FluroTech (TSXV:TEST), (“FluroTech” or the “Company”) is pleased to announce that it has closed its previously announced purchase of the royalty from University Technologies International Limited Partnership (“UTI”). The Company has issued 333,334 FluroTech common shares, at a deemed price of $0.45 per share, to UTI in exchange for UTI selling its one percent royalty on net product sales of FluroTech back to the Company.
About FluroTech (TSXV: TEST)
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 derived from cannabis plants. 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.
About UTI Limited Partnership
UTI is the knowledge transfer and business incubation centre for the University of Calgary operating under the brand of Innovate Calgary. UTI was founded in 1989 and consistently ranks in the top 5 among Canada’s top research universities for revenue bearing agreements (licences, assignments, options). UTI helps drive economic growth through the creation of new jobs resulting from university-based spin out companies, the sharing of knowledge, the pooling of resources, and the opportunity for investment return.
Alistair Ross Technology Centre
Suite 111, 3553-31 Street NW
Calgary, AB T2L 2K7
Chief Executive Officer
IR — Thesis Capital Inc.
Figure 1: FluroTech Logo
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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 the future performance of the Company.
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. 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.