Filed 18 provisional patent applications with the U.S. READ! Radient Technologies Inc. Files Provisional Applications for Innovating Cannabis Extraction and Announces Graduation to Tier 1 Issuer Status on the TSX Venture Exchange
EDMONTON, Alberta, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI) is pleased to announce that it has filed 18 provisional patent applications with the U.S. Patent and Trade Mark Office (the “USPTO”) for innovation related to methods, systems and apparatus for improving the efficiency, purity, quality, and yield of biomass extraction, especially biomass related to cannabis, and compositions relating to the same.
In addition, the Company announces that effective today, it has been approved for graduation to “Tier 1 Issuer” status by the TSX Venture Exchange (the “TSXV”) from its prior status as a “Tier 2 Issuer”. Radient will commence trading as a Tier 1 issuer on the TSXV on today’s date, Monday, October 29, 2018. Under the TSXV’s policies, Tier 1 is the premier tier of the TSXV and is reserved for the TSXV’s most advanced issuers with the most significant financial resources.
Further Details: Provisional Patent Applications for Cannabis Extraction
These patent applications allow highly efficient extraction of cannabinoids and other compounds from cannabis biomass via Radient’s continuous-flow microwave-assisted extraction technology, and provide new and useful systems and apparatus for obtaining cannabis extract products from both marijuana and hemp. Further, the patent applications disclose systems and methods for controlling the composition of cannabis extracts and for obtaining compositions of cannabis products that are soluble in water, dispersible in water and obtainable in solid forms. Such methods and compositions may prove especially valuable as Canada’s legal medical and recreational markets demand Cannabis-infused foods and beverages.
These provisional applications were first filed in the USPTO to create a priority date and allow for future filings in other selected jurisdictions, as appropriate, including Canada.
Dr. Steven Splinter, Founder and CTO of Radient, stated: “Taken together, these provisional patent applications strategically secure new innovations in the cannabis extraction space that will be required to ensure our customers have the best in class results for cost, quality, and flexibility of product designs.”
License Status Update
Having received its Dealer’s License from Health Canada for its Manufacturing Facility, Radient is now permitted to handle cannabis material in the facility for purposes of Research and Development, thereby allowing for the testing of its industrial processes. Additionally, the Company has migrated its ACMPR license application to Health Canada’s new licensing system. The Company is working closely with Health Canada to complete the transition to a Standard Processor’s License pursuant to the new Cannabis Act regulations, and will be providing a further update prior to its Annual General Meeting scheduled for November 7, 2018.
Shares for Services
The Company has issued an aggregate of 48,544 common shares to third party consultants for services provided during the quarter ended September 30, 2018, pursuant to the shares for services agreements previously approved by the TSX Venture Exchange. The common shares were issued at the TSX Venture Exchange closing share price on September 28, 2018 of $1.20.
The Company intends to issue shares to an arm's length third party in exchange for advisory services. Pursuant to the terms of the agreement, the Company may issue up to a maximum of $27,000 USD of common shares in any fiscal year in consideration for such services.
The number of shares to be issued for each quarter will be determined at the end of each quarter, after the services have been provided to the Company. The issue price of the shares will be the closing trading price of the Company's shares on the last trading day of such quarter. The Company will issue a press release after each issuance of shares under the terms of the Agreement.
The agreement shall automatically renew for successive two-year term, subject to the rights of termination of the parties.
Shares for Debt
Radient also announces a proposed shares-for-debt transaction in which Radient would issue up to 35,236 common shares, at a price of $0.93 per share, to an arm's length third party creditor of the Company in connection with the settlement an aggregate of USD $25,000 of debt.
The shares for debt transaction is conditional on TSX Venture Exchange approval. All securities to be issued pursuant to this settlement will be subject to a 4-month hold period.