VANCOUVER and TORONTO, Dec. 20, 2018 /CNW/ - Relay Medical Corp. ("Relay") (CSE: RELA, OTCQB: RYMDF, Frankfurt: EIY2), a developer of MedTech innovation, and AgraFlora Organics International Inc. ("AgraFlora Organics") (CSE: AGRA) (Frankfurt: PU31) (OTCPK: PUFXF), a growth oriented and diversified international cannabis company, and jointly referred to as the "Partners", are pleased to announce the formation of the private company Glow Life Technologies Ltd. ("Glow") to pursue medical related technology opportunities in the global cannabis sector.
The newly formed entity combines Relay Medical's techno-commercial leadership with AgraFlora Organic's accumulated knowledge, expertise and access to cannabis industries across the sector. Glow Life Technologies will benefit from Relay Medical'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.
"The combination of a new industry with unbridled expansion has created a critical need for technology to support, enhance and maintain the quality, health and safety needs for cannabis use as a medicinal and controlled substance." said Derek Ivany, President & CEO of AgraFlora Organics International Inc. "The development of such technologies requires a level of sophistication and MedTech experience that is not yet commonplace in the industry, and we could not think of a better partner than Relay Medical and Lahav Gil to address this opportunity. We are very excited to join them in the path to recognizing Glow's full potential."
"The legalization and utilization of medical cannabis is in its infancy and the industry needs adequate technologies to properly validate and effectively control, screen, and regulate the substance for prescription and medical use," said Lahav Gil, CEO, Relay Medical Corp. "We believe that this gap presents significant opportunities within the MedTech industry and that creating Glow as a focused company will ultimately position it with the technical and industry expertise to build an innovation platform related to medical cannabis technologies. The Cannabis sector is grappling with its own identity and credibility, and we aim to bring clarity and focus into the MedTech ecosystem. We are very pleased to work with AgraFlora at such a crucial time in the industry as Canada positions itself for global leadership. We believe this partnership provides Glow with unprecedented benefits and expect that the company will take full advantage of these synergies.
The newly formed entity is owned 50% by Relay Medical, 30% by AgraFlora Organics, who have committed to an initial investment of $200,000, and 20% by private investors who have committed $500,000 investment in Glow Life Technologies Ltd. Total initial funding of $700,000 has launched Glow Life Technologies in the development of its operational structure, with the initial mandate to find and identify appropriate technology opportunities within the sector. Glow has commenced initial due diligence on industry related innovative technologies and expects to announce its management and industry expert support team early in 2019.
About Relay Medical Corp.
Relay Medical 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 Medical 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 Organics International Inc. 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., Derek Ivany, President & CEO, For additional information: E: [email protected], T: (800) 783-6056