EDMONTON, Alberta, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI) is pleased to announce it has appointed Mr. Christian Aigner to the position of Managing Director, Germany. Reporting to Radient’s Chief Operating Officer, Mr. Aigner will be responsible for the development and management of Radient’s German processing facility, and will also provide valuable direction to the overall design and execution of each of Radient’s global manufacturing projects.
Mr. Aigner brings to Radient more than 30 years’ experience in the design, construction, and optimization of pharmaceutical and manufacturing facilities, including 10 years as Operational Excellence Manager with Sandoz GmbH in Kundl, Austria. He has successfully completed more than 30 projects in 20 countries, including the design, build-out and management of Teva Biotech GmbH’s new biotech facility in Ulm, Germany; Kathrein Mobilecom’s manufacturing facility in Tlaxcala, Mexico; and YTONG AAC’s semi-automated manufacturing plants in the USA, Russia, Hong Kong, and South Korea. Mr. Aigner holds an MBA (Post Graduate Management) from WU Executive University Vienna, and received his designation as a Mechanical Engineering and Production Technology Engineer from the Federal Ministry of Economic Affairs in Vienna, Austria.
New Manufacturing Facility in Edmonton:
The Company is pleased to announce that the development of a new Manufacturing Facility (the “New Facility”) of over 100,000 square feet dedicated to cannabinoid extraction and product development has begun on the land adjacent to the Company’s existing facility in Edmonton, Alberta. The New Facility, expected to be complete in 2020, will allow Radient additional extraction capacity and cannabinoid ingredient development capability in order to serve its partners, including Aurora Cannabis Inc., which currently has approximately 570,000 kgs of funded cannabis cultivation capacity.
New European Processing Facility:
Radient has advanced its plans to construct a large-scale cannabis processing facility in Germany, comparable in capacity to the New Facility being built in Edmonton. Designs for the European facility are focused in the near-term on the consistent, industrial-scale delivery of CBD derivatives and formulations, manufactured in the EU GMP environment. Site selection in Germany has been made, with site preparation nearing completion and the construction permitting having begun.
Licensing Update:
On August 28, 2018, Radient announced the completion of security and health & safety upgrades at its recently expanded 23,000 square foot Manufacturing Facility (the “Facility”) located at 4035 101 St. in Edmonton, Alberta. Production equipment, including the next generation of its proprietary microwave extraction technology, has since been installed and tested. With the Company having received its Dealer’s License, subsequent equipment qualification and process optimization using industrial-scale volumes of cannabis has been ongoing; this places Radient in a strong position of readiness in anticipation of the Company receiving its Standard Processor license from Health Canada.
Regarding the approval of the Standard Processor license, Radient has submitted its transitional application and is in communication with Health Canada to ensure a smooth and timely review. Health Canada has indicated that applicants will maintain their position in the queue, with late-stage ACMPR applicants, like Radient, receiving priority. The receipt of the initial Standard Processor’s license will allow Radient to possess and produce (extract) cannabis for the purpose of sale.
For more information about the impact of the new Cannabis Act on the Canadian cannabis industry, please visit the Government of Canada website.
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 growth of the Company’s business operations; the impact of officer appointments; the development of the New Facility; the Company’s ability to construct the European facility; the Company’s ability to obtain the Standard Processor license and other applicable licenses; the Company’s ability to grow its business in the cannabis sector 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.
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