Clarification and Retraction of Previously Announced Press Release: Lifestyle Delivery Systems Inc. Announces Update on Trademarks and Patent Issues
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2018) - Lifestyle Delivery Systems Inc. (CSE: LDS) (FSE: LD6) (OTCQX: LDSYF) ("LDS" or the "Company") NOTIFIES its readers that the Company retracts the news release the Company issued on April 18, 2018, entitled Lifestyle Delivery Systems Inc. announces Update on Trade Marks and Patent (the "Original Press Release"). The following Revised Press Release replaces the Original Press Release and provides additional information and clarification on certain statements regarding CTT Pharmaceutical Holdings, Inc.'s ("CTT Pharmaceutical") Canadian Patent No. 2,922,959 ("the '959 patent").
Vancouver, British Columbia, Canada, June 8, 2018, Lifestyle Delivery Systems Inc. (CSE: LDS) (FSE: LD6) (OTCQX: LDSYF) announces updates on trademark filings and scheduling of clinical trials for bio-availability of its CannaStripsTM technology.
The CannaStripsTM logo and tagline "Smoke Free Pain Relief" have been issued European Union trade mark registration numbers 017383712 and 017383738 by the European Union Intellectual Property Office and the United Kingdom trade mark registration numbers UK00003265774 and UK00003265768, issued by the United Kingdom Intellectual Property Office. The Company has also applied for trademark protection in California. These marks are in addition to the Canadian trademark applications the Company has filed with the Canadian Intellectual Property Office on April 25, 2017.
The Company is scheduling clinical trials to commence in June 2018 to define the bio-availability benefits of the Lifestyle Delivery Systems' CannaStripsTM technology. These clinical trials are expected to quantify the enhanced delivery method of CannaStripsTM compared to other forms of delivery.
On February 21, 2018, CTT Pharmaceutical announced issuance of its Canadian Patent No. 2,922,959. The Company does not believe the CannaStripsTM product infringes any claims of CTT Pharmaceutical's patent and believes the patents will not restrict the Company's ability to operate in Canada or the United States. In addition, over twenty years ago, United States Patent No. 6,017,545 ("the '545 patent") was filed. The inventor on the face of the '545 patent is the CEO of CTT Pharmaceutical, Pankaj Modi, and the subject matter of the '545 patent overlaps with the '959 patent. There is no public assignment record of the '545 patent from Dr. Modi to CTT Pharmaceutical. The '545 patent expired on February 10, 2018, and the Company's development of the CannaStripsTM technology did not infringe the '545 patent. The Company is not currently aware of any CTT patents that it believes will limit its ability to bring the CannaStripsTM technology to market.
About Lifestyle Delivery Systems Inc.
Lifestyle Delivery Systems Inc. is a licensed, state-compliant vertically integrated cannabis-related company. From our isogenic pollination nursery to our cutting edge, state-of-the-art production facility located in Southern California, LDS has become one of the most diverse, innovative and scientifically based cannabis companies throughout North America. The Company's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to smoking but also a new way to accurately meter the dosage and assure the purity of the product. From start to finish, the production process tests for quality and composition of all the ingredients used in each and every strip, resulting in a delivery system that is safe, consistent and effective.
On behalf of the board of directors of Lifestyle Delivery Systems Inc.
CEO & Director
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Cautionary Disclaimer Statement:
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, The Company undertakes no obligation to publicly update or revise forward-looking information.