CALGARY, Alberta, March 07, 2019 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSX-V: TEST) (OTCQB: FLURF), (“FluroTech” or the “Company”) is pleased to announce that a favorable Written Opinion (“WO”) has been received for Patent
Cooperation Treaty (“PCT”) Patent Application No. CA2018/051387 (the “PCT Application”).
The PCT Application entered national phase in the United States Patent and Trademark Office (the “USPTO”) on
November 2, 2018. In the WO all 58 pending claims as filed were both novel and inventive. Based on this favorable WO, a
request for accelerated examination may be filed at the USPTO. A request for accelerated examination of claims 1 to 32 was filed at
the USPTO on March 6, 2019. The remaining claims 33 to 58 of the PCT Application have not yet been filed at the USPTO but may
be filed in a continuation application at the USPTO.
The Company holds exclusive, irrevocable rights for application of the subject matter of the PCT Application and
the US Application for use globally in the hemp and cannabis industry. In addition to the national phase entry in the United
States, the PCT Application may be filed in any additional member states of the PCT, which currently includes 152 countries.
The CompleTestTM hemp and cannabis testing device applies technology to improve signal stability in
the face of thermal and other fluctuations in the light source, which in turn facilitates improved sensitivity and accuracy,
particularly for portable instruments. The technology applied in the CompleTestTM device is claimed in the pending
PCT Application and US Application.
“The Canadian Intellectual Property Office acting as International Search Authority found no issued patents or
published applications describing or making obvious the proprietary technology applied in the CompleTestTM system and
claimed in the patent applications. This positive outcome at the international PCT stage, provides access to accelerated
examination of all 32 claims filed in the United States. A continuation application including the other 26 claims that were
found novel and inventive at the PCT stage and can also be filed in the United States, and accelerated examination will be
available for those claims as well,” stated Dr. Elmar Prenner, Chief Technology Officer at FluroTech. “Additionally, the Company is
developing technology for biomarking and is working with our legal counsel to draft and file patent applications protecting that
technology, expanding the patent portfolio and supporting FluroTech’s commercialization of a second line of business.”
Developments on other advanced designs for future generations of the CompleTestTM system to maintain
the Company's technical lead are in progress.
“FluroTech believes it is emerging as a leader in the cannabis and hemp-house testing space with the development
of badly needed technology to improve accuracy and repeatability. We believe with our data that we are meeting that need,”
commented Danny Dalla-Longa, Chief Executive Officer at FluroTech. “Global regulation, rather than prohibition, of cannabis and
hemp-flower products, and particularly loosening regulations around CBD products in certain countries, is encouraging FluroTech to
leverage its global patent strategy. The export and import of analytical testing devices such as CompleTestTM system are
not highly regulated, which increases the global testing market the Company can access. The Company is contemplating licensing
opportunities in additional geographical jurisdictions and is in negotiations with international distributors to allow for quick
sales expansion of the CompleTestTM system.”
About the CompleTest™ System
The CompleTest™ system is FluroTech’s flagship brand and product line. The CompleTest™ system is a portable, cost-effective, state-of-the-art hemp and cannabis testing
device, able to provide fast, accurate and consistent testing results. It is designed for cultivators, processors, nurseries,
researchers, other federal licensees, and even individuals with an interest in optimizing phytocannabinoid yield or consumer safety
of cannabis products.
About FluroTech (TSX-V: TEST) (OTCQB: FLURF)
FluroTech is a technology and marketing company whose core business is focused on the
commercialization of new technologies in the cannabis industry. FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification
of organic and inorganic compounds contained within biological samples. Using the technology that was developed in part at the
University of Calgary, FluroTech has developed a two-part solution comprising an instrument called the CompleTest™ system and consumable testing kits for the CompleTest™ system.
To learn more, visit www.FluroTech.com.
Contact Information
Danny Dalla-Longa
Chief Executive Officer
403.680.0644
danny@flurotech.com
FluroTech Ltd.
Alistair Ross Technology Centre
Suite 111, 3553-31 Street NW
Calgary, AB T2L 2K7
info@flurotech.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities. The securities described herein have not been and will not be registered under the United States Securities Act of
1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the
benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration
requirements.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of Canadian securities legislation.
Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective
in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial
position. The forward-looking information in this news release includes disclosure about the filing of a continuation application
in respect of certain of the claims, the filing of the PCT application in additional member states of the PCT, the benefits of the
WO to the Company, the development of the Company’s biomarking and the intellectual property strategy in connection therewith,
development for advanced designs for future generations of the Company’s technology, the Company’s position as a leader in the
cannabis testing space, the U.S. and global hemp market opportunity for the CompleTestTM system, FluroTech’s ability to
expand the addressable market, the ability to develop a hemp testing protocol and the timing of the protocol completion and future
licensing opportunities for the Company.
The Company made certain material assumptions, including but not limited to prevailing market conditions and
general business, economic, competitive, political and social uncertainties, the need and demand for hemp testing protocol
utilizing the CompleTestTM system in the U.S. and globally, the continuation of the trend of regulating and not
prohibiting cannabis and hemp-flower products, including CBD and the success of future intellectual property filings, to develop
the forward-looking information in this news release. There can be no assurance that such statements 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 statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk
factors. These risk factors include, but are not limited to, adverse market conditions and regulatory and other risks associated
with the cannabis and hemp industry in general, users of the Company’s CompleTestTM system and the CompleTest™ system
failing to achieve the anticipated benefits of the product, changes to the anticipated regulatory regime in respect of the cannabis
and hemp industry, competition from other developers of similar technology, failure to obtain patent or other intellectual property
protection for the company, failure to reach commercialization of the technology and failure for the products anticipated market to
develop. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
The Company assumes no obligation to update or revise the forward-looking information in this news release,
unless it is required to do so under Canadian securities legislation.
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 of this release.