Radient Technologies Inc. Announces Changes to its Board of Directors and Provides Corporate Update
EDMONTON, Alberta, Feb. 04, 2019 (GLOBE NEWSWIRE) — Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF) announces today the following changes to its Board of Directors.
The Company is pleased to announce the appointment of Mr. Allan Cleiren, who is Chief Operating Officer of Aurora Cannabis Inc. (TSX: ACB; NYSE: ACB) and a Director of Hempco Food & Fiber Ltd., to Radient’s Board of Directors. Mr. Cleiren brings with him nearly three decades of leadership experience working with private and public companies on the execution of strategic business operations. Radient believes Mr. Cleiren will be a valuable addition to the Company as it moves forward with the commercial production of cannabinoid extracts and products, along with the global expansion of its operations. Mr. Cleiren commented: “Having worked closely with Radient for the past couple of years, I have been very impressed with the technical accomplishment, vision and professionalism at the organization. As regulations are finalized this year that will allow for new form factors for both the medical and adult use of cannabis, Radient’s extraction capabilities will be paramount for success. I look forward to this new role with Radient to assist in furthering Aurora and Radient’s close relationship, and to working with Denis and the team at Radient to accelerate their growth.”
Concurrent to the appointment of Mr. Cleiren to Radient’s Board of Directors, the Company also announces that Mr. Terry Booth is stepping down from Radient’s Board of Directors, effective today. Mr. Booth, who is CEO of Aurora Cannabis Inc., has served as a member of Radient’s Board of Directors since late 2017, and has played an instrumental role in the evolution of the Company as it expanded its operations to enter the cannabinoids market. Mr. Booth commented: “With the transformative grant of their processor license, Radient will now transition from technology development to commercial operations, which requires a shift in focus. Allan, Aurora’s COO, who has been extensively involved with RTI over the past couple of years as they progressed to being licensed, as well as with our hemp assets through Agropro and Hempco, is better positioned than myself to provide the bandwidth and focus RTI requires. Our two companies will now execute jointly on our early mover advantage in the global Hemp and Cannabis derivative markets, as we believe Radient’s technology is a game changer for our industry. Our product development and opportunities teams recognized this back in 2016 when we commenced our relationship, and we are now realizing this vision.”
The Company also announces that Mr. Jith Veeravalli will be stepping down from Radient’s Board of Directors, effective today, in order to pursue other interests. Mr. Veeravalli has been a valued member of Radient’s Board for over 4 years and has played a key role in supporting the Company through its growth during this time. Frank Ferlaino, Radient’s Chairman of the Board commented: “Jith has been a strong supporter of Radient since the Company became public in 2014. His significant experience in health specialty ingredients has helped shaped the growth and future wellness initiatives of the Company. We are grateful to him for his many contributions.”
Radient is also pleased to provide its shareholders with the following corporate update regarding its license status and manufacturing facilities.
Receipt of Standard Processing License from Health Canada:
Radient announced today, via a separate press release, that it has received its Standard Processing license from Health Canada, which allows the Company to process cannabis for the purpose of sale to federal license holders, including its strategic partner, Aurora Cannabis Inc. Processing of cannabis will now begin at Radient’s recently expanded Manufacturing Facility (“Edmonton I Facility”) located at 4035 101 St NW in Edmonton, Alberta. The Edmonton I Facility is expected to be capable of processing more than 200 kg of cannabis biomass per day at full capacity.
Retrofitting of Existing Manufacturing Facility for CBD from Hemp:
The Company announced on November 28, 2018 that it would be retrofitting a portion of its previously existing operational Manufacturing Facility (“Edmonton II Facility”) also located at 4035 101 St NW, Edmonton, exclusively for the processing of industrial hemp. The retrofitting operation is currently underway, and is expected to be complete in Q3, 2019. The expected throughputs for the retrofitted Edmonton II Facility will be in excess of 1,200 kg of industrial hemp per day. Radient will not be required to apply for an additional Standard Processing license from Health Canada for the Edmonton II Facility.
New Edmonton Manufacturing Facility:
Radient announced on November 5, 2018 that it had begun the development of a brand new Edmonton-based Manufacturing Facility (“Edmonton III Facility”) of over 100,000 square feet, located on the additional land adjacent to its existing Edmonton I and Edmonton II Facilities at 4035 101 St NW, Edmonton. The Edmonton III Facility will be dedicated to cannabinoid extraction and product development, and is expected to be capable of processing estimated throughputs of more than 1,000 kg per day of medical cannabis and more than 10,000 kg per day of industrial hemp. The foundation work on the Edmonton III Facility has commenced, with the general contractor to be appointed in early February 2019. Completion is expected in Q1 2020.
German Manufacturing Facility:
On November 5, 2018, the Company announced that it would be building a brand-new German processing facility (the “German Manufacturing Facility”), which is expected to be production ready in 2020. The German Manufacturing Facility is expected to be capable of processing throughputs of more than 1,000 kg per day of medical cannabis and more than 10,000 kg per day of industrial hemp. Site selection and preparation is now complete and permitting is underway, with initial design renderings having also been completed.
Canada Cannabis House at Davos:
Radient was honoured to participate in the World Economic Forum’s Annual Meeting at Davos, Switzerland, from January 22 – 25, 2019. Radient’s CFO, Prakash Hariharan, attended meetings and appeared as a guest speaker in a panel entitled, “The Next Investment Opportunities in Global Cannabis Expansion” at the Canada Cannabis House at Davos on January 23, 2019.
Radient Technologies provides industrial-scale manufacturing solutions for premium natural ingredients and products. Utilizing its patented MAP™ extraction technology, Radient delivers superior customer outcomes in terms of ingredient purity, yield, and cost, and serves global market leaders in industries such as foods & beverages, nutraceuticals, pharmaceuticals, cosmetics, and personal care. Since 2016, Radient has expanded its offerings to enter the cannabinoids market, using its MAP™ platform to provide premium ingredients that contain a full range of cannabinoid and terpene profiles. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
Denis Taschuk, Chief Executive Officer, [email protected],
Prakash Hariharan, Chief Financial Officer, [email protected],
Caitlin Cheadle, Director of Communications, [email protected]
Forward Looking Information:
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; the impact of changes to the Company’s Board of Directors; the impact of obtaining the Standard Processing Licence; the Company’s ability to retrofit the Edmonton II Facility; the Company’s ability to process materials at each of its facilities; the Company’s ability to construct and commission the Edmonton III Facility and the German Manufacturing Facility; the Company’s ability to expand its operations in Europe and Canada; the Company’s ability to grow its business in the cannabis sector and the Company’s future plans. 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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