Edmonton, Alberta--(Newsfile Corp. - February 4, 2021) - Radient Technologies Inc. (TSXV: RTI) (OTCQX: RDDTF) ("Radient" or the "Company"), a manufacturer of high-quality cannabis based formulations and products is pleased to provide a corporate update on its business activities and plans for 2021.
Business Developments
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Radient has successfully launched a wide range of Cannabis 2.0 products in Canada utilizing its Sales License in the provinces of Alberta, BC, Manitoba and Saskatchewan and is poised to complete additional product registrations for the provinces of Ontario and Quebec in calendar Q1 2021. This is a part of a broad strategy to launch Radient branded products in the growing recreational market for cannabis products in Canada.
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The products being sold comprise of brands in concentrate and vapes categories to include the largest SKUs of concentrate products in the Canadian market in partnership with Premium 5 and more recently with Tunaaaaroom. As noted in the last quarterly update, the market for premium concentrates is showing early signs of adoption and growth and Radient is well positioned to create a market presence with its own brands and formulations. These include Tunaaaaroom and several others that will be coming to market in calendar Q1 2021 which also includes the first orders from Fluum. As a part of this strategy, Radient will be also be launching products in new categories, showcasing the Company's unique formulation capabilities and capturing greater market share and economics.
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Radient is also pleased to announce its first shipment of orders in January 2021 with Tunaaaaroom in Saskatchewan under the brand name TRX. Radient and Tunaaaaroom will be adding additional retail brands in Saskatchewan in March-April 2021 in various product categories. These include resin, dabs, vape carts, juice crystals, THCa diamonds, Shatter etc. All of these products are slated to be launched in Saskatchewan during the course of calendar Q1 2021 as sales volumes continue to ramp up to complete the transformation of the business.
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Radient Lab Services continues to drive innovation in cannabis product formulations in a broad range of product formats, including tinctures, dissolvable powders, emulsions, dabs and vape products. The Radient team is also working extensively on a diverse range of formulations in Cannabis 2.0 products such as beverages, topicals, edibles, and natural health products with a strong pipeline of next-generation products in development for future release. Radient is currently looking at strategic options to develop partnerships with other Health Canada licensed analytical testing providers to further leverage its scientific expertise, state-of-the-art laboratories and Health Canada Research and Analytical Licenses to drive value.
Management Changes
Radient is also pleased to announce the appointment of Harry Kaura as the CEO of the Company effective Feb 03, 2021. Harry is an Edmonton based hands on entrepreneur, with vast experience in operations and business development through his firm Amnor Corporation. He has over three decades of experience as a hands-on operator and fully capable to lead Radient into its new path as a profitable operating business. As a local Edmontonian, Harry is well connected and respected within the business community and will provide the leadership necessary to guide the Company's plans and execute its business strategy. The plan will be to leverage Radient's expertise in science and formulations and grow its revenues to build a strong Radient brand of cannabis products, particularly in the recreational cannabis space-both in North America and internationally. Harry has served as a Director in Radient's Board since 2013 and dedicated the past five months in the Business Development initiatives and the management of the operations for Radient. He led the team in Radient in the reorganization of the manufacturing unit that is in full ramp up mode since January 2021.
While Jan Petzel will hand over his role as interim CEO of Radient, he will continue to serve the business in an active advisory role to in support Harry Kaura and the team. Jan has been instrumental in leading the transformation of the Company towards a path to operating profitability in calendar 2021. This has been achieved through a combination of the accelerated commercialization of Radient's products, the rationalization of capital spending and the implementation of wide scale cost reductions. The Radient Board wishes to thank Jan for his leadership during this transformational period and is delighted that he will remain actively involved going forward.
About Radient
Radient Technologies is an innovative science-based company that is a commercial manufacturer of high quality cannabinoid based formulations, ingredients and products. Utilizing a proprietary extraction and downstream processing platform that recovers up to 99% of cannabinoids from the cannabis plant, Radient develops specialty products and ingredients that contain a broad range of cannabinoid and terpene profiles while meeting the highest standards of quality and safety. Radient also has a science lab that is focused on innovation with expertise in formulations and technologies offering unique solutions in the cannabis and wellness space. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
For further information please contact:
Radient - Investor Relations, ir@radientinc.com
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. 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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