Bend, OR , Feb. 28, 2017 (GLOBE NEWSWIRE) -- Signal Bay Inc. (OTCQB:SGBY) the market leader in cannabis testing, laboratory, operations, and research services is pleased to provide our shareholders a corporate update.
2016 was a seminal year for Signal Bay, demonstrating our commitment to being the clear leader in delivering product safety and certainty to the legal cannabis industry. We completed the acquisition of four operating cannabis testing labs, three in Oregon and one in California that expanded our operational footprint into the largest cannabis marketplace in the world.
The Oregon acquisitions solidified the company’s position as the defining leader of analytical testing services in Oregon as new OLCC rules requiring the comprehensive testing of all cannabis products sold in the state rolled out on October 1st. At the same time the implementation of our Spoke & Hub model of maximizing internal efficiencies allowed us to provide our clients the most accurate tests in a timely fashion. Our consulting division continued to expand in 2016 as we assisted several new consulting clients with licensure and startup of new marijuana establishments.
In April, the Company rebranded its Lab Testing division as EVIO Labs to differentiate its Consulting and Research divisions from the Analytical Lab division.
In May 2016, the Company completed the acquisition of Oregon Analytical Services, an operating cannabis testing laboratory located in Eugene, Oregon. In June, the Company completed the acquisition of a majority ownership of Kenevir Research Inc. an operating analytical and research laboratory located in Medford Oregon positioned in the heart of Oregon’s thriving outdoor cultivation region. In October, the Company completed the acquisition of GreenHaus Analytical Labs, an operating analytical laboratory located in Portland, Oregon.
At the end of 2016 the company was in the enviable position of operating 4 analytical testing labs strategically positioned throughout Oregon to provide timely lab services to over 1000 clients operating throughout the state.
In November, the Company completed its flurry of 2016 acquisitions with the purchase of Green Style Analytics Lab in Yuba City, California. Located 30 miles north of Sacramento and operating a mobile lab delivery program for the previous five years throughout the region from Bay Area to Humboldt to Redwood City and beyond. This acquisition positions the company to springboard its entry into the California marketplace with the rollout of strict state mandated independent testing requirements for retail cannabis commencing in January of 2018.
This year saw continued growth for Signal Bay’s consulting services. We have signed a number of consulting clients in Pennsylvania, California and Oregon to assist with both local and state licensing application services, ultimately submitting numerous marijuana establishment license applications on behalf of clients. The company’s Maryland consulting clients realized tremendous success with the results of the states highly competitive application process announced in December. We anticipate continuing to work with marijuana establishment applicants in 2017 in jurisdictions throughout the country.
CEO Will Waldrop stated that "Signal Bay achieved many of its milestones of growth and efficiencies last year and is working smart to enhance shareholder value in 2017. The rollout of Oregon’s comprehensive testing protocols on October 1st of this year, along with the numerous state changes, went a long way in allowing us to refine and perfect our Hub & Spoke model that allows us to take on an unprecedented number of clients and to deliver accurate and most importantly to our clients; timely testing services demonstrated by the internal metrics of seeing turnaround time on client samples improving every month. We are also working to implement a corporate wide Laboratory Information Management System Software (LIMS) to improve customer satisfaction by reducing turn-around times and improve internal operational efficiencies.
Mr. Waldrop continued “The strongest feedback to validate our business model by a wide margin comes directly from consumers across the country and around the world who are consistently demanding that the cannabis products they purchase for recreational and/or especially for medical uses; whether in flower, edible, oil or concentrate form; be certified free of contaminants and provide accurate potency information, you could attribute this level of consumer awareness to what can be described as the “Whole Foods” effect, where informed consumers demand to know that the products they are purchasing are safe.
Mr. Waldrop concluded by stating that, “We are continuing to evaluate additional growth opportunities, leveraging our Hub & Spoke analytical laboratory testing model to strategically position Signal Bay to be the leader of cannabis compliance and analytical testing services to support our mission of providing consumer and product safety anywhere legal cannabis is available.”
About Signal Bay, Inc.: Signal Bay, Inc. is an Oregon-based Life Sciences company. Through its three subsidiaries: Signal Bay Research, Signal Bay Services and EVIO Labs; the Company provides research, consulting services, and analytical testing services to the legal cannabis industry. The Company's EVIO Labs division operates state-of-the-art testing facilities and offers accredited testing methodologies performed by a qualified team of scientists to ensure the safety and quality of the nation's cannabis supply. Learn more at http://SignalBay.com or the company can be reached directly @ 1-888-544-EVIO.
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the Securities Act of 1933, as amended, and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements may contain certain forward-looking statements pertaining to future anticipated or projected plans, performance and developments, as well as other statements relating to future operations and results. Any statements in this press release that are not statements of historical fact may be considered to be forward-looking statements. Words such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. These forward-looking statements by their nature are estimates of future results only and involve substantial risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, our ability to complete our product testing and launch our product commercially, the acceptance of our product in the marketplace, the uncertainty of the laws and regulations relating to cannabis, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed from time to time in our reports filed with the Securities and Exchange Commission, available at www.sec.gov or https://signalbay.com/investors.