EDMONTON, Alberta, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. ("Radient" or the "Company") (TSX Venture:RTI) is pleased to announce that it has filed 18 provisional patent applications with the U.S. Patent and Trade Mark Office (the "USPTO") for innovation related to methods, systems and apparatus for improving the efficiency, purity, quality, and yield of biomass extraction, especially biomass related to cannabis, and compositions relating to the same.
In addition, the Company announces that effective today, it has been approved for graduation to "Tier 1 Issuer" status by the TSX Venture Exchange (the "TSXV") from its prior status as a "Tier 2 Issuer". Radient will commence trading as a Tier 1 issuer on the TSXV on today's date, Monday, October 29, 2018. Under the TSXV's policies, Tier 1 is the premier tier of the TSXV and is reserved for the TSXV's most advanced issuers with the most significant financial resources.
Further Details: Provisional Patent Applications for Cannabis Extraction
These patent applications allow highly efficient extraction of cannabinoids and other compounds from cannabis biomass via Radient's continuous-flow microwave-assisted extraction technology, and provide new and useful systems and apparatus for obtaining cannabis extract products from both marijuana and hemp. Further, the patent applications disclose systems and methods for controlling the composition of cannabis extracts and for obtaining compositions of cannabis products that are soluble in water, dispersible in water and obtainable in solid forms. Such methods and compositions may prove especially valuable as Canada's legal medical and recreational markets demand Cannabis-infused foods and beverages.
These provisional applications were first filed in the USPTO to create a priority date and allow for future filings in other selected jurisdictions, as appropriate, including Canada.
Dr. Steven Splinter, Founder and CTO of Radient, stated: "Taken together, these provisional patent applications strategically secure new innovations in the cannabis extraction space that will be required to ensure our customers have the best in class results for cost, quality, and flexibility of product designs."
License Status Update
Having received its Dealer's License from Health Canada for its Manufacturing Facility, Radient is now permitted to handle cannabis material in the facility for purposes of Research and Development, thereby allowing for the testing of its industrial processes. Additionally, the Company has migrated its ACMPR license application to Health Canada's new licensing system. The Company is working closely with Health Canada to complete the transition to a Standard Processor's License pursuant to the new Cannabis Act regulations, and will be providing a further update prior to its Annual General Meeting scheduled for November 7, 2018.
Shares for Services
The Company has issued an aggregate of 48,544 common shares to third party consultants for services provided during the quarter ended September 30, 2018, pursuant to the shares for services agreements previously approved by the TSX Venture Exchange. The common shares were issued at the TSX Venture Exchange closing share price on September 28, 2018 of $1.20.
The Company intends to issue shares to an arm's length third party in exchange for advisory services. Pursuant to the terms of the agreement, the Company may issue up to a maximum of $27,000 USD of common shares in any fiscal year in consideration for such services.
The number of shares to be issued for each quarter will be determined at the end of each quarter, after the services have been provided to the Company. The issue price of the shares will be the closing trading price of the Company's shares on the last trading day of such quarter. The Company will issue a press release after each issuance of shares under the terms of the Agreement.
The agreement shall automatically renew for successive two-year term, subject to the rights of termination of the parties.
Shares for Debt
Radient also announces a proposed shares-for-debt transaction in which Radient would issue up to 35,236 common shares, at a price of $0.93 per share, to an arm's length third party creditor of the Company in connection with the settlement an aggregate of USD $25,000 of debt.
The shares for debt transaction is conditional on TSX Venture Exchange approval. All securities to be issued pursuant to this settlement will be subject to a 4-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 23,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, and personal care markets. Since 2016, Radient has expanded its offerings to enter the cannabinoids market utilizing its MAP™ platform to process and extract cannabinoids including cannabidiol and tetrahydrocannabinol from cannabis biomass. In 2018 Radient partnered with Grupo Natac to form a Joint Venture, Natac Solutions, based in Madrid, Spain. Visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
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Forward Looking Information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the ability of the Company to obtain patents on the basis set out in the patent applications; the Company's ability to obtain the necessary licenses from Health Canada to carry out its business objectives in the cannabis space and as to the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Radient, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although Radient has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. Radient does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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 OR ACCURACY OF THIS RELEASE.
Source: Radient Technologies Inc