Radient Technologies Inc. Provides Update on Progress of Cannabis and Hemp Extraction Facilities and Issues Shares for Services
EDMONTON, Alberta, June 20, 2019 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF) is pleased to announce it has awarded the mandate for the second phase of the construction of its Edmonton III manufacturing facility to Fillmore Construction Management Inc. (“Fillmore”). Construction is well underway, with footings and foundation work having been completed, and the structural component of the building now in progress and on schedule. Fillmore was selected by Radient due to its extensive previous experience developing food processing and GMP approved manufacturing plants.
Edmonton III is Radient’s expanded capacity cannabis and hemp processing line that is expected to have a total annual throughput capacity of 280,000 kg/year of cannabis, and 2,800,000 kg/year of hemp upon completion in calendar 2020.
Radient completed its first commercial extraction run for Aurora Cannabis Inc. (“Aurora”) (TSX: ACB; NYSE: ACB) in May 2019 at its Edmonton I Facility, which has an annual throughput capacity of at least 56,000 kg of cannabis/year. Radient will continue to scale up its operations at Edmonton I throughout the summer, expecting to reach full capacity at this facility in late 2019.
Additionally, the ongoing retrofitting of Edmonton II, Radient’s dedicated hemp processing line, which is expected to have a total annual throughput capacity of 420,000 kg/year of hemp, is on schedule for completion in calendar Q4, 2019.
Foundation work has also now begun on Radient’s brand new 100,000+ sq. ft. facility in Germany. This facility is expected to have a total annual throughput capacity in excess of 280,000 kg/year of cannabis, and 2,800,000 kg/year of hemp upon completion in calendar 2020.
For a comprehensive overview of Radient’s total expected future annual throughput capacities in Edmonton and Germany, please see the Company’s press release dated February 28, 2019.
Shares for Services
Radient has issued an aggregate of 86,658 common shares to third party consultants for services provided during the month ended May 31, 2019, pursuant to the Shares for Service Agreement previously approved by the TSX Venture Exchange.
The common shares were issued at the TSX Venture Exchange 15-day VWAP share price of CAD $0.96.
Radient Technologies provides industrial-scale manufacturing solutions for premium natural ingredients and products. Utilizing its patented MAP™ extraction technology, Radient delivers superior customer outcomes in terms of ingredient purity, yield, and cost, serving global market leaders in industries such as foods & beverages, nutraceuticals, pharmaceuticals, cosmetics, and personal care. Since 2016, Radient has expanded its offerings to enter the cannabinoids market, using its MAP™ platform to provide premium ingredients that contain a full range of cannabinoid and terpene profiles. Please visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
For investors: William (Bill) Wasson, Senior VP of Capital Markets and Investor Relations: firstname.lastname@example.org
For Media: Caitlin Cheadle, Director of Communications: email@example.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 construction of the Company’s facilities; the expected throughput capacities at its facilities; the issuance of shares for services; 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.
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 OR ACCURACY OF THIS RELEASE.
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