Algae Dynamics Corp Announces Memorandum of Understanding With Company Licenced by Health Canada
17 March 2017 - 12:30AM
Marketwired
Algae Dynamics Corp Announces Memorandum of Understanding With
Company Licenced by Health Canada to Test, Extract, Purify,
Import/Export and Sell Cannabis Oil
TORONTO, ON-(Marketwired - Mar 16, 2017) - ALGAE DYNAMICS CORP
(OTCQB: ADYNF) (the "Company" or "ADC"), a development stage
company focused on the development of unique health products and
pharmaceuticals utilizing cannabis and algae oils, today announced
a memorandum of understanding with Avanti Rx Analytics Inc. ("ARA")
to collaborate on a range of topics as outlined below. ARA is
uniquely positioned to test, extract, develop, produce and supply
cannabinoids that can enable and enhance the delivery and
commercial success of medicinal cannabis products. As such, ARA
will play a key role in supplying the University of Waterloo and
Western University with cannabis oil for the previously announced
sponsored research programs, in addition to contributing to the
product development and formulation opportunities that combine the
benefits of algae and cannabis oils.Paul Ramsay, Chairman and
President of the Company said, "This collaboration is a vital piece
of our corporate development strategy. Our relationship with ARA
will assist us immensely in the development of unique products both
in the medical cannabis category, as well as in unique formulations
utilizing cannabis and algae oils. It dove-tails beautifully with
our recently announced research relationships with two
universities, and we believe will help fast-track us to
revenue."The key aspects of the strategic collaboration between the
Company and ARA are as follows:ARA agrees to test, formulate,
manufacture, and package cannabis and algae based products as
requested and developed by ADC under the current and/or future
medical and recreational cannabis regulations, it being understood
that products containing both cannabis oil and algae oil, or
derivatives therefrom, will be processed exclusively for ADC. ARA
agrees to assist ADC to develop marketing channels including but
not limited to: website development and internet promotion, medical
doctors, product distributors, as appropriate and in compliance
with the regulatory requirements. ARA agrees to assist ADC where
possible in obtaining regulatory approval for its license pursuant
to the Access to Cannabis for Medical Purposes Regulations
("ACMPR") and licensed recreational products. ARA agrees to assist
ADC with market development and product distribution to Health
Canada ACMPR licensed producers. ARA agrees to collaborate with the
universities on the sponsored research programs which ADC has
negotiated with the Universities of Waterloo and Western Ontario,
and supply cannabis based materials, according to specifications.As
reported earlier, the Company is continuing to seek opportunities
to partner with or take ownership in existing Access to Cannabis
for Medical Purposes Regulations (ACMPR) licensed producers to
allow for access to the marketplace. About Avanti Rx
Analytics
Avanti Rx Analytics is the first Health Canada GMP and
OCDS approved Contract Organization specializing in the field of
controlled drugs and substances particularly in the area of
medicinal cannabis, HEMP, cannabinoids, and cannabis based
concentrated products. Avanti Rx Analytics Inc. offers a
comprehensive menu of services ranging from analytical R&D and
QC testing, cannabis extraction under controlled environment,
cannabinoids purification, cannabis infused-product formulation,
and cannabis waste management by means of material denaturation, as
well as the QA and regulatory consulting. Avanti Rx Analytics, as a
Health Canada GMP approved and OCS licensed organization, does not
grow, distribute, nor sell/commercialize cannabis. Our focus is in
the provision of a broad range of sophisticated, state-of-the-art
services to Health Canada approved licensed producers (LPs),
authorized pharmacies, medical practitioners, Health Canada
approved patients, government enforcement and regulatory agencies,
and regulatory approved allied cannabis communities, and to
continue to remain at the forefront of the healthcare industry,
building an enviable reputation.About Algae Dynamics Corp
ADC is
currently engaged in the development of unique health products and
pharmaceuticals that utilize hemp, cannabis and algae oils. This is
an extension of our plan to commercialize our proprietary BioSilo®
algae cultivation system for the high volume, low cost production
of pure contaminant-free algae biomass which is high in Omega-3
fatty acids. We have engaged two Canadian universities to provide
research into the use of extracts from cannabis oil, which we plan
to use to develop products that combine the significant health
benefits of Omega-3s derived from algae oil and extracts from
cannabis oil. Our research is focusing on the use of cannabis oil
in the context of cancer, and the use of cannabis derivatives for
the development of novel pharmacotherapies for mental health. NOTE
REGARDING FORWARD-LOOKING STATEMENTS
This news release contains
"forward-looking statements" as that term is defined in Section 27A
of the Securities Act and Section 21E of the Securities Exchange
Act of 1934, as amended. Statements in this press release which are
not purely historical are forward-looking statements and include
any statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among other things, use of proceeds and the development, costs and
results of current or future actions and opportunities in the
sector. Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
new projects and development stage companies, our ability to raise
the additional funding we will need to continue to pursue our
exploration and development program, and our ability to retain
important members of our management team and attract other
qualified personnel. These forward-looking statements are made as
of the date of this news release, and we assume no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that any beliefs,
plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that any such beliefs,
plans, expectations or intentions will prove to be accurate.
Investors should consult all of the information set forth herein
and should also refer to the risk factors disclosure outlined in
our annual report on Form 10-K for the most recent fiscal year, our
quarterly reports on Form 10-Q and other periodic reports filed
from time-to-time with the Securities and Exchange Commission.FOR
MORE INFORMATION, PLEASE CONTACT:
Paul Ramsay
Phone:
289-997-6740
Email: ramsay@algaedynamics.com
www.algaedynamics.com
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