FluroTech Applauds Canadian Cannabis Legalization and Provides Operational Update
Calgary, Alberta--(Newsfile Corp. - October 19, 2018) - FluroTech Ltd. (TSXV: TEST), ("FluroTech" or the "Company"), developer of the CompleTest™ device for cannabis quality control, detection of the Company's biomarker and developer of a human saliva testing device that determines concentrations of ∆9-tetrahydrocannabinol ("THC"), methamphetamines and cocaine for use in roadside and work place impairment testing, applauds the efforts by the Government of Canada and others to increase public awareness of the dangers of driving while impaired by drugs and the acute problems of being under the influence of drugs in the workplace. Saliva based testing is the preferred method of impairment testing by insurance companies, workplace safety programs and the Government of Canada for roadside testing.
FluroTech has made significant progress in the development of its human saliva testing device that utilizes its validated proprietary spectroscopy-based technology. Recent developments include finalization of the design of a Drugs and Driving Committee of Canada compliant roadside testing device with orders of prototype components being made for final design validation; also completed is a unique saliva swab which allows for quick collection of saliva. Additionally, aptamers for detection of THC, methamphetamines and cocaine that effectively suppress background substrates are undergoing robust testing for accuracy and reliability in results. The Company anticipates submitting the application responding to current requests for submissions of testing devices for consideration to the Drugs and Driving Committee of Canada, Q4 2018.
Commercialization of the CompleTest™ device for cannabis quality control is on track for Q4 2018 following several months of beta testing with licensed producers. Feedback from the testers has been positive and enabled robust refinement of the user-friendly test kits. Ongoing validation of the device and test kits continues as the company progresses through the process required pursuant to Good Manufacturing Practice (GMP) certification. The Company notes that the October 17, 2018 legislation creates a framework for micro-cultivation, provincial government distribution and bricks and mortar retail stores which significantly broadens the market opportunity for portable, cost-effective lab quality testing devices.
Recent reports suggest a substantial portion of Canada's cannabis demand will likely continue to be supplied by the black market which would curtail government revenues ("Bloomberg October 2018"). FluroTech has made considerable advancements in its biomarking technology which will offer superior tracking capabilities and will help in the suppression of black-market cannabis supply. The biomarker specifically labels cannabis and cannabis oil in a manner that will allow fast, on-site identification of legal products using the CompleTest™ technology, economically and without the need for technical training.
CompleTest™ is FluroTech's flagship brand and product line. CompleTest™ is a portable, cost-effective, state-of-the-art cannabis testing device, able to provide quick, accurate and consistent testing results. It is designed for cultivators, dispensaries and anyone with a vested interest in consumer safety to test the quality and safety of their cannabis products and to optimize potency yield.
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 in conjunction with the University of Alberta, FluroTech has developed a two-part solution comprising an instrument called the CompleTest™ and consumable testing kits.
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Chief Executive Officer
IR — Thesis Capital Inc.
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, 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 timing of submission its application for consideration to the Drugs and Driving Committee, timing to commercialization of the CompleTest™ device, the future performance of the Company and the effect of the October 17, 2018 legislation on demand for the Company's products.
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. These risk factors include, but are not limited to, adverse market conditions and regulatory and other risks associated with the medical cannabis industry in general, failure to meet certain timelines for commercialization, failure to submit its application for consideration on time or at all, and failure to achieve the anticipated benefits of the October 17, 2018 legislation. 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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