Radient Technologies Inc V.RTI.H

Radient Technologies Inc. Releases 2017 Year End Results

[Gabthebroker]

July 26, 2017 19:00 ET

Radient Technologies Inc. Releases 2017 Year End Results

 

 

EDMONTON, ALBERTA--(Marketwired - July 26, 2017) - Radient Technologies Inc. (TSX VENTURE:RTI) (the "Company") announced today that it has released its financial results for the fiscal year ended March 31, 2017. The audited financial statements, Management's Discussion and Analysis, and the CEO & CFO certifications for the year ended March 31, 2017 are available on www.SEDAR.com.

Key Highlights for the 2017 Year

• Commenced commercial manufacturing activities with a series of contracts for scale-up and manufacturing of two ingredients for a multi-national ingredients company after a successful restart of operations to initiate the turnaround of the business,
• Executed a memorandum of understanding ("MOU"), with Aurora Cannabis Inc. (TSX:ACB)(OTCQX:ACBFF)(FRANKFURT:21P) (WKN: A1C4WM) ("Aurora") to evaluate an exclusive partnership for the Canadian market with regard to the joint development and commercialization of high quality and standardized cannabinoids extracts using the Company's unique MAP extraction technology This successful foray into the fast growing cannabinoids market positions the Company as a key technology leader in the process of extracting cannabinoids.
• Completed two successful private placements for gross proceeds of $14.1 million with Aurora Cannabis coming in as lead investor on the March 2017 financing, strengthening the balance sheet.
• In addition to these financings, the Company issued a $2 million convertible debenture with Aurora pursuant to the MOU.
• The cash and restricted cash balance as of March 31, 2017 was approximately $10.5 million due in large part to the private placements and convertible debenture placement,
• Entered into a two phase joint research agreement with Aurora to assess the Company's MAP™ technology for cannabis extracts and successfully completed the first phase,
• Submitted to Health Canada an application for a production license under the Access to Cannabis for Medical Purposes Regulations (Q4 2017) and also submitted an application for a controlled substance dealer's license with Health Canada (Q3 2017). 

Denis Taschuk, President and CEO of Radient, stated "2017 has been a major turnaround for Radient with completion of successful financings and a strategic partnership with one of the largest licensed producers in the rapidly growing cannabinoids market. We are also pleased with our strengthening partnership in the ingredients space with a current global leader that is expected to continue to grow and add value. The Canadian cannabis industry is currently scaling up production to meet patient requirements, and has a latent demand for higher volume extraction processes that result in high purities and yields. We believe our patented MAP™ technology can create meaningful shareholder value from this and other industries. We are looking forward, in 2018, to growing our relationship with Aurora and building additional partnerships in this dynamic industry."