CEN Biotech and RXNB Rescind All Agreements and Terminate Relationship With GrowLife and OGI
April 11 2014 - 8:10AM
Marketwired
CEN Biotech and RXNB Rescind All Agreements and Terminate
Relationship With GrowLife and OGI
MADISON HEIGHTS, MI--(Marketwired - Apr 11, 2014) - Creative
Edge Nutrition, Inc. (OTC Pink: FITX) (PINKSHEETS: FITX), CEN
Biotech and RXNB board of directors have decided to rescind the
agreement between CEN Biotech, RXNB, GrowLife and OGI.
The Company has learned today that the U.S. Securities and
Exchange Commission has suspended trading in the securities of
GrowLife due to questions that have been raised about the accuracy
and adequacy of information in the marketplace and potentially
manipulative transactions in GrowLife's common stock. In light of
this development and other contributing factors, RXNB and CEN
Biotech have advised the CEO of GrowLife and the Board of OGI that
both the RXNB Agreement and the CEN Biotech Agreement, and any and
all amendments to those agreements, are rescinded, void and of no
further force and effect.
Bill Chaaban stated, "We act in the best interests of our
shareholders. During our due diligence process we arranged suitable
alternative private financing to fund our project at 20 North Rear
Rd in Lakeshore, Ontario. The terms of this deal were a 25%
equity stake in the CEN Biotech project located at 20 North Rear Rd
in exchange for $20 million usd. The project has been funded
$5.0 million usd to date and will be fully funded per the agreement
in 90 days from the agreement date. Our project continues on
schedule and we intend to call for our pre-license inspection
before month`s end. We have already sourced equipment from
alternative sources which meet or exceed the quality required at a
more competitive price."
About CEN Biotech CEN Biotech, Inc. was established in 2013 as a
partially owned subsidiary of Creative Edge Nutrition (OTC Pink:
FITX) (PINKSHEETS: FITX) for the sole purpose of supplying the
Canadian public with pharmaceutical-grade medical cannabis under
the newly established Marihuana for Medical Purposes Regulations
(MMPR). CEN Biotech Inc. has submitted a comprehensive application
to become a licensed producer (LP) of dried marihuana for medicinal
purposes and has received a ready-to-build approval from Health
Canada. http://www.cenbiotechinc.com
About Creative Edge Nutrition, Inc.
Creative Edge Nutrition is a holding company and a Nutritional
Supplement Company focused on developing innovative, high quality
supplements. The company offers a broad spectrum of capsules,
tablets, and powders, as well as science based products in the
principal categories of weight management, nutrition challenges,
energy and fitness. The Company manufactures under strict GMP
guidelines at GMP Certified and/or FDA registered
facilities. http://www.cenergynutrition.com and
https://www.facebook.com/CenergyNutrition
About Hemp Technologies
Hemp Technologies Ltd. is a vertically integrated hemp company
that grows, processes and sells its hemp directly to the consumer
and for industrial processing. In addition, it is instrumental in
hemp home building and building materials, hemp spirits and food,
and hemp pharmaceutical and dietary supplements.
http://www.hemp-technologies.com
About RXNB, Inc. RXNB possesses proprietary, cutting-edge
systems in the field of agriculture, applicable to medical
marijuana. In particular, these technologies focus on Current
Good Manufacturing Practices (cGMP) manufacturing and growing
process of medicinal marijuana. cGMP refers to the Current
Good Manufacturing Practice regulations enforced by the US Food and
Drug Administration (FDA). cGMPs provide for systems that
assure proper design, monitoring, and control of manufacturing
processes and facilities, which assures the identity, strength,
quality, and purity of drug products. RXNB technologies will
accelerate plant growth, allow perpetual grow cycles of about 35
days and protect plants from adulterants, which will yield greater
harvests. RXNB has a pharmacy division, which dispenses
prescription drugs direct to approximately 50,000 patients per
month in the US. RXNB owns a distribution network, which
supplies approximately 2,700 clinicians with tailored functional
medicine across the US. It operates its own call center and owns
software technologies in the field of tailored specialty drugs and
batch record keeping in compliance with USP 797.
FOR INVESTOR RELATIONS, Please Contact: William Swalm
(212) 584-4342
Info@cenergynutrition.com
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