CALGARY, Alberta, June 03, 2019 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSX-V: TEST) (OTCQB: FLURF), (“FluroTech” or the “Company”) is pleased to provide a technology update. The Company previously disclosed the pause of sales after the company detected a contamination of certain test kits due to packaging materials. Finding alternative packaging, the issue has been resolved. Extensive testing internally and by beta testers validated the test kits perform with the accuracy and repeatability as intended. The CompleTest’s accuracy for CBDa and THCa testing is within a 2% variability range, when compared to reference data. This accuracy exceeds the performance of other competitive alternatives available to producers. In addition to high accuracy, the CompleTest consistently demonstrates repeatable results of the same sample.
With the resolution of the packaging issue, the Company has executed on its staffing plan to build out the sales and marketing team through the addition of Eric Entz to its sales team. Eric has built an extensive network in the cannabis industry. In addition to his commitment to FluroTech, he is the Vice President of Western Canada Leaf Forward, the Treasurer and Secretary of The Alberta Cannabis Collective and a Senior Manager of Operations at Cultivated Solutions.
“I welcome Eric to the team,” commented Danny Dalla-Longa. “Although determining the proper packaging material for our product took longer than expected, I’m very pleased with the product we can now deliver. I believe the CompleTest accuracy will be enhanced as we continue to refine our testing protocol. Our device will go a long way in fixing the pronounced cross-lab variability issues that currently exist in the marketplace.”
FluroTech’s sales representatives will be attending the Lift & Co. Cannabis Business Conference (“LCBC”) in Toronto commencing June 7th where they will be conducting test demonstrations. LCBC brings together leading experts from across the industry to tackle subject matter from a uniquely Canadian perspective.
FluroTech has a number of revenue streams to pursue, currently focused on CompleTest sales, finalizing the development of a low concentration THC test for hemp and the commercialization of the biomarker technology for seed to sale tracking. For more information on FluroTech please refer to the Company’s annual MD&A posted on April 25th and recent interim Q1 MD&A posted on May 29th.
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.
Chief Executive Officer
Alistair Ross Technology Centre
Suite 111, 3553-31 Street NW
Calgary, AB T2L 2K7
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 performance, in terms of accuracy and repeatability of test results of the CompleTest, opportunity for fast, affordable, accurate and easy to use test and measurement instruments, the continued resolution of the packaging contamination issues, the CompleTest being delivered to the market, the future enhancements to the CompleTest’s accuracy range, and the CompleTest fixing the pronounced cross lab variability issues that currently exist in the marketplace.
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 CompleTest 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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