Naturally gains conditional TSX-V OK for licensing deal
2015-02-10 16:08 ET - News Release
Mr. J. Craig Goodwin reports
NATURALLY SPLENDID CORPORATE UPDATE
Naturally Splendid Enterprises Ltd. is providing an update in connection with the TSX Venture Exchange review of Naturally Splendid's transaction with Full Spectrum Laboratories Ltd. (FSL) pursuant to the terms of a novation agreement among FSL, Boreal Technologies Inc., Naturally Splendid USA Ltd., a wholly owned subsidiary of Naturally Splendid, and Naturally Splendid. As set out in the news release dated Nov. 20, 2014, Naturally Splendid has agreed to license from FSL certain technologies relating to omega extraction and formulations, and cannabinoid (CBD) extraction and formulations.
Naturally Splendid is pleased to state that the TSX-V has provided conditional acceptance of the transaction, subject to receipt of satisfactory final documentation, closing of the previously announced private placement financing and satisfying certain conditions of the TSX-V. In particular, Naturally Splendid has agreed to not produce, sell or market any products utilizing the CBD technology until it has obtained a satisfactory opinion on the legality of these products and the acceptance of the TSX-V.
Naturally Splendid will focus its resources on selling those products developed utilizing the omega technology, such as HempOmega. Currently, Naturally Splendid is actively developing proprietary formulations incorporating HempOmega, as well as working closely with Nature's Health Products Canada Corp. (NHPCC), a member of the POS Group of Companies based in Saskatoon, Sask., to capitalize on immediate opportunities to present and sell bulk volumes of HempOmega to selected clients.
On closing of the private placement financing and the novation agreement, Naturally Splendid anticipates that the TSX-V will remove the trading halt of its common shares.
About Full Spectrum Laboratories
Full Spectrum Laboratories, incorporated in Ireland, is a bioresearch and product development company with operating subsidiaries in Canada and the United States. The company has principally focused on the plant cannabis sativa, and has developed numerous technologies and made several discoveries, resulting in two granted patents and over 11 patent applications in just under five years. FSL currently concentrates on formulation and extraction technologies; analytical cannabis testing in Canada; advanced cannabis plant breeding, specializing in CBD expression; and cannabinoid biosynthesis.
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