OTTAWA, ONTARIO--(Marketwired - Oct. 26, 2016) - Tetra Bio-Pharma Inc. ("Tetra Bio" or the "Company") (CSE:TBP)(CSE:TBP.CN), through its subsidiary, Agro-Tek Inc. ("AGTK"), is pleased to announce that it has acquired multiple intellectual property assets related to the initiation of manufacturing and distribution of products for natural health care including products containing extracts or oils derived from Cannabis sativa.
The recently announced awarding of the NSERC Engage partnership grant with McGill University will allow AGTK to achieve its commercial strategy to launch Cannabis-derived supplements that comply with the existing regulations regarding cannabis and cannabinoid content. According to the United States Food and Drug Administration ("FDA"), "FDA is not aware of any evidence that would call into question its current conclusion that cannabidiol products are excluded from the dietary supplement definition under section 201(f)(3)(B)(ii) of the Federal Food, Drug, & Cosmetics Act."
Mr. André Rancourt, the Company's CEO commented, "CBD or THC containing dietary supplements are currently not allowed on the USA market. However, the goal of the McGill University partnership is the development of extracts of the plant Cannabis sativa, including THC and CBD-free for the development of dietary supplements." AGTK intends on manufacturing and commercializing supplements, food-type products and, natural health products that are compliant with Canadian and USA federal regulations. Mr. Rancourt added, "This commercial strategy involves the expertise of two of the Company's subsidiaries, AGTK and MMP, and is in line with the Company's vision to make AGTK and MMP leaders in the development of Cannabis sativa, derived products for the consumer market, and for the commercialization of natural supplements derived from Cannabis sativa."
The assets acquired include proprietary formulations that have obtained marketing approval from Health Canada. The line consists of:
1. Glucose Aid; NPN 80058089
2. Kava Kava; NPN 80061986
3. Stress Ado; NPN 80065911
4. Toux Ado (Cough Ado); NPN 80065923
5. Toux enfant (Cough Children); NPN 80065928
6. Water Relax; NPN 80065948 (beverage supplement)
7. Water Cough; NPN 80066086 (beverage supplement)
8. Sleep Pro; NPN 80066679
9. Instant Relief; NPN 80066682 (topical gel for local pain relief).
The acquisition of these formulations and their proprietary ingredients will provide PhytoPain Pharma Inc. with an inventory of compounds and elements that will be used as secondary ingredients or catalysts in the formulation of our pharmaceutical grade products.
In consideration for the acquisition of the assets, the Company has issued 1,800,000 common shares to arms' length individuals. The shares issued will be subject to a four-month hold period.
According to Mr. Rancourt, these products will allow AGTK to begin generating revenues. This is the first set of products for AGTK's portfolio. The company will be seeking to acquire additional product lines for distribution in North America. AGTK is engaged in negotiations to acquire national distributors to expand brand identity and facilitate distribution across North America
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
Some statements in this release may contain forward-looking information. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding potential acquisitions and financings) are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, without limitation, the inability of the Company, through its wholly-owned subsidiary, GrowPros MMP Inc., to obtain a licence for the production of medical marijuana; failure to obtain sufficient financing to execute the Company's business plan; competition; regulation and anticipated and unanticipated costs and delays, and other risks disclosed in the Company's public disclosure record on file with the relevant securities regulatory authorities. Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in forward-looking statements, there may be other factors that cause results or events not to be as anticipated, estimated or intended. Readers should not place undue reliance on forward-looking statements. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation.