LAS VEGAS, July 25, 2014 /PRNewswire/ -- GrowBLOX Sciences,
Inc. (OTCQB: GBLX) is pleased to announce the execution of a
binding Memorandum of Understanding ("MOU") with LaurelCo, LLC, an
Illinois limited liability company
formed to pursue the acquisition of both cultivation and dispensary
medical marijuana licenses in the state of Illinois. Pursuant to the MOU, GBLX will
acquire a 20% equity interest in LaurelCo, LLC in exchange for
licenses to use our proprietary GrowBLOXTM growing
chambers, as well as all technology related to the machines and to
various other proprietary technologies ("GrowBLOXTM
Solutions") required for the cloning, growing, curing, and creation
of pharmaceutical grade medical marijuana. Further, GBLX will
provide technical assistance during the upcoming complex
Illinois license application
process. The MOU further provides that after LaurelCo, LLC has
received one or more licenses in the state, GBLX will provide
growing chambers for the LaurelCo, LLC's growing facilities, in
exchange for an accelerated payback of actual costs, plus a 10%
royalty interest going forward in any products created in the
chambers and sold by the LaurelCo, LLC licensed entity.
Laurel Dineff, CEO and principal
of LaurelCo, LLC said, "We are extremely excited about our new
arrangement with GBLX. We have expended considerable resources in
developing our plan for medical marijuana growth in this great
state of Illinois. After
exhaustive research, we have concluded that GBLX has not only the
best growing technology, but also the best approach to making
medical marijuana the serious pharmaceutical it should be to
treat the many maladies for which it has proven to be
effective."
Craig Ellins, CEO of GBLX,
stated, "We could not be more pleased to have this partnership with
LaurelCo, LLC. The resources that its principals have made
available to it, the prodigious quantity of good work that has
already been done in terms of obtaining real property and other
facilities necessary for the business, and the wonderful attitude
of LaurelCo, LLC's management will make for a successful licensing
effort and a prosperous and exemplary business. Moreover," he
continued, "the agreement with LaurelCo, LLC represents a clear
step forward in the GBLX strategy to create a nationwide supply of
pharmaceutical grade and branded medical marijuana that is
consistent and efficacious no matter where it is grown. With the
formalization of our relationship with LaurelCo, LLC in
Illinois, we are setting a
standard for our growth into states in which GBLX does not have
resources in place to operate a medical marijuana business by
seeking out great partnerships who will operate the local business
and be part of our nationwide plans."
About GrowBLOX Sciences, Inc.
GrowBLOX Sciences, Inc., is a research and biotechnical company
that has developed proprietary indoor growing chambers specifically
designed for medical cannabis cultivation. The
GrowBLOXTM chamber allows for completely controlled
growing conditions, ensuring the manufacture of a consistent,
toxin-free, natural and medicinal-grade product. The Company
believes that the advantages of a controlled environment over
traditional outdoor or greenhouse growing, will empower the public,
nutraceutical and pharmaceutical industries to embrace cannabis as
an effective treatment for a myriad of serious medical
conditions. http://www.gbsciences.com
Forward-Looking Statements
Except for historical information contained herein, the statements
in this release are forward-looking and made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are inherently unreliable
and actual results may differ materially. Examples of
forward-looking statements in this news release include statements
regarding the payment of dividends, marketing and distribution
plans, development activities and anticipated operating
results. Factors which could cause actual results to differ
materially from these forward-looking statements include such
factors as the Company's ability to accomplish its business
initiatives, significant fluctuations in marketing expenses and
ability to achieve and expand significant levels of revenues, or
recognize net income, from the sale of its products and services,
as well as the introduction of competing products, or management's
ability to attract and maintain qualified personnel necessary for
the development and commercialization of its planned products, and
other information that may be detailed from time to time in the
Company's filings with the United States Securities and Exchange
Commission. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Contact:
Jonathan Barkman
Riverview Capital Enterprises
+1-866-845-0105
SOURCE GrowBLOX Sciences, Inc.