CEN Biotech, GrowLife and RXNB Mutually Extend the Date for Closing of their Strategic Partnership
March 24 2014 - 6:45AM
Access Wire
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.
http://www.cenbiotechinc.com
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.
http://www.hemp-technologies.com
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
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