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TORONTO, Feb. 5, 2018 /CNW/ - Luminor Medical Technologies Inc. ("the Company") (CSE: LMT) is pleased to announce it has completed the acquisition of RISE Research Inc. ("RISE Research"), and at its Annual General Meeting to be held on February 27, 2018 the Company plans to change its name to RISE Life Science Corp.
The Company also announces the appointment of Chris Dollard to the Board of Directors. Mr. Dollard, co-founder of RISE Research, will also immediately take on the role of Chief Operating Officer of the Company.
The Company also nominates Constance Finley, the CEO of Constance Therapeutics, to the Board. Based in San Francisco, Constance Therapeutics is a provider of evidence-based cannabis formulations to the California market, and a leading voice in the cannabis industry for well over 10 years. Ms. Finley plans to officially join the Board upon ratification at the Annual General Meeting.
"Our company is leveraging the proven efficacy of medical cannabis-based extracts to create cutting-edge sexual health and wellness products," said Dollard. "We are focused on creating value for our investors by bringing these innovative products to the emerging consumer category made possible by the unfolding legalization of cannabis."
"Chris and I have worked together for over a decade prior to the creation of RISE Research, and have been researching and developing innovative formulations and intellectual property for the past several years," said Anton Mattadeen, CEO of Luminor. "Through our relationship with Constance Therapeutics we are building a collection of brands designed for the new cannabis consumer; able to meet the needs of traditional cannabis customers, while also appealing to 100% of the adult consumer market. By creating products able to target the wider mainstream marketplace, we are positioning the Company for early revenue opportunities and sustained long term growth."
To accommodate these appointments, Mr. Christian Sauvageau has now resigned from his former board and officer positions.
RISE will begin with product distribution in California in early Q2 of 2018. California has the largest legal cannabis market in the world totalling $2.8 billion (2016), is the largest state economy in the US, and the sixth largest economy in the world. BDS Analytics recently stated publicly that California's legal cannabis market could grow 22% to $3.7 billion in 2018 and reach $5.1 billion to rival the beer market by the end of 2019. RISE product solutions will also be rolled out into other cannabis-enabled jurisdictions across the U.S., and in the Canadian and International markets as regulatory conditions allow.
About Luminor Medical Technologies
Luminor Medical Technologies operates through two wholly owned subsidiaries: Rise Research Inc. and Scout Assessment Corp. RISE Research Inc. develops cutting-edge hemp and cannabis consumer products for the both medical and adult-use consumer market sectors, as they emerge globally. Scout Assessment Corp.'s key product is the Scout DS®, a device that has been regulatory cleared in certain markets as a non-invasive clinical tool to assist in the identification of both pre- and Type II diabetes.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE Luminor Medical Technologies Inc
For further information: Mark Komonoski, Communication Director, [email protected], 877-255-8483, 403-470-8384