CALGARY, Alberta --
February 26, 2019 -- InvestorsHub
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.
About FluroTech (TSX-V: TEST)
(OTCQB: FLURF)
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.
Contact
Information
Danny Dalla-Longa
Chief Executive Officer
403.680.0644
danny@flurotech.com
FluroTech Ltd.
Alistair Ross Technology Centre
Suite 111, 3553-31 Street NW
Calgary, AB T2L 2K7
info@flurotech.com
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.