KELOWNA, BC, July 24, 2018 /CNW/ – GTEC Holdings Ltd. (TSXV: GTEC) (OTC: GGTTF) (“GTEC” or the “Company”), is pleased to announce that the Company has signed a letter of intent to create a joint venture with TheraProducts Canada (“TheraProducts”), to develop and commercialize cannabis-based products leveraging OLEO™ microencapsulation technology.
To date the ability to safely and consistently dose cannabinoids has been an issue for edible products. Moreover, odour, taste and solubility issues exacerbate the challenges associated with successfully marketing these products. OLEO’s microencapsulation technology addresses all of these concerns. The patent pending technology of OLEO™ enrobes cannabis oil distillates and isolates and converts them to hot and cold water soluble, odor-free, taste-free powder that can be added to a wide variety of food and beverage products. Accordingly, OLEO technology is ideally suited for the future edibles and beverages market in Canada, and other countries with legalized access to cannabis.
Under the terms of proposed joint venture, GTEC will be responsible for the supply and conversion of cannabis oils to OLEO-based products, in its licensed facilities. TheraProducts will supply the equipment and IP required to produce the OLEO products. The parties have also agreed to a formula for splitting the gross margin provided by the JV.
Under the terms of the Letter of Intent, both parties will work towards finalizing a Definitive Agreement on or before September 1st, 2018. Financial terms of the arrangement have not been disclosed.
“In GreenTec we have found a licensed producer with a vision that is in parallel with ours given their focus on the pharmacological benefits of cannabis and desire to create new cannabis delivery systems and applications that offer alternatives to smoking and the off taste of edibles and sublinguals in the market today” says Peter Hobbes, CEO of TheraProducts.
“The OLEO™ technology provides GreenTec with a fast to market solution to expand our offerings into new channels, new verticals and other countries, by leveraging our cultivation capabilities. More importantly, it allows us to expand our product portfolio into higher margin finished goods, when permitted by law” says David Lynn, COO of GreenTec.
About TheraProducts Canada
TheraProducts Canada is a privately held Ontario corporation with multiple patents and patents pending in the Cannabis and Medical markets. TheraProducts holds a license for Oleo microencapsulation technology. The owner of the Oleo brand and intellectual property is Oleo Technology, a privately held Washington corporation.
About GTEC Holdings Ltd.
GTEC was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities. GTEC currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Tumbleweed Farms Corp., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd. and Spectre Labs Inc. GTEC is a publicly-traded corporation based in Kelowna, British Columbia. The company’s shares are listed on the TSX Venture Exchange.
On behalf of the board,
Founder, Chairman & CEO
Co-Founder & Vice President
Chief Operations Officer
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 or accuracy of this release.
The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals, where applicable and the state of the capital markets. 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. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE GreenTec Holdings
For further information: please contact: GTEC Holdings Ltd., 1-800-351-6358, firstname.lastname@example.org