Snow Eagle Resources Ltd. Provides an Update on Its Proposed Amalgamation and the Operations of CannaTest Photonics Ltd.
April 7, 2018
CALGARY, Alberta, April 06, 2018 -- Snow Eagle Resources Ltd. (“Snow Eagle”) (NEX:SEG.H) and CannaTest Photonics Ltd. (“CannaTest”) (collectively the “Companies”) previously announced their intentions to amalgamate and be called FluroTech Ltd. (“FluroTech”), which will constitute Snow Eagles’ qualifying transaction. Upon completion of the qualifying transaction, the shares of the resulting issuer will trade under the symbol "TSX-V.TEST".
The companies are pleased to announce they have received the third installment of the comment letters from the TSX-V on April 4th, leading them to expect the approval process will be completed in late May, with shares trading shortly thereafter.The timing of the listing of FluroTech’s shares will now likely coincide with the roll out of the marketing and branding of FluroTech, commencing with the launch of the website containing FluroTech corporate information and introducing the CompleTest™ brand.Described below are the product categories and their development status:Testing DevicesPortable Testing Device – Development of the device is complete and prototypes are being manufactured for use in field trials with ‘Licensed Producers’ (“LP”). Field trials are expected to begin the week of April 16th.Desktop Testing Device – Hardware in the desktop testing device which is similar to the portable device and has been completed. The mold for the device shell is currently being tested, with delivery of the first production shells expected in May. These first production devices will be utilized in field trials thereafter.Roadside Testing Device – Preliminary design of the roadside testing device is underway with development scheduled to commence mid-April expecting completion this summer.Testing KitsHeavy metal test kits – The final version of the heavy metals test kits, which includes testing for cadmium, lead and mercury, are ready for the first round of external field trials with LP’s and is scheduled to commence the week of April 16th.THC & CBD test kits – Third party validation of the CBD reagents is complete, with validation of the THC reagent in progress. THC and CBD potency field testing is expected to commence in June, once final selection of the antibodies required for detection has been made.Pesticides/Chemicals – Six of the Company’s ten targeted pesticide tests are at various stages in the development cycle. All ten of the pesticide tests are expected to be launched in the fall of 2018.Extraction KitsThe bill of materials for the extraction kits has been completed and transitioned to operations. The extraction process for potency and heavy metals testing will be finalized upon completing of the field trials. Our operations team in preparation of sales ramping up this summer is engaged in supplier negotiations as well as determining the final packaging of our branded test kits.It is expected the Company will launch its marketing program to LP’s with respect to direct sales of the portable and desktop testing devices for heavy metal and potency tests this summer.CannaTest has filed its first Canadian patent and will be engaged in filing additional patents as required to ensure its proprietary technology is properly protected. This is an ongoing process that will continue for several years. CannaTest is excited to continue to expand its patent portfolio.Danny Dalla-Longa, CEO of CannaTest, would like to take this opportunity to thank all shareholders of both CannaTest and Snow Eagle for their continued support and look forward to an exciting year as the merged Company operating as FluroTech brings the first of its CompleTest™ products to market this summer.About CannaTest/FluroTechCannaTest is a technology and marketing Company whose core business is focused on the commercialization of a new spectroscopy-based technology in the cannabis and hemp industries. CannaTest has exclusive ownership of the technology for the purpose of testing and identifying organic and inorganic compounds contained within biological samples derived from cannabis or hemp plants. Using the technology, CannaTest has developed a two-part solution comprising an instrument called CompleTest™ and consumable testing kits. CompleTest™ is a portable and customizable device that, upon the completion of its development, will assist producers in the cannabis and hemp industries in optimizing and tracking the quality and safety of their products.Contact InformationCannaTest Photonics Ltd.
7 - 3535 Research Park Road NW
Calgary, AB T2L 2K8 Snow Eagle Resources Ltd.
436 Lands End Road
North Saanich, British Columbia V8L 5L9Danny Dalla-Longa
[email protected] David Tonken
[email protected]Cautionary Statement Regarding Forward-Looking InformationThis news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about the future performance of the Company.The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties to develop the forward-looking information in this news release. There can be no assurance that such statements 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 statements.Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include, but are not limited to, adverse market conditions and regulatory and other risks associated with the medical cannabis industry in general. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
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