/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
VANCOUVER, June 19, 2018 /CNW/ - BLOCKStrain TECHNOLOGY
CORP. (the "Company" or "BLOCKStrain") (TSXV:
DNAX) is pleased to welcome National Green Biomed Ltd. ("NG
Biomed" or "NG") to its software platform.
BLOCKStrain and NG Biomed this week signed a Letter of Intent
for adoption of the BLOCKStrain software platform at NG Biomed's
production facility in British Columbia,
Canada. NG Biomed is a late-stage applicant to become a
licensed producer under the Access to Cannabis for Medical Purposes
Regulations in Canada.
Under the Letter of Intent signed June
18, 2018, the Parties agree to negotiate the terms of a
business relationship through which BLOCKStrain will integrate its
core software platform into the operational infrastructure of NG
Biomed in order to optimize product testing, genetic verification,
supply chain visibility and management of grow operations.
Secondly, BLOCKStrain will use its proprietary technology to
create a custom platform for NG Biomed that will empower NG
Biomed's clients and partners with the ability to instantly arrange
for sales, shipping, testing and analysis of NG Biomed products, as
well as giving comprehensive visibility over such products
throughout their entire life cycles.
NG Biomed is currently launching an initial 30,000 square foot
greenhouse facility on 68 acres in the Fraser Valley region of BC,
and has room to expand to at least 500,000 square feet of
production space.
The company is headed by former federal cabinet minister
Herb Dhaliwal as Chairman of the
Board, and son Justin Dhaliwal as
CEO.
BLOCKStrain CEO Robert Galarza
says he's excited and honored to work with an experienced and well
connected management team that focuses heavily on research and
development.
"Over the past several years, I've had the privilege of getting
to know Herb and Justin very well, and I believe they are among the
most professional and connected people I have met in the cannabis
space in the US or Canada,"
Galarza says. "Their integrity is second to none and it has been a
true pleasure working with them to advance our technology's data
centric solution for this industry."
NG Biomed CEO Justin Dhaliwal
says his company chose to work with BLOCKStrain not just because
they were impressed by the software, but because they were
impressed by the BLOCKStrain team.
"We feel implementing smart technology allows us to be more
efficient, and in terms of record management, we need to keep track
of all our strains and genetics in a way that is simple, effective
and enforceable," Dhaliwal said.
"Robert is a great leader and a very insightful businessman, and
their CTO Tommy Stephenson is
absolutely brilliant," Dhaliwal added. "Tommy's experience as the
former CTO at WeedMaps is also important. He's an expert in IT,
absolutely, but it's more important that he really understands the
industry's needs because he's lived it for so many years."
The parties to the agreement say they will be working out
details of the BLOCKStrain software deployment over the coming
weeks, and finalizing the terms within a formal definitive
agreement.
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert Galarza"
Robert Galarza
Chief Executive Officer and Director
About BLOCKStrain Technology Corp.
BLOCKStrain Technology Corp. (TSXV: DNAX) 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.
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 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 expected benefits of, and impact on, NG Biomed's business as
a result of the use of BLOCKStrain's technology; and the expected
security and other benefits of BLOCKStrain's technology generally.
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's platform may not operate as expected; NG Biomed may
not derive the expected benefits from use of the BLOCKStrain
platform; legislative changes may occur that negatively impact
BLOCKStrain's business; and other factors beyond the Company's
control. 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 the 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 the Company disclaims 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.