RadientTechnologies Inc. Provides CorporateUpdate
Radient’sSignature Brands and Licensed Partner Brands tobe Sold in Several New Provinces; CompanyExpects to Further Reduce its OperatingExpenses
EDMONTON,ALBERTA, September 9, 2021 – RadientTechnologies Inc. (“Radient” or the “Company”) (TSXV: RTI) (OTC Pink:RDDTF), a commercial manufacturer ofdiverse, novel and high-quality cannabisextracts and packaged products, is pleased toprovide shareholders with the followingcorporate update.
FirstShipment of TunaaaaRoom Xtracts Products toOntario:
Radient ispleased to announce that it has completed itsfirst shipment of TunaaaaRoom Xtracts Inc.(“TRX”) products to Ontario. TRX products arenow sold through provincially licensed retailersin a total of six Canadian provinces andterritories: Ontario, British Columbia, Alberta,Saskatchewan, the Northwest Territories, and theYukon. Additionally, the Company announces todayit has received approval to begin selling TRXproducts in New Brunswick.
On December8 2020, Radient announced it had signed alicensing agreement with TunaaaaRoom, anAlberta-based cannabis company, to co-developand distribute a wide range of premium cannabisextracts targeting cannabis consumers, to besold across Canada, where permitted, under theTunaaaaRoom Xtracts brand.
Radient hassince entered into a letter of intent (the “LOI”) announced on June30, 2021, pursuant to which the Companyproposes to acquire 100% of the issued andoutstanding shares of TRX (the “TRXAcquisition”). Under the terms of the LOI,Radient will receive 100% of the gross sales ofTRX branded products, and will be subject topaying TunaaaaRoom a fee equal to 2% of thegross sales of such products for at least threeyears following the completion of the TRXAcquisition. Radient intends to updateshareholders on the progress of the TRXAcquisition in the comingmonths.
First Purchase Orders forAtomic Eh Products:
Radient ispleased to announce today that its licensingpartner brand, Atomic Eh, has received purchaseorders from provincial distributors inSaskatchewan, British Columbia, Alberta, and NewBrunswick. In addition, Atomic Eh products arenow registered for sale in Manitoba and theNorthwest Territories.
On May3, 2021, Radient signed a definitivelicensing agreement (the “Agreement”) withAtomic Eh to launch its first cannabis brandtargeting under-served indigenous communities.Radient is working exclusively with Atomic Eh toroll out its Cannabis 2.0 products, includingBHO extracts, vape cartridges, dried flower,edibles, and solventless extracts usingRadient’s distribution channels. Pursuant to theAgreement, Radient has agreed to manufacturebetween 25,000 – 50,000 units of product permonth, to be sold under the Atomic Eh brand,providing Radient with additional productofferings on retail shelf space.
Toexecute on these initiatives and manage thesupply chains for timely product delivery,Radient has also secured funds against itsreceivables for up to $2M a month from a lendinggroup. These will be used for working capitalpurposes.
Additional Initiativesto Reduce OperatingExpenses:
Radientannounced in a corporate update on July21, 2021 that it is implementing severalstrategies to reduce its operating and SG&Aexpenses in order to put the Company on the pathto profitability in future. Radient announcestoday that as part of these initiatives, theCompany will no longer be utilizing thelaboratory space at 8223 Roper Road (the “RoperRoad Lab”), and intends to move its laboratoryactivities including product testing to itsHealth Canada-approved Edmonton I and EdmontonII facilities, as well as the facilities of PBRLaboratories Inc., a company which Radientintends to acquire in accordance with the termsof a letter of intent described in the Company’spress release dated July29, 2021 (the “PBR Lab Acquisitions”). Radient expects that the termination of thelease on the Roper Road Lab and relatedequipment will reduce its monthly expenses byapproximately C$30,000 per month movingforward.
“Retail salesof the products Radient has launched so far haveremained very strong, and we are very excited bywhat we have achieved since we announced thestrategic turnaround of the Company in July,” commented Radient’s CEO, Harry Kaura. “Withseveral new products coming to market, andseveral potential acquisitions under negotiationthat we believe will be beneficial to our futuregrowth, we are very pleased that we have alsomanaged to significantly reduce our monthlyexpenses in a way that we project will notdisrupt our current and futurerevenue-generatingactivities.”
RadientTechnologies is a commercial manufacturer ofdiverse, novel and high-quality cannabisextracts and packaged products, specializing inidentifying existing market gaps and bringingproducts that fulfill these gaps to consumers.With scientific and industry expertise at itsfoundation, Radient develops specialty productsthat contain a highly engineered and uniquerange of cannabinoid and terpene profiles, whilemeeting the highest standards of quality andsafety. Radient also operates a scientific andproduct-testing laboratory that offers uniquesolutions to the cannabis and wellness spaces.Please visit www.radientinc.com for more information. Formore information, pleasecontact:
Harry Kaura, CEO &Director
ir@radientinc.com
Ph:780 465 1318