EDMONTON, Alberta, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or
the “Company”) (TSX Venture: RTI) is pleased to announce that it has received its Confirmation of Readiness
(“COR”) Letter from Health Canada in regard to its application for an initial Standard Processor’s License (the “License”) pursuant
to the new Cannabis Act regulations. This COR Letter pertains to the Company’s recently expanded Manufacturing
Facility located at 4035 101 St NW in Edmonton, Alberta. Receipt of the COR Letter demonstrates that Radient has met Health
Canada’s license application requirements, and is at the Confirmation of Readiness stage. Upon Radient’s demonstration to Health
Canada that its Manufacturing Facility is fully functional and compliant under the Cannabis Act and the Cannabis Act
Regulations, the Company will be granted its Standard Processor’s License, at which point it will be permitted to begin
extracting cannabinoids for the purpose of sale to other federal licence holders.
Due to the transitional allowance Health Canada has granted to late-stage applicants (applicants that had
received their COR under the previous ACMPR on or before October 16, 2018), Radient is anticipating timely review and receipt of
its initial Standard Processor’s License from Health Canada.
Health Canada had previously sent a Confirmation of Readiness Letter on August 28, 2018, to Radient under the
ACMPR, indicating that the Company had demonstrated substantive compliance with the ACMPR including physical security, record
keeping, and good production practices. However, Health Canada has acknowledged that although Radient was in the final stages of
licensing, the Company was unable to be licensed before the new requirements under the Cannabis Act came into force, due
to new regulations that would be implemented after October 17, 2018. As such, Radient views the receipt of its COR Letter from
Health Canada under the Cannabis Act as a positive step in its overall business trajectory, which includes extracting
cannabinoids for its strategic partners including Aurora Cannabis Inc.
“The receipt of our COR Letter under the new Cannabis Act is a key step for Radient Technologies,”
commented Denis Taschuk, President and CEO of Radient. “Having met the review requirements of the new regulatory framework, the
Company is looking forward to being approved for its Standard Processor’s License in the near future.”
About Radient
Radient extracts natural compounds from a range of biological materials using microwave assisted processing (“MAP™”), a patented
technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its 23,000
square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical,
food, beverage, natural health, and personal care markets. Since 2016, Radient has expanded its offerings to enter the cannabinoids
market utilizing its MAP™ platform to process and extract cannabinoids including cannabidiol and tetrahydrocannabinol from cannabis
biomass. Visit www.radientinc.com?for more information.
SOURCE: Radient Technologies Inc.
Denis Taschuk, Chief Executive Officer, dtaschuk@radientinc.com,
(780) 465-1318;
Mike Cabigon, Chief Operating Officer, mcabigon@radientinc.com,
(780) 465-1318
Caitlin Cheadle, Investor Relations, ccheadle@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 Company’s ability to obtain the Standard
Processor’s License; and the Company’s future plans. 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
