NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
CALGARY, Alberta, May 31, 2018 (GLOBE NEWSWIRE) -- FluroTech Ltd.- FluroTech Ltd. (“FluroTech” or “the Company”) is pleased to announce that it intends to issue 1,558,000 stock options (“Options”) to certain directors, members of management, employees and consultants (collectively, the “Optionholders”) of the Company no earlier than June 11, 2018. The Options will granted to the following Optionholders:
| Optionholder | Number of Options | Expiry Date of Options |
| Impre Kovacs | 25,000 | June 11, 2028 |
| John Conroy | 25,000 | June 11, 2028 |
| Raimar Lobenberg | 50,000 | June 11, 2028 |
| Rick Hanson | 50,000 | June 11, 2028 |
| Sid Dutchak | 65,000 | June 11, 2028 |
| Brendan Miles | 50,000 | June 11, 2028 |
| Elmar Prenner | 250,000 | June 11, 2028 |
| Danny Dalla-Longa Professional Corporation(1) | 250,000 | June 11, 2028 |
| 1702425 Alberta Ltd.(2) | 175,000 | June 11, 2028 |
| Curtis Smith | 125,000 | June 11, 2028 |
| Shawn Ripley | 50,000 | June 11, 2028 |
| Kary Financial Services Ltd.(3) | 175,000 | June 11, 2028 |
| Employees and Consultants | 318,000 | June 11, 2028 |
Notes:
- Danny Dalla-Longa is the President and CEO of FluroTech.
- Gary Jones, CFO of FluroTech, is a director and shareholder of 1702425 Alberta Ltd.
- Rex Kary, a member of the management team of FluroTech, is a director and shareholder of Kary Financial Services Ltd.
The Options will permit each Optionholder to purchase one FluroTech common share for each Option held at an exercise price of $0.45 per FluroTech common share. Furthermore, the Options vest and become exercisable on a pro-rated basis over a two year period such that 1/24 of the Options vest and become exercisable on the last day of each calendar month over the course of this two year period.
About FluroTech Ltd.
FluroTech is a technology and marketing Company whose core business is focused on the commercialization of a new spectroscopy-based technology in the cannabis and hemp industries. FluroTech has exclusive ownership of the technology for the purpose of testing and identifying organic and inorganic compounds contained within biological samples derived from cannabis or hemp plants. Using the technology, FluroTech has developed a two-part solution comprising an instrument called CompleTest™ and consumable testing kits. CompleTest™ is a portable and customizable device that, upon the completion of its development, will assist producers in the cannabis and hemp industries in optimizing and tracking the quality and safety of their products.
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.
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 future performance of 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 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. There can be no assurance that the Transaction will be completed in its entirety or the shares of the Company listed on the TSXV. Investors are cautioned that, except as disclosed in the joint information circular dated May 23, 2018, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.
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 medical cannabis industry in general. 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.