CEN Biotech, GrowLife and RXNB Mutually Extend the Date for Closing of their Strategic Partnershipadmin
MADISON HEIGHTS, MI / ACCESSWIRE / March 24, 2014 / Creative Edge Nutrition, Inc. (PINKSHEETS: FITX), in addition to GrowLife, Inc. together with Organic Growth International, LLC (“OGI”), its joint venture with CANX USA, LLC, extended the date for completion of due diligence and closing the transaction with RXNB Inc. (“RXNB”) to April 4, 2014. Under the agreement, GrowLife will sell and distribute RXNB proprietary technologies globally, and share profits related to technology licensing, subject to the approval of the GrowLife Board of Directors. GrowLife currently has a 45% ownership interest in OGI, with conditions under which it can gain majority interest.
Bill Chaaban President & CEO stated, “all parties have the desire and will to work together. We work individually and collectively in the best interest of our shareholders. The magnitude and complexity of this deal required an extension of the due diligence period. We are at the dawn of a new era.”
RXNB is an investment company with holdings in drug formulation, manufacturing, and distribution. The company represents a recent roll-up of several independent companies in the pharmaceutical and nutraceutical market. RXNB has numerous pending patents in the field of THC research and development.
According to RXNB executive Dr. Sam Alaweih, “We are very pleased to have reached a mutually agreeable go-forward plan with GrowLife and OGI management. RXNB has agreed to withdraw its contemplated litigation, without prejudice.”
“I am pleased to join Sam Alaweih and Bill Chaaban in our renewed dedication to completing the exciting partnership with RXNB,” commented GrowLife CEO and OGI member Sterling Scott. “We have agreed to complete the deal by April 4, 2014, and are confident in both parties’ ability to achieve consensus by that time. Given the complexities of this transaction, and the number of different parties involved, additional time was necessary.”
A full 8-K detailing the Agreement was released January 30, 2014.
About CEN Biotech
CEN Biotech, Inc. was established in 2013 as a partially owned subsidiary of Creative Edge Nutrition (OTC Pink: FITX) for the sole purpose of supplying the Canadian public with pharmaceutical-grade medical cannabis under the newly established Marihuana for Medical Purposes Regulations (MMPR) CEN Biotech Inc. has submitted a comprehensive application to become a licensed producer (LP) of dried marihuana for medicinal purposes and has received a ready-to-build approval from Health Canada.
About Creative Edge Nutrition, Inc.
Creative Edge Nutrition is a holding company and a Nutritional Supplement Company focused on developing innovative, high quality supplements. The company offers a broad spectrum of capsules, tablets, and powders, as well as science based products in the principal categories of weight management, nutrition challenges, energy and fitness. The Company manufactures under strict GMP guidelines at GMP Certified and/or FDA registered facilities. http://www.cenergynutrition.com/ and https://www.facebook.com/CenergyNutrition
About Hemp Technologies
Hemp Technologies Ltd. is a vertically integrated hemp company that grows, processes and sells its hemp directly to the consumer and for industrial processing. In addition, it is instrumental in hemp home building and building materials, hemp spirits and food, and hemp pharmaceutical and dietary supplements.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (www.growlifeinc.com) develops, markets and deploys products and services addressing the needs of legal cannabis growing and retail operations, including hydroponic growing equipment and retail support software. The Company provides these solutions in our nationwide retail network, as well as online sites Greners.com, Phototron.com and StealthGrow.com. The Company also operates the political and social forum, Cannabis.org.
About RXNB, Inc.
RXNB possesses proprietary, cutting-edge systems in the field of agriculture, applicable to medical marijuana. In particular, these technologies focus on Current Good Manufacturing Practices (cGMP) manufacturing and growing process of medicinal marijuana. cGMP refers to the Current Good Manufacturing Practice regulations enforced by the US Food and Drug Administration (FDA). cGMPs provide for systems that assure proper design, monitoring, and control of manufacturing processes and facilities, which assures the identity, strength, quality, and purity of drug products. RXNB technologies will accelerate plant growth, allow perpetual grow cycles of about 35 days and protect plants from adulterants, which will yield greater harvests. RXNB has a pharmacy division, which dispenses prescription drugs direct to approximately 50,000 patients per month in the US. RXNB owns a distribution network, which supplies approximately 2,700 clinicians with tailored functional medicine across the US. It operates its own call center and owns software technologies in the field of tailored specialty drugs and batch record keeping in compliance with USP 797.
FOR INVESTOR RELATIONS, Please Contact: William Swalm (212) 584-4342 Email: Info@cenergynutrition.com
Posted: March 24th, 2014 under ACCESSWIRE.