DENVER, CO--(Marketwired - Mar 13, 2017) - CB Scientific, Inc. (OTC PINK: CBSC), a designer, developer and manufacturer of Cannabis Analytical Tools and Devices, Cannabis Medical Delivery Systems and Personal Analytical Kits and Devices, announces today that the Company, on February 24th, completed a Stock For Asset Exchange Agreement with Marutronics LLC, a Florida Limited Liability Company (MMD) and Bobban Subhadra and Vijitha Vivekanandan, equal members of MMD. Subject to the terms and conditions of the agreement, the MMD Members delivered all their Membership Interests and IP rights (patents, trademark, trade secrets) to CBSC and in return CBSC transfers to the MMD Members (a) seven million five-hundred thousand (7,500,000) newly issued restricted shares of Common Stock of CBSC and (b) five million (5,000,000) shares of Common Stock at par value as stock options.
As part of the agreement, Mr. Bobban Subhadra has been elected as the Chief Operating Office of the Company and will also serve on the Board of Directors of CB Scientific.
Marutronics LLC, has the following patent applications which will be transferred to the Company;
1) Utility Patent-1 Cannabinoid delivery devices
Summary: A proprietary thermo-responsive cannabinoid delivery device for controlled release of precise doses of cannabinoids
2) Utility Patent-2 Cannabinoid transdermal formulations
Novel epidermal penetrating compounds for enhanced and sustained neural delivery of cannabinoids
3) Utility Patent-3 Cannabinoid detection unit
Summary: A proprietary device to semi-quantitatively profile the amount of various cannabinoids in various samples. This combo unit is based on thin-layer chromatography for detecting cannabinoid compound.
Dr. Subhadra conducted his doctoral studies in Microbiology and Immunology at School of Medicine, University of New Mexico. After graduating he researched on the role of neuroserpin, tissue plasminogen activator, and thyroid hormone in synaptic plasticity and Alzheimer's disease in mouse models. He has published extensively in prestigious journals including Nature, Science, and Neurochemistry International. With his core expertise in immunology and biochemistry and with 10+ years of industry R & D experience, he has developed numerous patented technologies and products for biochemical, biofuel, and pharmaceutical companies. More recently, as the Director of R & D at Quorum Innovations, he developed and commercialized numerous microbiome products.
CB Scientific is very excited on this transaction which would allow the company to be a leader in developing and marketing state-of-the-art cannabis or drug delivery devices. Due to some of the State legislative requirements on medical marijuana, smoking, eating (edibles) or even vaping marijuana as a medicine is and may be made illegal. This move by most States especially by the State of Florida, creates an incredible opportunity to biotech companies to design and deliver Cannabinoid delivery devices in compliance to the current and new State medical marijuana regulations. The Company will focus on the creation of pharmaceutical drugs with multiple technologies incorporated as a drug delivery system such as hydrophobic -- a nano-particle surrounded by a hydrophilic nano-capsule much like liposomal but with improved efficiency for cellular integration using specifically formulated antigens. Potential medical applications include treating neuropathic pain, esophagitis, cognitive and immune enhancement.
About CB Scientific, Inc.
CB Scientific (www.cbscientific.com), through its subsidiaries, designs, develops and manufactures Life Science Analytical Tools and Devices, Medical Delivery Systems, laboratory services, personal analytical kits and devices and CBD hemp oil and nutraceutical formulations for growers, care takers, dispensaries and companies worldwide. CB Scientific is continuing to develop new technologies specifically for cannabis (hemp) analytics. CB Scientific believes every product sold to patients as "Medical Quality" should be inspected for health benefits, safety, consistency, purity, potency and packaged properly for distribution. CB Scientific has worked with many of the cannabis industry leaders in the country and have also been featured in cannabis industry publications including High Times Magazine, Culture and many trade publications, on-air interviews and panel discussions across the United States. CB Scientific's focus has been the education and safety of consumers combined with innovation to put power into the hands of the patients.
To request further information about CB Scientific, please email us at email@example.com, log onto our website at http://www.cbscientific.com or visit us on Twitter @cbscientific and Facebook at cbscientificinc.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.