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EDMONTON, Dec. 11, 2015 /CNW/ - Radient Technologies Inc. ("Radient" or "Corporation") (TSX-V: RTI), an innovator in the extraction of natural ingredients from natural biomass using a proprietary Microwave Assisted Processing ("MAP™") technology, announced today that it has entered into a manufacturing agreement with a global leader (the "Customer") in the development, manufacturing and marketing of innovative ingredients for the cosmetic and personal care industry. The Customer offers active ingredients, functional ingredients and delivery systems from various origins. The Corporation expects that this first agreement may lead to the manufacturing of other ingredients by Radient for distribution in the Customer's international distribution network.
Under the terms of the agreement, Radient will produce a specialized active ingredient to be used in the Customer's portfolio of differentiated products. Radient was confirmed to meet the Customer's stringent requirements for purity, yield and cost.
"This agreement is another demonstration of the versatility of our technology to manufacture high-end, superior ingredients and meeting the highest industry standards using MAP™," said Denis Taschuk, President and CEO of Radient.
Completion of Shares for Debt Transaction
The Corporation also announces that, further to its press release dated November 13, 2015, it has completed the previously announced shares for debt transaction for the settlement of $34,050 (the "Indebtedness") owing to a certain arm's length creditor of the Corporation. As payment in full of the Indebtedness, the Corporation issued to such creditor 340,500 units, with each such unit consisting of one Common Share and one half Common Share purchase warrant (the "Warrant"), with each whole Warrant entitling the holder to subscribe for one additional Common Share at a price of $0.50 per Common Share until the date that is 42 months from the date of issuance. All securities issued in connection with the transactions described above are subject to a statutory four-month hold period.
Radient extracts natural compounds from a range of biological materials using microwave assisted processing ("MAP™"), a patented technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its 20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, personal care and biofuel markets. Visit www.radientinc.com for more information.
Information set forth in this news release contains forward-looking information and statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", "intend", and similar terms and phrases are intended to identify these forward-looking statements, including but not limited to statements regarding the future manufacturing and distribution of other ingredients by the Corporation the Customer's network and the production of ingredients under the terms of the agreement with the Customer. The Corporation cautions that all forward looking information and statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Corporation's control. Such factors include, among other things: risks and uncertainties relating to economic conditions, the successful completion of the agreement with the Customer and the success of the Customer and the Corporation. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Corporation undertakes no obligation to publicly update or revise forward-looking information.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The shares offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Neither 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.
SOURCE Radient Technologies Inc.