FluroTech Provides Development Update on Biomarking and Initates Patent Process
CALGARY, Alberta, Feb. 26, 2019 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSX-V: TEST) (OTCQB: FLURF), (“FluroTech” or the “Company”) is pleased to announce material developments related to the Company’s proprietary biomarker technology for cannabis and hemp plant cultivation and THC and CBD extract oils.
FluroTech’s plant biologist, Dr. MacMillan, and a team of nanoscientists, recently completed proof of concept that the Company’s water-based biomarker is being taken up through the root system of cannabis and hemp plants, so that the nanoparticles are absorbed throughout the plants leaves, stems and buds. Once absorbed, the biomarker can then easily be extracted, detected and quantified by the CompleTest™ system, FluroTech’s spectroscopy-based technology. This process will allow for the testing and identification of organic and inorganic chemicals in biological samples derived from cannabis plants. This development, coupled with the previously announced proof of concept to specifically label cannabis oils, allows for the source of the cannabis to be tracked through the entire supply chain.
Introducing the biomarker through the typical cannabis facilities system allows the plant roots to safely absorb the biomarker, and the plant matter to be efficiently marked. FluroTech anticipates current DNA marking technologies that utilize spraying will not be acceptable under future Health Canada’s regulations
stated Dr. Elmar Prenner, Chief Technology Officer at FluroTech.
We are confident that this proof of concept will put us in a position to provide the cannabis and hemp industries for the first time with a total “seed-to-sale” tracking solution
The Company has begun beta-test preparation of the cannabis extract oil soluble biomarkers. Initially, the biomarkers will have ten codes utilizing two different “colors”. These biomarkers will be added to the extract oil, then processed through an optimization sequence. The CompleTest™ system is able to test an extraction sample as well as decode the specific biomarker in order to identify the source of the oil.
Legal cannabis markets around the world continue to express concern about black market production entering regulated systems. Regulators, responsible for consumer protection, have noted an increase in the number of these allegations. Legal growers need to protect their brands and reputation, which we believe creates an expanding market for our technology
commented Danny Dalla-Longa, Chief Executive Officer of FluroTech.
Our biomarking technology will assist in the suppression of the illegal cannabis market and provide protection of proprietary strains for growers. A recent Scotiabank report estimates that Canada’s black market will make up over 70% of 2019 cannabis sales
With the recent biomarking developments, the Company has initiated the patent process. Additionally, FluroTech is in ongoing discussions with government officials and potential joint-venture partners to determine the best path to commercialization.
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, 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 successful implementation and benefits of the Company’s biomarking technology, the ability to detect the biomarkers using CompleTest™ and the benefits thereof, the market need for this technology, the timing and successful completion of beta-testing of the technology, the content of future Health Canada regulations, the market for the Company’s technology, the Company’s plans to obtain patent protection for the technology and the timing thereof, and future plans for commercialization.
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 biomarking technology in the cannabis industry and the content of future regulations applicable to the Cannabis industry, 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 industry in general, users of the Company’s biomarking technology and the CompleTest™ failing to achieve the anticipated benefits of the product, changes to the anticipated regulatory regime in respect of the cannabis industry, competition from other developers of similar technology, failure to obtain patent protection for the company, 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.