Radient Technologies Inc. Releases 2019 Year End Financial Results and Provides Corporate Update


EDMONTON, Alberta, July 08, 2019 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI; OTCQX: RDDTF), a global innovator in the industrial scale extraction and downstream processing of premium grade cannabis and hemp derivatives, has released its financial results for the fiscal year ended March 31, 2019. The audited Financial Statements and Management’s Discussion and Analysis (the “MD&A”) for the fiscal year ended March 31, 2019 are available at, under the Company’s profile.

Key Financial Highlights:

As at March 31, 2019, the Company’s cash balance totalled CAD $31,752,852, representing an increase of $9,897,548 from March 31, 2018. This increase in cash is a result of equity placements the Company closed on July 31, 2018, for aggregate proceeds of CAD $34,202,759. 

The proceeds of these financings have been used to upgrade the Company’s main Edmonton extraction lines for dedicated cannabis and hemp extraction and purification and are being used for additional capacity in North America and Europe, as well as for general corporate and working capital purposes. 

Fiscal Year 2019 Corporate Highlights:

For background information and further details on the following Corporate Highlights, please refer to the Company’s MD&A for the fiscal year ended March 31, 2019.

Receipt of Licenses from Health Canada:

On February 4, 2019 Radient announced it had received its Standard Processing License from Health Canada under the new Cannabis Act. Radient’s preexisting Dealer’s License for its Research & Development Laboratory was also successfully transitioned under the new regulations. The receipt of these licenses was a significant milestone for the Company, enabling it to commence the extraction and downstream processing of cannabinoids from cannabis and hemp biomass for the purpose of sale.

Acquisition of Real Estate Assets: 

The strategic purchase of these properties from 1631807 Alberta Ltd and the adjacent land provided the Company with controlled access to its production facility, as well as necessary expansion capacity, allowing for increased expected future revenue generation.

Increased Throughput Capacity: Canada and Germany:

In August 2018 Radient completed construction of its “Edmonton I” extraction line, dedicated to the industrial scale extraction and downstream processing of cannabis biomass.

During fiscal 2019 the Company commenced the construction of its additional high throughput cannabinoid extraction and downstream processing facilities in Edmonton and Germany. Upon completion of the construction of the Canadian and German facilities, which is expected in the second half of calendar 2020, Radient will have an estimated combined total annual throughput capacity of more than 600,000 kg/year of cannabis, and more than 6 million kg/year of hemp.

Radient provided an update on the progress of these facilities, as well as the expected annual throughput capacities of each facility in a press release dated June 20, 2019 .

Commencement of Commercial-Scale Cannabinoid Extraction:

In March 2019, the Company announced it had begun the commercial scale extraction of cannabinoids from cannabis biomass using its patented, proprietary extraction and downstream processing platform at its Edmonton I facility. Post-fiscal 2019, in May 2019, Aurora Cannabis Inc. (“Aurora”) (TSX: ACB; NYSE: ACB) and Radient announced that Radient had successfully completed its first commercial delivery of cannabis derivatives to Aurora.

Nicotine Reduction in Tobacco:

On March 16, 2018, the FDA issued an Advanced Notice of Proposed Rulemaking (“ANPRM”) to explore a product standard to set the maximum nicotine level for cigarettes, so that tobacco products are minimally addictive or non-addictive.

Radient filed a provisional patent application with the United States Patent and Trademark Office (the “USPTO”) on June 5, 2018 for a proven method of significantly reducing nicotine levels in tobacco, while mostly maintaining the appearance, taste and smell of the tobacco, via Radient’s proprietary continuous-flow extraction technology.

Corporate Update:

Acquisition of Cannabis Biomass for Future Revenue Generation: 

To capitalize on growing demand for cannabinoid derivatives and ingredients, Radient is leveraging its advantages in extraction throughput, scale, and yield to manufacture a spectrum of cannabinoid-based products, ranging from crude extracts to premium formulations and ingredients.

In this regard, Radient announces today that it has entered into short term agreements to purchase large-scale quantities of dried cannabis biomass, valued at approximately CAD $19.5 million. Upon receipt of the biomass, the Company will process its inventory of cannabis at its Edmonton I facility into extracts and intermediate products for sale. The Company expects this will have a meaningful positive impact on revenues reported at the end of fiscal Q2 2020 and/or fiscal Q3, 2020.

