Mr. William Wasson of Radient reports
RADIENT TECHNOLOGIES INC. PROVIDES UPDATE ON PROGRESS OF CANNABIS AND HEMP EXTRACTION FACILITIES AND ISSUES SHARES FOR SERVICES
Radient Technologies Inc. has awarded the mandate for the second phase of the construction of its Edmonton III manufacturing facility to Fillmore Construction Management Inc. Construction is well under way, with footings and foundation work having been completed, and the structural component of the building now in progress and on schedule. Fillmore was selected by Radient due to its extensive previous experience developing food processing and GMP approved manufacturing plants.
Edmonton III is Radient's expanded capacity cannabis and hemp processing line that is expected to have a total annual throughput capacity of 280,000 kilograms/year of cannabis, and 2.8 million kg/year of hemp upon completion in calendar 2020.
Radient completed its first commercial extraction run for Aurora Cannabis Inc. in May, 2019, at its Edmonton I facility, which has an annual throughput capacity of at least 56,000 kg of cannabis/year. Radient will continue to scale up its operations at Edmonton I throughout the summer, expecting to reach full capacity at this facility in late 2019.
Additionally, the continuing retrofitting of Edmonton II, Radient's dedicated hemp processing line, which is expected to have a total annual throughput capacity of 420,000 kg/year of hemp, is on schedule for completion in calendar Q4 2019.
Foundation work has also now begun on Radient's brand new over 100,000-square-foot facility in Germany. This facility is expected to have a total annual throughput capacity in excess of 280,000 kg/year of cannabis, and 2.8 million kg/year of hemp upon completion in calendar 2020.
For a comprehensive overview of Radient's total expected future annual throughput capacities in Edmonton and Germany, please see the company's
press release
dated Feb. 28, 2019.
Shares for services
Radient has issued an aggregate of 86,658 common shares to third party consultants for services provided during the month ended May 31, 2019, pursuant to the shares for service agreement previously approved by the TSX Venture Exchange.
The common shares were issued at the TSX Venture Exchange 15-day VWAP (volume-weighted average price) of 96 cents.
About Radient
Radient Technologies provides industrial-scale manufacturing solutions for premium natural ingredients and products. Utilizing its patented MAP{&#A A ; ™} extraction technology, Radient delivers superior customer outcomes in terms of ingredient purity, yield, and cost, serving global market leaders in industries such as foods & beverages, nutraceuticals, pharmaceuticals, cosmetics, and personal care. Since 2016, Radient has expanded its offerings to enter the cannabinoids market, using its MAP{&#A A ; ™} platform to provide premium ingredients that contain a full range of cannabinoid and terpene profiles. Please visit
www.radientinc.com
for more information.
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