Radient Technologies Inc. Provides Corporate Update After Appointment of New Chief Executive Officer Harry Kaura
Company has Undertaken Significant Corporate Turnaround with Strategy Focused on Several Key Revenue-Generating Activities
Edmonton, Alberta--(Newsfile Corp. - July 21, 2021) - Radient Technologies Inc. (TSXV: RTI) (OTC Pink: RDDTF) ("Radient" or the "Company"), a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products, is pleased to provide a corporate update from its CEO, Harry Kaura.
Mr. Kaura, in becoming CEO has committed to enacting the turnaround of Radient, by building a revenue profile in various product categories and cutting costs significantly across the board. Mr. Kaura is an entrepreneur with 30+ years of experience founding and leading various manufacturing businesses. Harry has developed over $100M+ in the Edmonton real estate market, with a deep-seated connection to the community in Edmonton. In addition, Mr. Kaura is one of the longest standing and significant shareholders of Radient, and has continued to invest in the business to support its turnaround and planned growth trajectory.
Under his leadership, the Company is transitioning from a 'specialized technology solution provider', to a vertically integrated cannabis company, leveraging its past investment into technology and product development to create value for customers, shareholders, and employees.
Since January, under Mr. Kaura's direction, the Company has taken several initiatives to improve its foundation, including:
- Significantly reducing operating and SG&A expenses by over 50% to support the profitability of the Company.
- Restructuring several parts of the business through a series of consolidations and commercialization of Radient's technology into branded products and formulations.
- Establishing sales relationships with all major Provincial and Territorial retail markets in Canada, resulting in Radient now selling its products in every province in Canada (except for Quebec).
- Activating several key partnerships with leaders in the Canadian cannabis sector, including TunaaaaRoom Xtracts, HighGrade Concentrates, and one of Canada's first wholly owned Indigenous brands, Atomic Eh!, resulting in a combined revenue potential of over $50M.
- Identifying several critical market gaps, and focusing Radient's efforts on creating high-quality, yet affordable products to capture revenue through innovative distribution channels.
- Restructuring the European operations through a strategic review process and winding down of Radient's subsidiary, MAG Industries in Germany. The strategic direction of Radient in Canada has been changing rapidly. What was initially envisioned for MAG Industries is no longer a viable strategy in keeping with Radient's current focus on revenue-generating activities. Radient will be announcing new European initiatives and its plans for establishing a significant market presence in Europe within the next several months.
Statement from Radient CEO Harry Kaura:
"As we move forward with the next stage of Radient as a business, our focus will be on the commercialization of Radient's existing strengths, for the purpose of creating great products and services for our customers, which will ultimately create value for our shareholders. I'm excited for Radient's future, and our renewed purpose and plan towards profitability. I intend to continue to keep our loyal and dedicated stakeholders more engaged and informed as we move ahead with what I believe to be a revolutionary approach to the Canadian cannabis market."
Radient Technologies is a commercial manufacturer of diverse, novel and high-quality cannabis extracts and packaged products specializing in bringing products previously unavailable to consumers through legal channels to market. Radient develops specialty products that contain a highly engineered and unique range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Radient also operates a scientific and product-testing laboratory focused on expertise in formulations and product development, offering unique solutions in the cannabis and wellness space. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
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This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the growth of the Company's business operations. 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.
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