VANCOUVER and EDMONTON, Oct. 23, 2017 /CNW/ - Aurora Cannabis Inc. ("Aurora") (TSX:ACB) and Radient Technologies Inc. ("Radient") (TSXV:RTI) (collectively "the Corporations"), today announced that further to the companies' joint press release of June 5, 2017, both parties have agreed to a 17-day extension, through November 6, 2017, on the 140-day term under which Aurora was granted certain exclusive rights to negotiate with Radient in respect to the acquisition of certain exclusive rights to use Radient's technology and processes, as further set out in the original memorandum of understanding, dated December 13, 2016. Good progress has been made towards finalizing the agreement, and both parties have agreed that the inclusion in the negotiations of certain additional items warrants an extension to the original 140-day term.
Aurora's wholly-owned subsidiary, Aurora Cannabis Enterprises Inc., is a licensed producer of medical cannabis pursuant to Health Canada's Access to Cannabis for Medical Purposes Regulations ("ACMPR"). Aurora operates a 55,200 square foot, state-of-the-art production facility in Mountain View County, Alberta, known as "Aurora Mountain", is currently constructing a second 800,000 square foot production facility, known as "Aurora Sky", at the Edmonton International Airport, and has acquired, and is undertaking completion of a third 40,000 square foot production facility in Pointe-Claire, Quebec, on Montreal's West Island.
In addition, Aurora holds approximately 9.6% of the issued shares (12.9% on a fully-diluted basis) in leading extraction technology company Radient Technologies Inc., based in Edmonton, and is in the process of completing an investment in Edmonton-based Hempco Food and Fiber for an ownership stake of up to 50.1%. Furthermore, Aurora is the cornerstone investor with a 19.9% stake in Cann Group Limited, the first Australian company licensed to conduct research on and cultivate medical cannabis. Aurora also owns Pedanios, a leading wholesale importer, exporter, and distributor of medical cannabis in the European Union, based in Germany. Aurora offers further differentiation through its acquisition of BC Northern Lights Ltd. and Urban Cultivator Inc., industry leaders, respectively, in the production and sale of proprietary systems for the safe, efficient and high-yield indoor cultivation of cannabis, and in state-of-the-art indoor gardening appliances for the cultivation of organic microgreens, vegetables and herbs in home and professional kitchens. Aurora's common shares trade on the TSX under the symbol "ACB". Visit www.auroramj.com for more information.
Radient extracts natural compounds from a range of biological materials using its proprietary MAPTM natural product extraction technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its initial 20,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, personal care and biofuel markets. Visit www.radientinc.com for more information.
On behalf of the Board of Directors, RADIENT TECHNOLOGIES INC. Denis Taschuk, CEO AURORA CANNABIS INC. Terry Booth, CEO
Information set forth in this news release contains forward-looking information and statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The terms and phrases "goal", "commitment", "guidance", "expects", "would", "will", "continuing", "drive", "believes", "indicate", "look forward", "grow", "outlook", "forecasts", "intend", and similar terms and phrases are intended to identify these forward-looking statements. The Corporations caution that all forward looking information and statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Corporations' control. Such factors include, among other things: risks and uncertainties relating to the Corporations' ability to finalize the terms of the proposed agreement. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Corporations undertake no obligation to publicly update or revise forward-looking information.
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