MISSISSAUGA, ON--(Marketwired - Apr 29, 2014) - Megola Inc. (OTC Pink: MGON) (PINKSHEETS: MGON) through its wholly owned subsidiary, MedCan Marijuana, Inc., announced its investment in Green Relief, Inc. today, in what is believed to be the world's largest federally licensed, purely organic Medical Marijuana producer in Canada.
Green Relief has entered into a Letter of Intent with Health Canada to launch a massive Canadian operation based on Megola's cutting edge technologies that will significantly reduce operating costs while yielding higher production output.
Megola's breakthrough technologies in air and water filtration will be extensively utilized in Green Relief's 100,000 square foot state-of-the-art aquaponics production facility. As the only grower of "organic" medicinal marijuana strains based on aquaponics technology, early projections for Green Relief suggest first year sales of $25 million with a market valuation in excess of $500 million.
Megola President and CEO Magaly Bianchini commented, "We're very excited to have the opportunity to deploy our water and air filtration systems in such a mission critical function, along with the extraordinarily lucrative position that co-ownership brings."
Bianchini emphasized that "our position with Green Relief is an example of how Megola's technologies can be applied to new and emerging industries, and Megola will continue to invest in companies that can achieve more by using our technologies in tandem with theirs."
Megola's website (www.megolainc.com) has been relaunched to give shareholders a transparent look into MGON and its new ventures into the emerging MMJ industry.
About Megola, Inc.
Megola Inc. has been in operation since 2003 and has recently adapted its expertise and technologies in air and water filtration to the newly emerging Medical Marijuana (MMJ) industry. MedCan Marijuana, Inc. is a wholly owned subsidiary of Megola, Inc. located in Burlington, Ontario that exploits ready-to-market technologies designed to support the newly emerging MMJ industry, the first being the Green Relief, Inc. aquaponics production facility. Megola Inc. is a Nevada Corporation with head office in Mississauga, Ontario, Canada, and trades on the OTC under the symbol MGON.
For comments and media engagements, please contact Eddie Cruz at email@example.com.
Safe Harbor Statement
Sections of this press release contain forward-looking statements, which reflect management's best judgment based on factors currently known but involve significant risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including but not limited to risks more fully described in the "Risk factors" section of the Company's Annual Report and other risks. Forward-looking information provided pursuant to the safe harbor established by recent securities legislation should be evaluated in the context of these factors.