CALGARY, Alberta, March 23, 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, is pleased to announce it has entered into an non-exclusive US distribution agreement with North Carolina based HempLab Inc.
The distribution agreement provides for FluroTech and HempLab to work together to introduce the CompleTestTM to regulatory bodies and law enforcement agencies on the east coast of the United States with the goal of having CompleteTestTM become an approved testing device to accurately determine if a sample of biomass contains more than 0.3% THC, the legal limit to be classified as Hemp under the USDA guidelines.
HempLab’s Chief Executive Officer and Co-Founder John Herring, brings over 25 years of experience in law enforcement and a keen understanding of how new technology can help alleviate compliance testing, including the ability to identify the difference between Hemp and Marijuana, which is an issue currently backlogging the cannabis industry. HempLab has selected the CompleTestTM as the technology it wishes to promote as it believes it provides an accurate, easy-to-use, portable testing solution to law enforcement, licensed growers and dispensary owners.
“It’s imperative that law enforcement seek out new technologies that will assist in expediting the process of determining what substance our officers are dealing with,” stated Mr. Herring. “The CompleTestTM device has the ability to efficiently delivers rapid and accurate results. This is absolutely crucial in our efforts to enforce the transportation of illegal products as well as limiting “down time” and delays for those transporting legal products.”
Mr. Herring and his team at HempLab will be actively engaged in introducing the CompleTestTM as the testing solution to be adopted by law enforcement on the east coast of the US.
“The CompleTestTM’s decarboxylated full potency testing makes Hemp compliance testing quick, easy and readily available,” stated Rex Kary, Chief Operating Officer at FluroTech. “Attracting law enforcement to utilize the CompleTestTM has been a strategic initiative for the Company and I’m confident that our product and Mr. Herring’s network will allow us to capitalize on the market opportunity that exists.”
HempLab also serves the agriculture sector focused on growing Hemp for CBD extraction. HempLab will deliver the CompleTestTM device to its customers that not only desire accurate CBD potency results during the growing season but also to ensure their crop is harvested prior to exceeding the legal THC limits
About HempLab, Inc.
HempLab is a North Carolina based distribution company focused exclusively on the marketing, sales and support of the CompleTestTM device. HempLab was co-founded by CMO David Claassen, CEO John Herring and COO Ken Weeks. In addition, HempLab’s CTO is Paul Grzybowski, who previously worked in the research laboratory at the Centers for Disease Control in Atlanta.
To learn more, visit www.HempLab-USA.com
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
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 CompleTestTM 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.