SUNRISE, Fla., April 03, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) is pleased to
announce the signing of a letter of intent for the assignment of a temporary license to prepare farm located at Hatzeva 37 Arava,
Israel to grow and cultivate Medical Cannabis on 10,000 square meters therein with the intent to receive a permanent license to
grow, cultivate, distribute and export Medical Cannabis.
The assignment shall be made by Gidon Blum (“Blum”) to a to-be-formed US or Israeli subsidiary of PSIQ as soon
as possible. The parties shall make every effort to (a) prepare the farm to grow, cultivate, distribute and export Israel Medical
Cannabis (“IMC”) based upon the most advanced agricultural and medical know-how and experience according to the Company's
best-in-class quality standards and policies, including Good Agricultural Practices (“GAP”). GAP is quality and control of
agricultural products. It is based on the principals of risk prevention, risk analysis, sustainable agriculture and the means for
continuous improvement of farming systems. GAP is essential for international trade in food to developed countries where GAP is
used. Consumers are increasingly concerned about food safety, how food was grown, produced, and how it is handled within the supply
chain. GAP provides the consumer with a sense of quality that they require. In terms of GAP, it can be applied in the
same way to medical cannabis cultivation as it can for other herbs and food items. GAP is not limited to food, it includes herbal
medicines as well. The quality in herbal medicines play a major role on its function and lack of quality may result in adverse
effects on patients. The safety and quality of raw herbals and finished products made from herbals depends on the genetics of the
plat or growing conditions (environment, nutrients, pesticides, cultivation, harvest, post-harvest processing, and storage). Proper
sanitation, pest and microbiological control should be implemented during growing and through the supply chain in order to maintain
the safety and quality of the herbal products. GAP includes the following fields: Security for the farm, Safety of the food,
Environment, Farming systems, livestock care and proper nourishment. GAP requires having an additional control for growing using
controlled documents, working instructions, product testing, handling, storage and data control. (b) attain all required licenses
and permits required to grow, cultivate, distribute and export Medical Cannabis (c) transfer temporary license as soon as possible
with PSIQ and all future licenses and permits issued directly to PSIQ sub. PSIQ shall advance the required funds to prepare farm
land to grow and cultivate Medical Cannabis on 10,000 square meters therein with the intent of a permanent license to grow,
cultivate, distribute and export Medical Cannabis.
The facility shall include (a) agricultural farm with large open areas for advanced greenhouse complex for
growing medical cannabis (b) processing and Extraction facility for medical cannabis (c) advanced nursery to produce medical
cannabis plants (d) security to prevent the leakage of material to unauthorized parties. Private operation coordinated with local
police including local armed guards 24 hours per day, 365 days per year (e) water in enough quantity and flow for grow and
cultivation and (f) electric in enough quantity and flow for grow and cultivation.
The closing between PSIQ and Blum is subject to the satisfaction of due-diligence by both parties and execution
of definitive agreements but in no case later than March 29th, 2019 unless mutually extended in writing by PSIQ and
Blum.
Dan Oran, CEO of PSIQ stated, “According to the latest available estimates from Israel’s Ministry of
Finance, exporting marijuana could result in up to $1 billion in tax revenue for the country. The global legal
cannabis market is expected to grow to $57 billion by 2027, and there is a clear economic advantage to entering the
international market early. PSIQ is positioning itself to seize its part of the opportunity with its proposed facilities in The
Kingdom of eSwatini and Israel.”
ABOUT GIDON BLUM
Gidon Blum, for more than 40 years has specialized in the production, packaging and sales of vegetables for
Europe and the United States. Blum is an experienced high-tech grower from an agricultural and sales perspective. Blum is
known to distribute quality, new, best of brand products to retail chains in Europe and the United States.
ISRAEL’S POSITION ON MEDICAL CANNABIS
The Israeli Cabinet approved the 16th amendment to The Dangerous Drugs Ordinance on January
27th, 2019 that concerns the governance and regulatory aspects of exporting medical cannabis from Israel. This
final approval enables farmers to export medical cannabis, a move expected to generate significant revenue for the state. The law
conditions growing cannabis on a health ministry license, with police providing approval and monitoring growers and investors.
ABOUT PROFILE SOLUTIONS, INC. (“PSIQ”)
Profile Solutions, Inc., through its subsidiary Elite Products International, Inc., is a leading distributor and
manufacturer in the cannabinoid (CBD) industry. The Company’s products contain cutting-edge CBD industrial hemp extracts in the
form of edibles, creams, oils and salves. Financial information can be found at https://www.otcmarkets.com/stock/PSIQ/profile. Please visit the company website at www.elitehempproducts.com and www.profilesolutionsinc.com Facebook at www.facebook.com/eliteproductsintl/, https://www.facebook.com/EliteProductsINTL/, Instagram www.instagram.com/elite_hemp/, Linkedin at www.linkedin.com/in/elite-hemp-products-3a863914a/, Twitter at https://twitter.com/EliteHemp_Intl and https://twitter.com/incprofile Blog: https://www.elitehempproducts.com/blog.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as "believes,"
"expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially
different from any future results or implied by such statements. These factors include, but are not limited to, our ability to
continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain
existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our
ability to raise sufficient capital to fund our business, operations, our ability to continue as a going concern, and a limited
public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond
the company's control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update
forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are
made.
For information, please contact:
Dan Oran, President
Profile Solutions, Inc.
8411 West Oakland Park Blvd.
Suite 201
Sunrise, FL 33351
Dan@ProfileSolutionsInc.com
(844) 856-8838
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