VANCOUVER, June 5, 2018 /CNW/ - ABATTIS BIOCEUTICALS
CORP. (CSE:ATT; OTC:ATTBF) ("Abattis") and
BLOCKSTRAIN TECHNOLOGY CORP. ("BLOCKStrain") (TSXV:
DNAX.V) are pleased to announce that they have signed a letter of
intent (the "LOI") to integrate BLOCKStrain's proprietary
technology into Abattis's product and services ecosystem.
Through their collaboration, the parties hope to enable Abattis
clients to instantly arrange for sales, shipping, testing and
analysis of Abattis products and give clients comprehensive
visibility over such products over their entire lifecycles.
Abattis and BLOCKStrain also intend to explore development and
integration opportunities to expand on Abattis's current life
sciences and biotechnology services offerings. Pursuant to the LOI,
Abattis and BLOCKStrain have agreed to negotiate in good faith the
terms of a definitive technology development agreement respecting
the terms of their partnership.
BLOCKStrain's platform, which stores all testing data in a
blockchain-protected database, significantly reduces the workload
and costs associated with product and genetic testing. If desired,
producers can now have their strains genetically tested and
registered with BLOCKStrain to establish immutable ownership of the
strains they have created. BLOCKStrain not only reduces the
workload and costs involved with testing, but also provides full
visibility of testing results for producers, government regulators
and consumers.
Abattis is one of the leading technology companies in the
growing cannabis industry, with significant ownership stakes in
each of CannaNUMUS Blockchain Inc., a blockchain technology
company, and Northern Vine Canada Inc., a federally licensed
cannabis testing and research and development laboratory, and 100%
ownership interests in each of Gabriola Green Farms Inc., a late
stage licenced producer applicant under the Access to Cannabis
for Medical Purposes Regulations, and Green Tree Therapeutics
Corp., which has several SKU's of cutting edge vaporizers.
Abattis's diverse product and service offerings present a number of
potential applications for BLOCKStrain's platform. For example,
BLOCKStrain's technology could automate, streamline and ensure
effective and efficient tracking of all sales and shipping of
Abattis vape products.
"The LOI is part of our company's effort to always sit at the
forefront of innovation," stated Abattis President and CEO
Rob Abenante. "Abattis brings
cutting edge technology to the cannabis space in terms of testing,
product development, research and extraction technologies and we
actively work with technology partners to ensure we always provide
the best possible service to our clients. Our agreement with
BLOCKStrain will help streamline and improve our offerings even
further, and we are very excited to work on the development of our
joint technologies," added Mr. Abenante.
"BLOCKStrain provides a missing piece of the puzzle that helps
both licensed producers and testing labs," stated BLOCKStrain CEO
Robert Galarza. "The onerous and
time-consuming process associated with testing products, receiving
results and reporting those results to federal regulators costs
time and money, and unfortunately does not scale to meet the
projected demand of a legal recreational market. Our system is
built to alleviate the administrative bottleneck in the testing
process".
"The agreement with Abattis is a key step for our company.
Abattis is among the most respected and advanced players in the
area of cannabis testing and analysis, and their potential adoption
of our platform is very exciting," added Mr. Galarza.
About Abattis Bioceuticals Corp.
Abattis is a life sciences and biotechnology company which
aggregates, integrates, and invests in cannabis technologies and
biotechnology services for the legal cannabis industry developing
in Canada. Abattis has successfully developed and licensed
natural health products, medicines, extractions, and ingredients
for the biologics, nutraceutical, bioceutical, and cosmetic
markets. Abattis is also seeking to acquire exclusive intellectual
property rights to agricultural technologies to be employed in
extraction and processing of botanical ingredients and compounds.
Abattis follows strict standard operating protocols, and adheres to
the applicable laws of Canada and foreign jurisdictions.
For more information, visit Abattis's website
at: http://www.abattis.com
About BLOCKStrain Technology Corp.
BLOCKStrain Technology Corp. (TSX-V: DNAX.V) has developed the
first integrated blockchain platform that registers and tracks
intellectual property for the cannabis industry. Strain protection
and genetic identification are major issues for growers and
breeders, and this new technology allows them to identify and
secure rights to their valuable intellectual property (IP). The
BLOCKStrain platform also streamlines the administrative process of
genetic and mandatory quality-control testing for legal cannabis,
cutting the administrative time and expense in half.
BLOCKStrain's proprietary, immutable, cryptographically-secure
blockchain-technology establishes a global 'single source of truth'
for cannabis strains, their ownership, potency and chemical makeup.
In an industry where a popular strain can be worth millions of
dollars, it is crucial to the industry's future to quantify
genetics, potency and equivalencies between cannabis products.
BLOCKStrain delivers needed transparency to growers, retailers,
regulators, and consumers who have struggled to find realistic
solutions to these logistical challenges. The good news is that the
blockchain technology implemented by BLOCKStrain is ideally suited
to solve these kinds of problems by implementing an immutable and
non-corruptible record of transactions.
Neither the TSX Venture Exchange, the
Canadian Securities Exchange, nor the Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking
statements, which reflect the expectations of management regarding
the Company's future business plans. Forward-looking statements
consist of statements that are not purely historical, including any
statements regarding beliefs, plans, expectations or intentions
regarding the future. Forward looking statements in this news
release include statements relating to the proposed transaction
between BLOCKStrain and Abattis; the expected benefits of, and
impact on, the cannabis industry as a result of BLOCKStrain's
technology; the benefits of the products and services offered by
BLOCKStrain and Abattis both individually and through their
proposed partnership; Abattis's goal to offer its clients the
highest level of service; and other statements regarding the
business of BLOCKStrain and Abattis. Such statements are subject to
risks and uncertainties that may cause actual results, performance
or developments to differ materially from those contained in the
statements, including that: BLOCKStrain and Abattis may be unable
to agree to terms for a definitive agreement; the proposed
transaction may not be approved by the TSX Venture Exchange and/or
the Canadian Securities Exchange; the proposed partnership between
Abattis and BLOCKStrain may not benefit either party as expected;
BLOCKStrain's platform may not operate as expected; the cannabis
industry may not use the BLOCKStrain platform once it is built;
BLOCKStrain's platform may not streamline Abattis's business;
legislative changes may occur that negatively impact BLOCKStrain's
business; and other factors beyond control of BLOCKStrain and/or
Abattis. No assurance can be given that any of the events
anticipated by the forward-looking statements will occur or, if
they do occur, what benefits either company will obtain from them.
Readers are urged to consider these factors carefully in evaluating
the forward-looking statements contained in this news release and
are cautioned not to place undue reliance on such forward-looking
statements, which are qualified in their entirety by these
cautionary statements. These forward-looking statements are made as
of the date hereof and BLOCKStrain and Abattis disclaim any intent
or obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or results or
otherwise, except as required by applicable securities
laws.
SOURCE BLOCKStrain Technology Corp.