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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/01/17 -- Quadron Cannatech Corporation (the "Company" or "Quadron") - (CSE: QCC)(CSE: QCC.CN)(CNSX: QCC) is pleased to announce that it has entered into a letter of intent with Lucid Labs, LLC ("Lucid Labs"), a Washington-based technology development and licensing company, to develop and commercialize certain extraction and processing solutions for the cannabis industry. Additionally, Lucid Labs will also become a preferred sales agent in the Western United States for all processing systems and solutions offered by Quadron.
Pursuant to the agreement, Lucid Labs will have access to and be able to sell, through a commission sales structure, any of Quadron's current suite of equipment/products, specifically designed for the cannabis industry.
Additionally, Quadron and Lucid Labs will be co-developing four (4) new processing systems for commercial release to the North American cannabis industry. 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.
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 our 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. We are excited to expand our revenue base into the growing U.S. market."
Following a period of initial commercialization, Quadron will acquire Lucid Lab's interest in the 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. The transaction remains subject to the execution of a definitive agreement and 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
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.Contacts: Quadron Cannatech Corporation Rosy Mondin President and CEO Investor Relations Contact: KIN Communications Inc. Caleb Jeffries, VP, Investor Relations 1-866-684-6730 NEXT ARTICLE
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