Expansion of the Company’s Intellectual Property Portfolio:

The Company has now started the process of replacing the 58 provisional patent applications it has so far filed with the United States Patent and Trademark Office (the “USPTO”) with full Patent Cooperation Treaty (“PCT") filings with the World Intellectual Property Organization (“WIPO”). This will allow for eventual nationalization of the patents in appropriate PCT jurisdictions, including for example Canada, the USA, Australia, and various EU countries. Radient is on track to replace the provisional applications by the deadline conversion dates in order to maintain the priority dates of the original filings.

Targeted Nicotine Extraction Marketing Strategy:

In March 2019, Radient announced the hire of two former British American Tobacco (“BAT”) executives as senior executives of the Company. With their assistance, the Company has developed and is executing a marketing strategy that targets tobacco companies, the FDA, advocacy groups and equipment manufacturers to ensure acceptance of the Company’s technology in the industry as a viable industrial nicotine reduction technology.  

Advance Notice By-Law:

Radient also announces that its Board of Directors has approved the adoption of an advance notice by-law (the “Advance Notice By-Law”) establishing a framework for advance notice of nominations of directors by shareholders of Radient.

The Advance Notice By-Law is similar to requirements adopted by many other Canadian public companies and was adopted to facilitate an orderly and efficient director nomination process by ensuring that all shareholders receive adequate notice of director nominations and sufficient information in respect of all nominees so that the proposed nominees’ qualifications and suitability as directors can be evaluated and an informed vote cast for the election of directors.

Among other things, the Advance Notice By-Law fixes a deadline by which shareholders must submit a notice of director nominations to the Company prior to any annual general or special meeting of shareholders where directors are to be elected and sets forth the information that a shareholder must include in the notice for it to be valid.

The Advance Notice By-Law is effective immediately and will be placed before shareholders for approval, confirmation and ratification at the next annual and special meeting of shareholders of the Company to be held in September 2019.

The full text of the Advance Notice By-Law is available under Radient’s profile at

About Radient 
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 for more information.

SOURCE: Radient Technologies Inc.

Investors please contact: William (Bill) Wasson, Senior VP of Capital Markets and Investor Relations:

Media/press please contact: Caitlin Cheadle, Director of Communications:

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 Company’s ability to grow its business in the cannabis sector, the Company’s ability to increase revenues through the acquisition and processing of cannabis biomass 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.

Any financial outlook or future oriented financial information in this news release, as defined by applicable securities legislation, has been approved by management of Radient. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's reasonable expectations as to the anticipated results of its proposed business activities.

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.


About GlobeNewswire

One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Tecan to present at upcoming Investor Conferences13.11.2019 11:15:00 CETPress release

Männedorf, Switzerland, November 13, 2019 – The Tecan Group (SIX Swiss Exchange: TECN) today announced that it will present at the following investor conferences in the coming weeks: CS Swiss EQ Mid Cap Conference, Zurich, Switzerland Date: 15 November 2019, 10:30 am CET Presenter: Dr. Achim von Leoprechting, CEO, Tecan Not webcasted Jefferies London Healthcare Conference, London, UK Date: 20 November 2019, 1:20 pm GMT (2:20 pm CET) Presenter: Dr. Achim von Leoprechting, CEO, Tecan Webcast live under the "Investor Relations" tab of Tecan's website A replay of the webcast will be available after the presentation and will remain available for 90 days. Berenberg European Conference 2019, Pennyhill Park, UK Date: 3 and 4 December 2019 Presentation: 3 December 2019, 4:00 pm GMT (5:00 pm CET) Presenter: Dr. Achim von Leoprechting, CEO, Tecan Not webcasted About Tecan Tecan ( is a leading global provider of laboratory instruments and solutions in biopharmaceuticals

JSC Olainfarm is currently not seeking a strategic investor13.11.2019 11:08:00 CETPress release

In the public space, information has surfaced about investors who have addressed the inheritors of V. Maligins with various offers to sell or transfer shares of JSC Olainfarm. Investors have not contacted JSC Olainfarm and the company has not taken any initiative to attract a strategic investor. At the same time, we would like to point out that, in the cases specified in Article 61 of the Financial Instruments Market Law, shareholders are obliged to announce changes in their voting rights. Additional information: Jānis Dubrovskis Investor Relations Advisor of JSC Olainfarm Ph.: +371 29178878 E-mail:

Företag över hela EMEA fortsätter att välja Workdays HR-lösning13.11.2019 10:00:00 CETPressemelding

