VANCOUVER, British Columbia, Sept. 05, 2017 (GLOBE NEWSWIRE) -- Glance Technologies Inc. (CSE:GET.CN)
(OTCQB:GLNNF) (CSE:GET.WT) (FKT:GJT) announces that its partially-owned subsidiary, Cannapay Financial Inc., has entered into an
agreement to acquire the rights to a package of holistic Ayurveda formulas that are intended to treat a variety of ailments.
Cannapay has agreed to purchase all of the intellectual property pertaining to the creation, production and manufacturing of the
products and has purchased rights to blend the products with Cannabis to create new products (the “Cannabis Products”). The
agreement also grants Cannapay international distribution rights to the products and the Cannabis Products in all territories
except Canada.
"This acquisition gives Cannapay the know-how to partner with licensed growers, producers and distributors in
international jurisdictions to create Ayurvedic based products containing cannabis," says Glance President Penny Green. "We intend
to brand, market, sell and distribute these Ayurvedic Cannabis products internationally, in accordance with all applicable laws,
through the mobile apps using the Glance Pay technology that we are creating for the Cannabis market.”
The following products are being acquired by Cannapay from Cannacopia Therapeutics Inc.:
|
Product |
Key
Ingredients |
Intended Uses |
| Gel |
Hemp root and essential oils |
Remove skin spots, rashes, treat
eczema, psoriasis, hives, burns, allergies |
| Balm |
Organic coconut, hemp root and
essential oils |
Remove skin spots, rashes, treat
eczema, psoriasis, hives, burns |
| Topical
Analgesic |
Aloe Vera, arnica, menthol, and
other essential oils |
To relieve pain on or below the
skin |
| 2 Tea
blends |
Various herbs |
Relaxation |
| Sexual
Lubricant |
Ayurvedic oil |
Enhanced sexual experience |
| Organic Hand
Cleaner and Scrub |
Essential oils, free of chemicals
and parabens |
All natural hand cleanser |
| Organic Glass
Cleaner |
Salt and fat and hemp binder |
All natural, eco-friendly food safe
cleaner |
The products have not been clinically or otherwise tested to confirm any of the intended uses described
above. Cannapay intends to partner with licensed producers in various jurisdictions to complete the research and development
needed to blend TCH or CBD or both into each of the products and meet local testing and licensing and other requirements so that
the new Cannabis Products can be legally produced and sold in other countries.
Pursuant to the agreement, Cannapay, through its wholly owned subsidiary Indulgence Edibles Inc., is purchasing
all the know-how related to creating and using the Products including the formulas and processes for combining the ingredients,
medicinal properties and recommended dosages and how to blend the herbs and essential oils, all according to ancient Ayurvedic
principals. For the purchase of these intellectual property rights and the international distribution rights, Cannapay is
paying $216,000 in stock and cash and has agreed to engage Cannacopia Therapeutics as a consultant for at least two years at $5,000
per month. The monthly consultancy fee will increase to $10,000 upon Cannapay achieving $40,000 in monthly net revenues for the
sale of the Cannabis Products. Cannapay will also pay to Cannacopia a 10% royalty of net revenues. Cannacopia has
agreed to create other products for Cannapay, including a chemical free sunscreen, an anti-aging solution for the skin and 6 tea
blends.
About Cannapay Financial Inc.
Cannapay is a partially owned subsidiary of Glance Technologies. Cannapay combines traditional financial
services with innovative technology to provide enhanced digital financial services to legally operating businesses in the cannabis
industry. Cannapay currently has two apps in development leveraging the Glance Pay mobile payment system. One is Cannapay,
which is a mobile to mobile payment system for the cannabis industry. The other is Super Dope Delivery, for mobile ordering
and delivery of cannabis. Both apps are available for international licensing.
About Cannacopia Therapeutics Inc.
Cannacopia has formulas and processes for combining certain plant and root based ingredients to create Ayurvedic
products, and sells hemp root which serves as a key ingredient in many of the products. The products have been created so
that they are suitable to be blended with tetrahydrocannabinol (THC) and cannabidiol (CBD), as found in many ancient Ayurvedic
formulas. The President and principal of Cannacopia is a holistic life consultant and teacher with expertise in Ayurvedic
medicine and provides advice on Ayurvedic treatments and diets to be followed in conjunction with medically prescribed
cannabis.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how
smartphone users choose where to dine, order food & drink, settle bills, access digital receipts, earn great rewards, & interact
with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, social
media marketing, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system
consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, a
merchant manager apps, large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast
payment processing.
For more information about Glance, please go to Glance Technologies’ website.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively
"forward- looking information") within the meaning of applicable securities laws. Forward- looking information is typically
identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are
those, which, by their nature, refer to future events. Glance cautions investors that any forward-looking information provided by
Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in
forward-looking complete discussion of such risk factors and their potential effects which may be accessed through the Glance's
profile on SEDAR at www.sedar.com. Cannapay may not be able to find properly licensed partners
with whom to carry out research and development needed to add cannabis to any of its acquired products and it may never achieve
proper licensing in order to legally produce or sell cannabis in any jurisdiction.
For more information, contact: Christina Rao Vice President, Investor Relations (604) 723-7480 investors@glancepay.com
