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Radient Technologies Inc. Announces AGM Results and Completion of Shares for Debt Transaction
EDMONTON, Alberta, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI) today announces that all resolutions were passed by the requisite majority at its annual general meeting (“AGM”) held in Edmonton, Alberta, on November 7, 2018.
At the AGM, shareholders voted in favor of setting the number of directors at ten (10) and the following incumbent directors were re-elected: Denis Taschuk, Mike Cabigon, Harry Kaura, Steven Dauphin, Francesco Ferlaino, Dimitris Tzanis, Jith Veeravalli, Jan Petzel, Steven Splinter and Terry Booth. Further, shareholders approved the Company’s stock option plan and approved the re-appointment of Grant Thornton LLP as auditors of the Company for the ensuing year.
Following the AGM, the board of directors of Radient re-appointed Denis Taschuk as CEO and President, Prakash Hariharan as CFO, and Mike Cabigon as COO.
A total of 59,732,647 common shares were represented at the AGM, representing 22.95% of the issued and outstanding Radient common shares. Radient would like to thank its shareholders for their participation and continued support.
Shares for Debt Transaction
Subsequent to the Company’s proposed shares-for-debt transaction announcement dated October 29, 2018, the TSXV has accepted the Company’s proposal to issue 35, 236 common shares at a price of $0.93 per share to an arm’s length third party creditor of the Company, to settle outstanding debt of US $25,000.
Radient extracts natural compounds from a range of biological materials using microwave assisted processing (“MAP™”), a patented technology platform which provides superior customer outcomes in terms of ingredient purity, yield, and cost. From its 23,000 square foot manufacturing plant in Edmonton, Alberta, Radient serves market leaders in industries that include pharmaceutical, food, beverage, natural health, and personal care markets. Since 2016, Radient has expanded its offerings to enter the cannabinoids market utilizing its MAP™ platform to process and extract cannabinoids including cannabidiol and tetrahydrocannabinol from cannabis biomass. Visit www.radientinc.com for more information.
SOURCE: Radient Technologies Inc.
Denis Taschuk, Chief Executive Officer, email@example.com,
Mike Cabigon, Chief Operating Officer, firstname.lastname@example.org,
Caitlin Cheadle, Investor Relations, 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 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.
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