EDMONTON, Alberta, Feb. 26, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. ("Radient" or the “Company”) (TSX-V:RTI) announces the signing of a Master Services Agreement (the “Agreement”) to produce a variety of cannabis extracts for Bonify (“Bonify”), a private, Manitoba-based Canadian-Licensed producer of medical cannabis.
Under the terms of this Agreement, Radient will use its proprietary microwave-based extraction platform and decades of extraction expertise to deliver “Extraction as a Service” to Bonify, an innovative, quality-driven Authorized Licensed Producer of Cannabis for Medical Purposes. From its Edmonton extraction facility, Radient will process Bonify’s cultivated cannabis material to deliver standardized cannabis oil products. Both Bonify and Radient remain open to the exploration of possible synergies for future collaboration beyond this Master Services Agreement.
The terms of this Agreement were reached on the basis of Radient’s ability to provide solutions for Bonify’s key production demands, including:
- Increased purity -- Bonify’s product offerings are categorized into several varieties based on the ratio of bioactive content (tetrahydrocannabinol or “THC” and cannabidiol or “CBD”) they contain. Radient’s platform can consistently deliver extraction efficiencies of up to 98%, while nearly fully preserving cannabinoid terpene profiles, and enabling the standardization of the strength/dosage of active ingredients.
- Cost efficiency -- Radient’s MAP™ extraction technology has the proven ability to generally extract more active compounds from valuable cannabis biomass than conventional extraction methods, usually resulting in higher yields with greater purity, while also decreasing time, energy and solvent used during production.
- Scalability -- Bonify’s national and international market plans will require the processing of large quantities of cannabis into oils. Radient’s proprietary extraction technology has demonstrated throughputs of over 1,500 kg of biomass per day.
“We look forward to working with Bonify in delivering products that maintain the highest standards of quality assurance and consistency, at a scale that meets Bonify’s current and future growth plans,” commented Mike Cabigon, COO of Radient. “This Agreement is another key milestone for Radient as we establish a leadership position within the cannabis value chain.”
Mark Smolenski, COO of Bonify, stated, “Our team is excited to partner with Radient to utilize their proven, cost-effective extraction platform for the production of innovative, high value, cannabis-derived products. The market for these products is growing at a rapid rate across the globe. Through this Agreement, we will keep pace with this accelerating demand and strengthen our position as a leading provider of medical cannabis products.”
About Bonify:
Bonify is a Canadian-owned leading provider of medical cannabis, with over 1,000,000 square feet of potential productive capacity at its present site in Winnipeg, Manitoba, Canada. By maximizing research findings and strictly adhering to best in class practices, quality standards and procedures, Bonify produces cannabis-derived products to help individuals get the most out of life each and every day. Visit https://bonify.com for more information.
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 20,000 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.
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CONTACT INFORMATION:
Radient Technolgies Inc.
Denis Taschuk
Chief Executive Officer
dtaschuk@radientinc.com
(780) 465-1318
Radient Technologies Inc.
Mike Cabigon
Chief Operating Officer
mcabigon@radientinc.com
(780) 465-1318
Bonify
Karen Debroni
Director, Business Development & Administration
kdebroni@bonify.com
(204) 582-8044
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 Company’s ability to perform the services in the Agreement; the impact of the Agreement on the Company’s business; 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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