FluroTech Engages CFN Media and Becomes DTC Eligible
CALGARY, Alberta, Feb. 13, 2019 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSX-V: TEST) (OTCQB: FLURF), (“FluroTech” or the “Company”) is pleased to announce that it has retained the services of CFN Media (“CFN”) of Los Angeles, California. CFN is a leading investor relations and communications advisory firm servicing cannabis companies across North American markets. CFN will provide investor relations and communication services to FluroTech for a term of six months for a monthly fee of US$10,000, payable in cash, subject to TSX-V approval.
“FluroTech is disrupting the cannabis testing model with a portable, fast and accurate technology solution”, said CFN President Frank Lane. “The company’s proprietary CompleTestTM device and consumable testing kits could set a new agility standard in testing cannabis for potency in flower and oils, heavy metals, and pesticides.”
“CFN has a proven track record of engaging North American investors interested in the cannabis sector,” commented Danny Dalla-Longa Chief Executive Officer of FluroTech. “CFN Media is a leading agency and financial media network dedicated to the global cannabis industry, helping companies operating in the space attract investors, capital, and publicity.”
In addition, the Company is pleased to announce that the Company has recently received approval from The Depository Trust Company (“DTC”) of New York to make the Company’s shares DTC eligible. The Company believes that this will simplify the process of trading our common stock for investors in the United States.
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be “DTC eligible”. This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for certain investors.
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, FluroTech has developed a two-part solution comprising an instrument called the CompleTest™ and consumable testing kits.
To learn more, visit www.FluroTech.com.
Chief Executive Officer
Alistair Ross Technology Centre
Suite 111, 3553-31 Street NW
Calgary, AB T2L 2K7
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.
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 benefits of engaging CFN to provide marketing services to the Company and the benefits of being DTC eligible.
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 cannabis industry in general, users of the CompleTest™ failing to achieve the anticipated benefits of the product, the failure of the Company to obtain a benefit from the retention of CFN and the failure of investors to realize a benefit from the Company becoming DTC eligible. 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.