CALGARY, Alberta, March 13, 2020 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF), a technology company focused on becoming the standard in the analytical cannabis and hemp testing market, announces that it has agreed to release CaryLand LLC from the non-exclusive distribution agreement (“Agreement”) that was announced on December 10, 2019.
Pursuant to the Agreement, CaryLand purchased and paid for three CompleTest™ devices during December 2019. However, due to CaryLand’s internal restructuring, CaryLand is no longer able to fulfill its obligations under the Agreement, and accordingly the parties mutually agreed to the termination of the Agreement. FluroTech is currently engaged in advanced discussions with several other US based distributors.
FluroTech still believes that the ever-evolving Federal Drug Administration regulations represent an exceptional opportunity for the CompleTest™ to be utilized by growers and regulators to distinguish hemp from marijuana. FluroTech believes it is uniquely positioned to capitalize on this opportunity, given the recent advances to FluroTech’s technological capabilities and the accuracy of its testing, which have been independently validated.
FluroTech is a technology and marketing company whose core business is focused on the commercialization of new technologies in the cannabis and hemp industries. FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples. Using technology that was first developed at the University of Calgary, FluroTech has created a two-part solution comprising a platform technology called the CompleTest™ and consumable testing kits. Its accuracy has been independently validated. FluroTech continues to develop additional applications for the CompleTest platform technology.
To learn more, visit: www.FluroTech.com
Chief Executive Officer
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about the Corporation’s market opportunity, including in respect of US based distributors, and advancements in technology and accuracy of testing. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors described in the Corporation’s Annual Information Form under the heading “Risk Factors” and the failure to realize anticipated benefits of the evolving regulations or the advancements in the CompleTest™ technology. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
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 of this release.