FluroTech Provides Update on Hemp Betas
September 10 2019 - 7:30AM
InvestorsHub NewsWire
FluroTech Provides
Update on Hemp Betas
Calgary, Alberta
-- September 10, 2019 -- InvestporsHub NewsWire
-- FluroTech Ltd. (TSX-V: TEST) (OTCQB: FLURF), (“FluroTech” or
the “Company”) is pleased to provide an update on its
ongoing hemp beta tests with hemp growers/extractors in the U.S.
and Canada who are validating the Company’s CBDA testing protocol.
These hemp growers have been testing nearly daily, in an effort to
profile the CBDA development in their crop. In Canada, a limited
number of strains of hemp are available to growers and these
strains usually contain CBDA at or below 4.5%. This has resulted in
robust demand for a testing device that can quantify low
concentrations of CBDA. The hemp growers working with the Company
have planted several different strains and have been benchmarking
the plants based on their CBDA concentrations. They have also
expressed a keen interest in benchmarking CBDA development measured
throughout the current growing season against future growing
seasons.
As the time to harvest this year’s crop nears, typically commencing
mid-September ending mid-October, the CompleTestTM unit should
allow farmers to forecast the value of their crop based on the
expected CBDA concentrations. Similarly, extractors are inputting
the hemp growers’ CBDA concentrations into their models to
determine their yield and profitability, thereby validating the
hemp prior to purchasing it from such growers. In addition,
extractors are able to confirm the efficiency of their extraction
process by testing the low-level concentration in the residue plant
material following extraction.
“The Company is delighted with the positive response it has
received from the hemp beta testers of the CompleTestTM. This
testing appears to have validated our proposition that hemp growers
will benefit from being able to capture growing data in real time,
and being able to use such data to assist them in making better
business decisions. I’m thrilled that FluroTech’s development team
has put forward a product that appears to meet the needs of both
farmers and extractors, by measuring the timing of the initial CBDA
expression,” stated Danny DallLonga. “The Company has already made
several sales to hemp growers, in time for cropping, and expects
the beta testers to also become purchasers of the CompleTestTM.”
According to New Frontier Data, the number of U.S. hemp cultivation
licenses increased from 3,546 in 2018 to 16,462 in 2019. To
capitalize on this growing market, FluroTech is currently in the
process of finalizing a strategy to increase market
penetration.
The CompleTest’sTM hemp test measures CBDA concentrations from
0.20% to 15.00% with +/-0.30% accuracy and precision of +/- 0.05%
for concentrations below 5% and with accuracy of +/- 1.25% and
precision of +/- 0.40% for concentrations between 5% and
15%.
Additionally, the Company would like to welcome Dave Majeski to the
company’s Board of Directors, replacing Dr. Elmar Prenner who has
taken on the role of Chief Scientist. Dave is a former Vice
President at the Royal Bank of Canada and brings decades of deal
making, corporate governance and financial insight to the Board. He
is currently on the Board of a privately held cannabis company
based out of Edmonton.
About FluroTech (TSX-V: TEST) (OTCQB: FLURF)
FluroTech is a technology and marketing company whose core business
is focused on the commercialization of new technologies in the
cannabis industry. FluroTech’s proprietary spectroscopy-based
technology allows for the testing and identification of organic and
inorganic compounds contained within biological samples. Using the
technology that was developed at the University of Calgary,
FluroTech has developed a two-part solution comprising an
instrument called the CompleTest™ and consumable testing
kits.
To learn more, visit www.FluroTech.com.
Contact Information
Danny Dalla-Longa
Chief Executive Officer
403.680.0644
danny@flurotech.com
FluroTech Ltd.
Alistair Ross Technology Centre
Suite 111, 3553-31 Street NW
Calgary, AB T2L 2K7
info@flurotech.com
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 validation of the Company’s CBDA
testing protocol, the demand for a test device to quantify low
concentrations of CBDA, the benefits of the Company’s CompleTestTM
and the potential demand for and applications thereof, the ability
of the CompleTestTM unit to forecast values of crops, validate the
hemp and confirm the efficiency of extraction processes, the
validation of the Company’s value proposition in respect of its’
CompleTestTM unit, the benefit the Company’s customers and
potential customers will receive from CompleTestTM, anticipated
future sales of CompleTestTM to beta testers of the product, the
ability to increase market penetration, the performance, in terms
of accuracy and repeatability of test results of the CompleTestTM,
opportunity for fast, affordable, accurate and easy to use test and
measurement instruments.
The Company made certain material assumptions, including but not
limited to prevailing market conditions and general business,
economic, competitive, political and social uncertainties, the need
and demand for the CompleTestTM technology in the cannabis and hemp
industry, 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. These risk
factors include, but are not limited to, adverse market conditions
and regulatory and other risks associated with the cannabis and
hemp industries in general, users of the Company’s the CompleTest™
failing to achieve the anticipated benefits of the product,
competition from other developers of similar technology , failure
to reach commercialization of the technology and failure for the
products anticipated market to develop. 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.
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