SOURCE: Galileo Life Sciences, Inc.

Galileo Life Sciences, Inc.

June 09, 2015 07:00 ET

Galileo Life Sciences Reports Significant Progress

TORONTO, ON--(Marketwired - Jun 9, 2015) - Galileo Life Sciences, Inc. ("the Company") (OTC PINK: MDRM), formerly Modern Mobility Aids Inc., announced today that it is nearing its goal of becoming a licensed Canadian producer and distributor of high quality medical marijuana under Health Canada's Marihuana Medical Purposes Regulations ("MMPR"). 

Galileo Life Sciences, through its wholly owned Canadian subsidiary, has executed a definitive agreement to acquire 100% of the shares of an Ontario property with state of the art marijuana production facilities. The Company has established a subsidiary focused on developing the Cannabis product business under the leadership of Declan French, who has invested the last two years in the industry in Canada, and has re-joined the board and management of Galileo to lead the medical marijuana development team.

Working closely with the family run owner-operators of the farm, which received a "Ready to Build" letter from Health Canada, the Company reports that it has passed through the primary steps to approval. These steps include: preliminary screening, enhanced screening, security clearance for key personnel and review of the application to validate all information, and the plant is now in the final stages of construction to confirm that it is ready for cultivation, production and storage of dried marijuana. There are more than 1200 applications before Health Canada to become licensed producers of medical marijuana, and only 18 firms have so far been licensed as cultivators and distributors, while 7 are licensed as cultivators awaiting distribution licenses.

"It is indeed very exciting for me to be joining the board as Chairman of this company just as it is on the cusp of acquiring an MMPR license from Health Canada," said Dr. Duncan Scott, Chairman of Galileo Life Sciences, Inc. "We are pleased that the end is near in the Health Canada approval process and look forward to becoming one of a very few licensed producers and distributors of high quality medical cannabis and welcome Declan French back to lead that team. Achieving final approval will put Galileo Life Sciences at the forefront of licensed producers striving to meet the rapidly growing need for medicinal cannabis," commented Dr. Scott.

Significant Growth Opportunity

"We believe the market opportunity is enormous, with estimates by Health Canada of domestic sales of $1.3 billion in a decade and an expected patient pool size of 430,000 versus only 40,000 qualified patients today. As one of only a few publicly listed, licensed producers and distributors of medical marijuana in Canada, we are confident we will be able to seize this growth opportunity to create significant value for current shareholders as well as those who want to participate with us in this remarkable industry as new shareholders," stated Declan French.

Strategic Focus Ahead

We are focused on the Health and Wellness industry and plan to leverage the opportunities presented by the regulatory reforms in both North and South America particularly as it pertains to medical marijuana. We are currently in discussions with Caribbean jurisdictions to partner with them in the Research and Development of Medicinal and Pharmaceutical grade Cannabis products, as well as marijuana based products for the snack and beverage industries.

About Galileo Life Sciences, Inc.

Galileo Life Sciences, Inc. is a company strategically focused on the production and distribution of premium medical marijuana in North America and advanced health and life science and services that nurture innovative solutions to enhance the quality of life for all. The Company also has a commitment to leading edge research and development in support of these rapidly growing alternative health and life sciences trends, technologies and services. Galileo Life Sciences is listed on the New York OTC Pink Market and currently trades under the ticker symbol MDRM.

Safe Harbor

This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "pleased," "believe," "expects," "reflects," "aligned," "anticipates," "planned" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. There are no guarantees or assurances that any initiatives will result in what the Company had originally intended. Any investment made into Galileo Life Sciences, Inc., would be classified as speculative and risky, and furthermore the medical marijuana industry in Canada is highly regulated. The risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company's products and technologies, competitive factors, the ability to successfully complete additional or adequate financing, government approvals or changes to proposed laws and other risks and uncertainties further stated in the Company's financial reports and filings.

Contact Information