VANCOUVER, British Columbia, Nov. 21, 2017 (GLOBE NEWSWIRE) -- Quadron Cannatech Corporation (the “Company” or “Quadron”) – (CSE:QCC) is pleased to announce that it has entered into a definitive agreement with Lucid Labs, LLC (“Lucid Labs”), a Washington-based technology development and licensing company, to develop and commercialize certain extraction and processing systems for the cannabis industry.
Under the agreement Quadron and Lucid Labs will co-develop four (4) new processing systems for commercial release to the North American cannabis industry over the next 30 months. The development and commercialization of these systems will add to Quadron’s current suite of products, which are quickly establishing Quadron as an industry leader in designing and developing turnkey, state-of-the-art extraction equipment and processing solutions. The four (4) individual pieces of equipment/systems are:
System #1 – Alcohol Extraction System
System #2 – Pressure Assisted Filtration System
System #3 – Distillation System
System #4 – Hydrocarbon Extraction System
Additionally, Lucid Labs will become a preferred sales agent in the Western United States for all processing systems and solutions offered by Quadron.
CEO and President of Quadron, Rosy Mondin, states, “Lucid Labs is an excellent strategic partner, enabling Quadron to capitalize on Lucid’s well established footprint in the Western United States. As part of the development component of this agreement, together we will concentrate on unique processes for isolating only the highest-purity cannabinoids available, and strive to produce the cleanest, purist and most consistent product. On the heels of the recent launch of our proprietary, automated, plug & play “BOSS” CO2 Extraction System, we are excited to work with Lucid to expand our revenue base into the growing US market.”
President of Lucid Labs, Stephen Heimburger states, “Lucid Labs is excited to have entered into this agreement with Quadron. The combination of their high-level technical ability, and our extensive cannabis processing experience will result in equipment that is superior to anything currently available for the cannabis industry. So many of the processors we interact with in the US are looking for improved extraction and post-processing solutions, and we’re thrilled to be able to co-develop and offer those solutions to them.”
Following a period of initial commercialization, Quadron will acquire Lucid Lab’s interest in the developed systems, based on an agreed profit multiple for each system. The purchase price will be satisfied through the issuance of common shares of Quadron to Lucid Labs, subject to any necessary regulatory approvals.
About Lucid Labs: Lucid Labs LLC is a Washington State based IP development and licensing company. Lucid Labs provides various structural solutions through partnerships with authorized cultivators, producers, and processors throughout North America. Additionally, Lucid Labs works through partnership with equipment manufacturers to produce, distribute, and support industry leading cannabis processing technology. Lucid Labs has an extensive list of customers and contacts with interest in these technologies.
About Quadron: Quadron focuses on ancillary equipment, products and services for the authorized cannabis industry, providing automated extraction and processing solutions, and sales of end user delivery solutions such as vape pens, capsules and other safer consumption solutions for patients.
For more information, visit: www.quadroncannatech.com.
On behalf of the Board of Directors of
QUADRON CANNATECH CORPORATION
Rosy Mondin
President and CEO
rosy@quadroncannatech.com
Investor Relations Contact:
KIN Communications Inc.
Caleb Jeffries, VP, Investor Relations
1-866-684-6730
QCC@kincommunications.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as “forward-looking statements”. Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.