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Radient Technologies Inc. Files Provisional Patent Applications for Innovating Cannabis Supply Chain and Expands Operational Capabilities in Europe
EDMONTON, Alberta, Nov. 19, 2018 (GLOBE NEWSWIRE) -- Radient Technologies Inc. (“Radient” or the “Company”) (TSX Venture: RTI) is pleased to announce that it has now filed an additional 13 provisional patent applications with the United States Patent and Trademark Office (the “USPTO”). These patent applications cover inventions related to methods and systems for improving the efficiency, accuracy, and security of supply chain tracking for extractable biomass, especially cannabis biomass. This brings the total number of patent applications filed by Radient in 2018 to 32.
Additionally, the Company is pleased to announce that it has entered into a Facilities Access and Technical Services Agreement (the “Agreement”) with Processium, a company based in the Lyon area of France. Processium specializes in process design, development and optimization, mainly for the chemical, pharmaceutical and biotech industries. The Agreement gives Radient access to laboratory facilities, equipment, expertise in separation and purification processes, and technical and operational support within Processium’s Lyon laboratory and pilot plant operations. Further, the Agreement provides Radient with a European-based centre for conducting development and demonstrations of its core MAP™ technology and discovery research on related technologies. The laboratory will be headed by Dr. Marilena Radoiu, Radient’s Managing Director of Microwave Innovation.
Further Details: Provisional Patent Applications for Cannabis Supply Chain
The inventions covered by the recently filed provisional patent applications allow highly efficient tracking of cannabis biomass to cannabis-extract containing products. The inventions implement high tech solutions to track cannabis throughout its lifecycle, from biomass to extraction and formulation, to packaging, shipping, and sale at a retailer. Further, the provisional patent applications disclose systems and methods for assuring quality and consistency in each stage of the supply chain. Such methods and systems allow for improvements in Canada’s legal cannabis medical and recreational markets, which demand quality and safety for cannabis-containing consumer-based products.
Additionally, the inventions covered by these provisional patent applications leverage recent technology developments that enable broader adoption by new players in the cannabis industry, such as the use of artificial intelligence to leverage actives content tracking and processing methods; the use of “smart totes” to track transportation, handling, security and status of cannabis concentrates; and the use of “smart contracts” with suppliers and retailers.
These provisional applications were first filed in the USPTO to create a priority date and allow for future filings in other selected jurisdictions, as appropriate, including Canada.
Dr. Steven Splinter, Founder and CTO of Radient, commented: “As Radient’s business operations and partnerships continue to grow, we are committed to expanding our position in the broader cannabis landscape, while utilizing new technology to create efficiency and synergy in our process.”
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.
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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 ability of the Company to obtain patents on the basis set out in the patent applications; the Company’s operations in Europe; the impact of the Agreement; the impact of the inventions set out in the patent applications on the Company’s business; the Company’s ability to carry out its business objectives in the cannabis space and as to 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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