VANCOUVER and TORONTO, April 8, 2019 /CNW/ - AgraFlora Organics International Inc. ("AgraFlora" or the "Company") (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company, and Relay Medical Corp. ("Relay") (CSE: RELA, OTCQB: RYMDF, Frankfurt: EIY2), a developer of MedTech innovation, jointly referred to as the "Partners", are pleased to announce the execution of an asset sale agreement ("Agreement") to transfer a suite of technology assets including the cannabis Smart Consumption System from Relay Medical Corp. to Glow LifeTech Ltd. ("Glow").
The technology assets relate largely to the Smart Consumption System ("SCS") currently being developed by Relay Medical to provide users and healthcare professionals with a medical grade, connected hardware/software product line to assist with effective management, storage, curation and consumption of cannabis related products. The storage product provides in-home secure, and environmentally controlled storage and guides dispensing and dosing for all cannabis delivery methods.
The system includes advanced management features for patient-caregiver interaction as well as an AI-driven engine, which can provide doctors and the pharmaceutical industry with valuable information on patient responses to cannabis products and to provide cannabis producers with market intelligence and the information to conduct post-market surveillance of their products.
"While there is a lot of focus and discussion around the growing recreational cannabis market there exists a clear gap in products, services, and technologies designed specifically for safe, consistent and responsible consumption of cannabis products. These concerns are especially clear within the healthcare sector where physicians and healthcare professionals are anxious and often resistant to prescribing cannabis treatment due to the largely inconsistent quality control and dosage issues so common in the marketplace." said Lahav Gil, CEO & Director, Relay Medical Corp. "We believe that by providing consumers and prescribing physicians with the products to effectively identify, and confidently consume medicinal and recreational cannabis products, we can encourage responsible use and effectively ease consumer tension."
"With the market place opening and the stigma around cannabis use fading, consumers are looking for guidance as to how to safely and confidently evaluate the potential benefits of cannabis products for both recreational and medical use," said Derek Ivany, President & CEO, AgraFlora Organics International Inc. "The mandate of Glow LifeTech is to develop and support innovation in the cannabis sector to give consumers, producers and the industry at large, access to solutions to elevate industry standards and encourage responsible use. The Smart Consumption System is a great first step in addressing this initiative."
Glow Lifetech is currently a private company founded by the Partners in December 2018 (See press release dated December 20, 2018) to develop technologies to service the rapidly growing global cannabis sector. On April 4, 2019, the Partners jointly announced the signing of a binding letter of intent ("LOI") to bring Glow public by way of reverse takeover ("Transaction").
Under the terms of the agreement, Relay has sold a suite of technology assets relating to the development and licensing of cannabis related medical technologies. In consideration, Glow has issued 6,350,000 shares to Relay resulting in Relay holding approximately 63.5% of Glow prior to the anticipated completion of a private placement and go-public transaction.
Glow LifeTech Ltd.
Glow is a private company founded by Relay and AgraFlora in December 2018 to pursue technology opportunities in the global cannabis sector. The newly formed entity combines Relay's techno-commercial leadership with AgraFlora's accumulated knowledge, expertise and access to cannabis industries across the sector. Glow will benefit from Relay's infrastructure, technical leadership and business knowledge for the research, vetting, product development and validation of innovative technologies and AgraFlora will support the Company in the pursuit of technology opportunities in scientific validation, diagnostics, health & safety, screening, compliance and quality control/assurance within the cannabis industry.
About Relay Medical Corp.
Relay is an evolving "Integrated MedTech Accelerator" headquartered in Toronto, Canada, acquiring early-stage technologies and inventions, advancing and preparing them for pre-commercial acquisitions in the HealthTech marketplace. By integrating the funding, development and exit process into one organization led and managed by one expert team, Relay is building the capacity to accelerate and transact technologies with high efficiency and grow into a leading engine for MedTech innovation in the global HealthTech marketplace.
AgraFlora is a growth oriented and diversified company focused on the international cannabis industry. It owns an indoor cultivation operation in London, ON and is a joint venture partner in Propagation Service Canada and its large-scale 2,200,000 sq. ft. greenhouse complex in Delta, BC. The Company has a successful record of creating shareholder value and is actively pursuing other opportunities within the cannabis industry.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for UXD described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
SOURCE AgraFlora Organics International Inc.
For further information: Relay Medical Corp., W. Clark Kent, President, Relay Medical Corp., Office. 647-872-9982 ext. 2, TF. 1-844-247-6633 ext. 2, [email protected]; Bernhard Langer, EU Investor Relations, Office. +49 (0) 177 774 2314, Email: [email protected]; AgraFlora Organics International Inc., Tim McNulty, E: [email protected], T: (800) 783-6056; For AgraFlora French inquiries: Remy Scalabrini, Maricom Inc., E: [email protected], T: (888) 585-MARI