Workdays nya HR-kunder startar upp och tar plats i Workdays växande community PLEASANTON, Kalifornien och MILANO, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Workday, Inc. (NASDAQ: WDAY), en ledande leverantör av molnlösningar inom ekonomi och HR , meddelade idag fortsatt tillväxt med flera företag inom EMEA-regionen som valt att implementera Workdays HR-lösning. I allt större utsträckning vänder sig organisationer till Workday för att få hjälp att navigera i en föränderlig HR-värld där tekniken förändrar arbetsförutsättningar, alternativa arbetsarrangemang blir standard och smidighet är nyckeln för att överleva. Workdays lösning bygger på Power of One – en datakälla, en säkerhetsmodell, en användarupplevelse och ett community – vilket gör att de kan leverera lösningar som stöttar en mångfacetterad arbetsgrupp, nya arbetssätt och en utspridd arbetsplats. Genom att arbeta datadrivet kan Workdays HR-kunder fatta snabbare och mer strategiska beslut som förbättrar medarbetarnas engagemang och produk

Företag över hela EMEA-regionen fortsätter att välja Workdays ekonomilösning13.11.2019 10:00:00 CETPressemelding

Nya kunder tar plats i Workdays växande community PLEASANTON, Kalifornien och MILANO, Italien, Nov. 13, 2019 (GLOBE NEWSWIRE) -- Workday, Inc. (NASDAQ: WDAY), en ledande leverantör av molnlösningar inom ekonomi och HR , meddelade idag fortsatt tillväxt med flera stora och medelstora företag inom EMEA-regionen som valt att implementera Workdays ekonomisystem. Idag navigerar ekonomichefer i en föränderlig finansvärld – med ett dynamiskt klimat som drivs av tekniska framsteg, skiftande affärsmodeller och nya konkurrenter. Dessa utmaningar kräver lösningar som möjliggör snabbare innovation och mer exakta prognoser och insikter som hjälper företag att snabbt svara och anpassa sig till hur marknaden förändras. Workdays ekonomilösning utgår från ett enda system som låter företag planera, genomföra, analysera och växa - drivet av maskininlärning och ett brinnande engagemang för kundservice. Genom avancerade analyser av makrotrender och insikter och maskininlärning som automatiserar manuella pr

HEINEKEN partners with UEFA EURO 2020™ and renews UEFA Champions League sponsorship13.11.2019 10:00:00 CETPress release

Amsterdam, 13 November 2019: HEINEKEN has announced it will become ‘Official Beer Partner of UEFA EURO 2020™’, and in a separate agreement has extended its UEFA Champions League partnership by another three years, from 2021-24. The brewer’s relationship with UEFA Champions League is already well established, stretching back over 25 years. The new UEFA EURO 2020™ agreement means that Heineken® will be a partner of Europe’s most prestigious club and international football tournaments. Both competitions play an important role in supporting the Heineken® brand’s European and global business growth objectives. The new UEFA EURO 2020™ contract includes exclusive pouring rights at stadiums, fan zones and fan villages, LED pitch boarding exposure, digital rights, Man of the Match presentations, match screenings and ticket giveaways. The brand will also activate global TV and digital integrated marketing campaigns – utilising its global football ambassador, UEFA Champions League and UEFA Europe

Oboya får order på odlingsprodukter om 18,5 MSEK fördelat över två år13.11.2019 08:39:00 CETPressemelding

Oboya Horticulture Industries AB (”Oboya” eller “Bolaget”) har genom sitt helägda dotterbolag VEFI AS i Drammen, Norge fått order på odlingsprodukter för hydroponisk odling i Sverige. Ordervärdet uppgår till ca 18,5 MSEK och är fördelat över två år fr.o.m. januari 2020. VEFI AS grundades år 1949 och har sedan dess bedrivit verksamhet främst inom hydroponisk odling för effektiv odling och distribution. VEFI har varit verksamt i 70 år och är idag en ledande leverantör av produkter för hydroponisk odling och tillverkningen sker genom koncernbolaget VEFI Europa Sp.z.o. o i Polen. Hydroponisk odling innebär att odling sker i växthus, oberoende av klimat med möjlighet att odla året runt, och oftast i ett slutet- och självförsörjande system. Ordervärdet uppgår till 18,5 MSEK och avser leverans av olika odlingsprodukter som krukor, förpackningspåsar, brätter m.m. och kommer att levereras löpande under de kommande två åren. Kunden är ett av de ledande svenska bolagen inom hydroponisk odling av