Abattis Completes Acquisiton Of Controlling Interest In Phytalytics LLC
ACCESS Newswire
VANCOUVER, BC / ACCESSWIRE / April 7 , 2014 / Abattis Bioceuticals Corp. ("Abattis" or the "Company") (CSE:ATT)(ATTBF), a specialty biotechnology company with capabilities through its wholly owned subsidiaries of cultivating, licensing and marketing proprietary ingredients, bio-similar compounds, patented equipment and consulting services to medicinal markets in North America, today announced that further to its previous press release dated March 6, 2014 disclosing it had entered into consulting agreements with the principals of Phytalytics LLC of Kirkland, Washington, USA, the Company has acquired a 51% membership interest in Phytalytics LLC (doing business as Phytalab.com ).
Phytalytics and its principals, Dr. Michelle Sexton, Dr. Kaleb Lund and Lauren Hilty, Sr. Accountant, will be making an application to the Washington State Liquor Control Board ("WSLCB") for an analytics laboratory testing license in order to provide government mandated testing of cannabis and all other cannabis related derivatives under State Initiative 502. Under State Initiative 502 Section 11, every licensed marijuana producer and processor must submit representative samples of marijuana, useable marijuana, or marijuana-infused products produced or processed by the licensee to an independent, third-party testing laboratory meeting the accreditation requirements established by the WSLCB, for inspection and testing to certify compliance with standards adopted by the WSLCB.
Dr. Sexton has long advocated for improved quality assurance for herbal products and was a technical advisor for American Herbal Pharmacopoeia on the "Cannabis Monograph: Standards on Identity, Analysis and Quality Control." http://www.herbal-ahp.org/
Dr. Sexton recently consulted to the Washington State Liquor Control Board for development of the certification process for laboratories that provide analysis of Cannabis and related products distributed under SI502. Phytalytics was developed on the platform of Good Laboratory Practice (GLP) guidelines, which Dr. Sexton introduced to the Cannabis industry. The combined botanical and scientific backgrounds of Drs Sexton and Lund, along with the partnership and expertise of Abattis, leverage PhytaLab to continue to be pace setters in this burgeoning industry.
Drs. Lund and Sexton, of Phytalytics, stated, "We are very pleased to leverage our combined botanical and scientific backgrounds with the expertise of Abattis so that PhytaLab will continue to be a pacesetter in this burgeoning industry."
Mike Withrow, CEO of Abattis Bioceuticals Corp., stated, "We are delighted to be able to consolidate and align the membership interests in Phytalytics and looking forward to a mutually beneficial relationship. Moving forward, our new analytics lab testing team in Washington will have the support of the Company's resources to secure a WSLCB license in addition to sourcing the requisite equipment to scale its operations as demand for its services escalate."
About Phytalytics LLC..
Phytalytics was founded in 2011 and pioneered the movement to help define quality control of Cannabis and related products in Washington State. PhytaLab is an industry leader with regard to experience and validation know-how of in State mandated testing of Flowers, Extracts, Edibles, Liquids, Topicals of Cannabis and Cannabinoids. PhytaLab has taken great care to maximize HPLC resolution so there is no overlap of compounds guaranteeing accurate potency measurements, foreign material inspection, moisture content, Microbiological Screening and Residual Solvents Testing.
PhytaLab utilizes high-performance liquid chromatography (HPLC) to separate and quantify the relevant cannabinoids in samples. It is the most accurate, optimal and straightforward method for analysis of the authentic plant compounds, including acidic and neutral forms. This platform is the standard for testing of compounds that can change upon heating, and therefore does not heat the sample before analysis. For more information, visit the Company's website at www.phytalab.com
AboutAbattisBioceuticalsCorp.
Abattis is a specialty biotechnology company with capabilities through its wholly owned subsidiaries of cultivating, licensing and marketing proprietary ingredients, bio-similar compounds, patented equipment and consulting services to medicinal markets in North America. The Company is positioned to capitalize on the fast growing trend toward marijuana legalization in the United States and for medicinal use in Canada and international jurisdictions by supplying and partnering with companies to employ its vertical cultivation systems, extraction equipment/technology, and strategic marketing support to licensed growers. The Company also has an extensive pipeline of high-quality products and intellectual property for the rapidly expanding botanical drug market. We follow strict standard operating protocols and adhere to the applicable laws of Canada and foreign jurisdictions. For more information, visit the Company's website at www.abattis.com.
Forfurtherinformation,contacttheCompany'sCEO,MichaelWithrowat(778)896-6536or at mike.withrow@abattis.com.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains certain forward-looking statements that reflect the current views and/or expectations of Abattis with respect to the market and regulatory conditions for proprietary ingredients, bio-similar compounds, medical marijuana and our other products, our perceptions of the industry or markets in which we operate and anticipated trends in such markets and in the countries in which we do business. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. The reader is cautioned that forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Assumptions underlying the Company's expectations regarding forward-looking statements contained in this news release include, among others: that we will be able to effectively market our products; that Phytalytics' application to the WSLCB will be successful; that demand for Phytalytics' services will continue to grow; that the relationship between the Company and Phytalytics will achieve the expected benefits; and that SI502 will govern Phytalytics' activities. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, that Phytalytics' application to the WSLCB may not be approved, demand for Phytalytics' services may not grow as anticipated, the regulatory or enforcement environment relating to Phytalytics' services may experience adverse changes, and the relationship between the Company and Phytalytics may not produce the expected benefits. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements, which are qualified in their entirety by this cautionary statement. Abattis does not undertake any obligations to release publicly any revisions for updating any voluntary forward looking statements, except as required by applicable securities law.
