Pharmagreen Extends the Letter of Intent Timeline with Advanced Bio-Oil Technologies Ltd.
Pharmagreen Biotech (OTC PINKS: PHBI) has extended its letter of intent with Advanced Bio-oil Technologies Ltd. (ABOT) until June 30, 2021. This extension allows Pharmagreen to explore numerous acquisition opportunities for tissue culture starter plantlet production and cannabinoid oil extraction. Pharmagreen is collaborating with local hemp farmers to produce crude cannabinoid oils, which will be developed with ABOT. CEO Peter Wojcik emphasized ongoing financing plans for acquisitions and biotech development, looking forward to providing updates as progress continues.
- Extension of the letter of intent with ABOT until June 30, 2021, allowing further exploration of acquisition opportunities.
- Collaboration with local hemp farmers to produce crude cannabinoid oils.
- Plans for financing and development of a biotech complex.
- Potential risks of not securing necessary funding for real estate assets.
- Market acceptance of products may not be guaranteed.
CARSON CITY, NV, April 19, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Pharmagreen Biotech, Inc., (OTC PINKS: PHBI), announces that the signed letter of intent with Advanced Bio-oil Technologies Ltd. (ABOT), based in Denver, Colorado, as announced on February 16, 2021 has been extended by mutual agreement between the parties to June 30, 2021.
Pharmagreen to date has identified a number of opportunities for acquisition and further development of the assets for tissue culture starter plantlet production, extraction and product formulation. As stated in February 16, 2021 news release, Pharmagreen will provide the raw, crude Cannabiniod oils, grown by its network of local hemp farmers and the Cannabiniod product formulations will be developed as a joint venture with ABOT, Advanced Bio-Oil Technologies Ltd. The LOI extension provides Pharmagreen with the opportunity to more thoroughly investigate the large number of site prospects and to secure the necessary funding to secure the selected real estate assets.
Commenting on Pharmagreen’s progress, Peter Wojcik, President and CEO, stated, “We are moving ahead as planned with our financing plans for acquisition and biotech complex development. We look forward to providing regular updates as we progress.”
ABOUT Advanced Bio-Oil Technologies Ltd. (ABOT)
Advanced Bio-Oil Technologies Limited (ABOT) is providing the various industries a platform to produce Bio-Oil at-will. ABOT is using biodegradable carbon molecule and innovative oil extraction methods in its process. This extraction method would be used to produce products for the bioenergy industry, the cosmetic or the pharmaceutical. This process is producing better Bio-Oils. ABOT is pleased to have collaborations with various groups in Uzbekistan, Greece, Canada and USA. ABOT’s platform for producing high-grade CBD Medical Bio-Oil will range from skincare products to specific medical targets. Our products which will contain Hemp derived CBD which will be marketed in North & South America and Europe.
About Pharmagreen Biotech, Inc.
Pharmagreen Biotech, Inc., is a publicly traded (OTC PINKS: PHBI) company. Pharmagreen is a company focused on the CBD hemp industry for the production and supply of starter plantlets through a proprietary tissue culture process with the opportunity to become one of the largest players globally. Pharmagreens’ mission is to advance the technology of tissue culture science and to provide the highest quality
Safe Harbor Statement
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. In particular, factors that could cause actual results to differ materially from those in forward looking statements include: our inability to obtain additional financing on acceptable terms; risk that our products and services will not gain widespread market acceptance; inability to compete with others who provide comparable products; the failure of our technology; the infringement of our technology with proprietary rights of third parties; inability to respond to consumer demands; inability to replace significant customers; seasonal nature of our business. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly update or revise any forward-looking statements. When used in this document, the words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions may be used to identify forward-looking statements.
The OTC Markets or any other securities regulatory authority has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release that has been prepared by management
Contact Information: www.pharmagreen.ca
Tel: (702) 803 9404
Email: info@pharmagreen.ca
FAQ
What is the latest update on Pharmagreen Biotech's partnership with Advanced Bio-oil Technologies Ltd.?
How does Pharmagreen Biotech plan to produce cannabinoid oils?
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