/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
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.
For further information: please visit the Company's website at: www.blockstrain.io or contact Paula Arab at (403) 889-9128 or email at [email protected]