science and Innovation division ("Scarlette Lillie Science and Innovation"), is a virtual reality company that utilizes the latest neuroscience research with immersive technology to strengthen the connection between the human body and human brain.
"As a company, Red Light Holland's mission is to always educate and inform shareholders and eventual end consumers about our product, as we develop our legal magic truffles Microdose Packs in the Netherlands. This agreement with RadixMotion and Sarah Hashkes, the CEO of RadixMotion and a scientific researcher with valuable knowledge on microdosing (and now our new Scientific Advisor), reinforces our belief that the public needs to learn more about psilocybin. Now imagine shopping for something new - but wanting to truly experience it before purchasing? Pretty cool idea, right? What we are aiming to create here is a virtual reality experience that potential consumers can use before buying our Microdose Packs. This way, they can experience what the effects of microdosing magic truffles would be like, to help with their personal comfort and understanding before actually purchasing our product! They can also opt in and provide us with key data that we can use to study and help support valuable research and study. We are so passionate about providing knowledge to our community of Red Light Holland supporters, and we believe that developing this truly innovative virtual reality experience will propel us into the future of retail and online shopping experiences, with responsible use in mind. We are grateful to be working with Sarah and her team, and we are proud as a company to support RadixMotion and create this synergistic partnership," said Todd Shapiro, the Chef Executive Officer and Director of the Company.
The VR Module and the VR Avatar
The VR Module, which is expected to be completed in Q4 2020, will be designed with the goal of educating and enabling individuals to make reasoned, informed decisions with respect to magic truffles and other psychedelic substances, and enabling Red Light Holland to gather valuable data on user experience of synesthesia, loss of autonomy and suggestibility to inform further study and research in the psychedelic space. The VR Avatar, which is expected to be completed in Q3 2020, is expected to be integrated into RadixMotion's "Meu" platform (the "Meu Platform"), the first social platform based on 3D human movement data, which uses RadixMotion's movement data channels to bridge virtual reality and mobile augmented reality. The VR Avatar is expected to assist Red Light Holland's larger efforts towards reducing the stigma associated with, among other things, magic truffles and other psychedelic substances.
Pursuant to an independent consulting agreement (the "Consulting Agreement") entered into by RadixMotion and Red Light Holland, Sarah Hashkes, co-founder and Chief Executive Officer of RadixMotion, is expected to guide the design and development of the VR Module and the VR Avatar. Ms. Hashkes has a history of using her academic research focused on cognitive neuroscience and psychedelics to create 3D human movement data channels. Further, RadixMotion is expected to provide Red Light Holland with access to the "Movement Channel API", which is expected to be launched by RadixMotion in the future as an interface designed to aid in assessing prospective clients' reactions to altered states of consciousness.
In connection with the Consulting Agreement, Red Light Holland has also entered into an intellectual property license agreement (the "IP License Agreement") with RadixMotion, wherein RadixMotion has licensed to Red Light Holland, on a limited and non-exclusive basis, certain intellectual property underlying the VR Module and the VR Avatar, as well as other technologies developed under the consulting agreement.
In consideration for the services provided under the Consulting Agreement and the license granted under the IP License Agreement, the Company has agreed to pay to RadixMotion a one-time fee of USD $20,000 (plus applicable taxes). In addition, the Company has issued to Ms. Hashkes, who will join Scarlette Lillie Science and Innovation as Scientific Advisor, 150,000 incentive stock options. The options entitle the holder thereof to acquire one common share in the capital of the Company (each, a "Common Share") for a period of 3 years, at an exercise price of $0.095 per share, and vesting over a 12 month period. All securities issued remain subject to compliance with all applicable laws (including the rules and policies of the Canadian Securities Exchange), including being subject to a hold period of four months plus one day from the date of issuance.
About Red Light Holland Corp.
The Company is an Ontario-based corporation positioning itself to engage in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal, recreational market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.
For additional information on the Company:
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Readers are further cautioned that the assumptions used in the preparation of such forward-looking statements (including, but not limited to, the assumption that (i) the Company will be able to execute on its business plan and/or enter into the medical psychedelics market as proposed, (ii) the Company will receive one or multiple licenses, permits, and authorizations from time to time necessary to execute on its business plan and/or enter into the medical psychedelics market, (iii) the Company's financial condition and development plans do not change as a result of unforeseen events, (iv) there will continue to be a demand, and market opportunity, for the Company's product offerings, (v) the Company will be able to establish, preserve and develop its brand, (vi) the Company will be successful in attracting and retaining required personnel, (vii) RadixMotion will successfully develop and deliver to the Company the VR Module and the VR Avatar, on the terms, and within the timelines, set forth in the Consulting Agreement, and (viii) the intellectual property license granted to the Company under the IP License Agreement grants to the Company all intellectual property rights necessary for the Company to make use of the VR Module and the VR Avatar), although considered reasonable by management of the Company at the time of preparation, may prove to be imprecise and result in actual results differing materially from those anticipated, and as such, undue reliance should not be placed on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this press release may not be indicative of, and are not an estimate, forecast or projection of the Company's future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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