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.
For further information: Abattis Contacts: Robert Abenante, President and Chief Executive Officer; For more information, please visit Abattis's website at: www.abattis.com or www.northernvinelabs.com; For inquiries, please contact Abattis (604) 674-8232 or at [email protected]; BLOCKStrain Contacts: Robert Galarza, Chief Executive Officer and Director; For further information, please visit BLOCKStrain's website at: www.blockstrain.io or contact Paula Arab at (403) 889-9128 or by email at [email protected]