Growblox Sciences, Inc. (OTCQB:GBLX), a biopharmaceutical research
and development company with state-of-the-art technologies in plant
biology and cultivation designed to produce consistent medicinal
cannabis, announced today it has established Growblox Sciences
Puerto Rico, LLC ("GBS PR"), a majority-owned subsidiary domiciled
in Puerto Rico.
"As widely reported, Puerto Rico Governor
Alejandro Garcia Padilla recently signed an executive order
authorizing the production of medical cannabis. We are
very excited by the timing of this announcement as it coincides
with our continuing presence in Puerto Rico and our
commitment to realizing significant fundamental growth this fiscal
year." Stated Growblox Sciences' CEO & Chairman Craig
Ellins.
In connection with its formation, GBS PR entered into a
commercialization agreement with Growblox designed to accelerate
the production and marketing of the Company's proprietary
cultivation suite. Growblox believes that the growing chambers
and related equipment will facilitate the global manufacturing and
distribution of cannabis and other plant-based medical solutions to
combat a variety of clinically diagnosed health issues.
Under the commercialization agreement, GB Sciences Puerto Rico,
LLC has been granted the exclusive world-wide rights to produce,
lease and license the GrowBLOXTM technology suite, as well as
the potential for other multiple revenue streams, including the
financing of GrowBLOXTM technology suite units; fees for training
and maintenance services, and diagnostic monitoring services during
cultivation. Additionally, the agreement contemplates that GBS
PR will sell cGMP-certified raw cannabis and hemp materials only to
Growblox for international resale or manufacturing of
cosmeceutical, nutraceutical, and pharmaceutical products.
César Cordero-Krüger, veteran entrepreneur and local
philanthropist, has been appointed CEO of the subsidiary. Mr.
Cordero-Krüger has provided the first installment of the financing
required to launch GBS PR operations from its new office in the
capital of Puerto Rico, San Juan. Mr. Cordero-Krüger will own a
minimum of 13% of the equity of Growblox Sciences Puerto
Rico. It is intended by both Growblox and Mr. Cordero-Krüger
that a minimum of $1,250,000 of funding for GBS PR will be provided
by local sources on the island without any further requirement of
cash investment by GBLX.
Mr. Cordero-Krüger has over 30 years of management experience in
a diverse spectrum of businesses and academic
environments. Since 1995 he has been a consultant for a major
national drugstore chain, assisting with their expansion plans in
Puerto Rico and the US Virgin Islands, resulting in the successful
launch of over 60 new stores valuing approximately $500 Million in
total development costs. He is a co-founder of General
Management Assistant Corp. and was engaged by the Commonwealth of
Puerto Rico's Economic Development Administration on a variety of
projects such as a feasibility analysis for the air cargo
transportation industry, pilot's school and air ambulance services
in the Caribbean. Mr. Cordero-Krüger served as a professor of
Statistics and Operations Management at the College of Business
Administration of the Rio Piedras Campus, University of Puerto
Rico, and was a system design, work measurement, and quality
control professor at the Industrial Engineering department of the
Polytechnic University of Puerto Rico.
Craig Ellins, President and CEO of Growblox said, "For almost
the past year Growblox has been exploring initiatives in Puerto
Rico including potential projects with the University of Puerto
Rico. We are pleased to announce the leadership and support of a
recognized figure such as César. "
In a related development, on April 22, 2015, Mr. Cordero-Krüger
purchased 2,820,000 shares of GBLX common priced at $.21 per
share.
For more information concerning these developments please review
our Form 8-K Current Reports filed with the SEC on April 30, 2015
and May 7, 2015.
About Growblox Sciences, Inc.
Growblox Sciences, Inc. (OTCQB:GBLX) is a biopharmaceutical
research and development company focused on creating safe,
standardized pharmaceutical-grade cannabis-based therapies that
target a variety of medical conditions. The Company is leading
pioneering technology and industry processes, with a "big"
data-driven clinical research and development loop ability to bring
relief to patients in communities across the country. Through
our GBS PR subsidiary, we are developing and globally distributing
our GrowBLOXTM suite of cultivation and growing chambers. To learn
more about Growblox Sciences, Inc., go to www.gbsciences.com.
Forward-Looking Statements: This press release
may contain statements relating to future results or events, which
are forward-looking statements. Words such as "expects",
"intends", "plans", "may", "could", "should", "anticipates",
"likely", "believes" and words of similar import may identify
forward-looking statements. These statements are not historical
facts, but instead represent only the Company's belief regarding
future events, many of which, by their nature, are inherently
uncertain and outside of the Company's control. It is possible
that the Company's actual results and financial condition may
differ, possibly materially, from the anticipated results and
financial condition indicated in these forward-looking
statements. Further, information concerning the Company and
its business, including factors that potentially could materially
affect the Company's business and financial and other results, are
contained in the Company's filings with the Securities and Exchange
Commission, available at www.sec.gov. All forward-looking
statements included in this press release are made only as of the
date of this press release, and we do not undertake any obligation
to publicly update or correct any forward-looking statements to
reflect events or circumstances that subsequently occur or of which
we hereafter become aware.
Note: Although the Company's research and
development activities are not illegal, the production and sale of
cannabis products violate federal laws as presently
constituted.
GrowBLOX is a registered trademark of Growblox Sciences,
Inc.
CONTACT: For more Information:
Growblox Sciences, Inc.,
6450 Cameron Street,
Suite 110A, Las Vegas, NV 89118
(844) 843-2569.
Craig Ellins, CEO;
Andrea Small Howard, Chief Science Officer.
craig@gbsciences.com
andrea@gbsciences.com
https://gbsciences.com
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