BreedIT Corp Submits First Two Proprietary Medical Cannabis Strains for Registration With Israel's Ministry of Agriculture

Filing Comes Just Three Months After Establishing Joint Venture, Signaling Positive Impact Of IBreedIT Software On Breeding Process

Dec 02, 2014, 08:45 ET from BreedIT Corp.

NEW YORK, December 2, 2014 /PRNewswire/ --

BreedIT Corp., (OTCQB: BRDT) through its Israeli subsidiary, BreedIT Ltd., the exclusive worldwide license holder and distributor of highly sophisticated agro-breeding solutions software for plant breeders and researchers, today announced that its joint venture, KanaboSeed Ltd., has submitted applications for the registration of two new cannabis strains to the Israeli Ministry of Agriculture & Rural Development Plant Breeders' Rights Council.

The new varieties are the first to be developed by the KanaboSeed organization since the venture was formed in August of this year. Characterized by phenotypic and genotypic traits, the strains were cultivated to achieve CBD-to-THC ratios identified by the Company's Scientific Advisory Board as likely to be effective in the management of particular medical conditions.

Dr. Oded Sagee, Chief Executive Officer of BreedIT LTD, commented on the announcement: "We formed KanaboSeed to leverage the horticultural expertise of Seach Ltd., a licensed Israeli medical cannabis grower, with the technical and research capabilities of BreedIT Ltd., as well as our iBreedIT software platform. Working together we are able develop and evaluate new strains relatively quickly, thereby reducing the timeline from research to market."

Dr. Sagee went on to say: "These two registration applications are just the first for what we anticipate will be a line of new potential cannabis varieties that KanaboSeed is developing to address specific medical uses. We intend to capitalize on the commercialization of new varieties, as allowed by the laws and regulations, in Israel and other countries where regulation permits the use of medical cannabis."

The review process includes a 90 day period for public discourse as well as two harvest seasons. Once approved, the Company will be granted a registration (the equivalent of a patent) for the strains, preventing the unauthorized propagation of the plant strains as well as the use of any harvested material, including entire plants and parts of plants, any products produced directly out of harvested material.

Shay Avraham Sarid, KanaboSeed's Manager of Research and Development, also commented on the announcement: "This is an important milestone for KanaboSeed. The BreedIT team contributes significant value to our development efforts, most notably the ability to streamline the breeding process. In addition to saving time, we are also developing new varieties more cost-effectively. Together we are building a product pipeline that will provide numerous opportunities for revenue growth going forward."

About KanaboSeed Ltd. 

KanaboSeed Ltd. is a 50/50 joint venture between BreedIt Ltd. and Seach Ltd., formed to research and develop new breeds of medical cannabis to meet the requests of physicians and other medical practitioners. In addition to its internal research efforts, KanaboSeed offers "end to end" breeding services to other medical cannabis growers, including planning and implementation of in-house breeding programs, assistance in genetic-pull selection, genomic information, and data analysis. On-site breeding training and management is also available.

KanaboSeed is headquartered in Sharon, Israel, at Seach's 10-acre campus. Seach Ltd. (http://www.seach.co.il) is an official supplier of medical grade cannabis for Israel's Ministry of Health, holding one of Israel's eight licenses to grow and distribute medical cannabis. The state-of-the-art facility includes a licensed cannabis testing laboratory as well as greenhouses with full climate and light control, enabling manipulation of growth, flowering and harvesting cycles.

About BreedIT Corp. 

BreedIT Corp (http://www.brdt.us), through its Israeli subsidiary, BreedIT Ltd. (http://www.ibreedit.com), is the developer of highly sophisticated agro-breeding solutions for plant breeders and researchers. BreedIT's proven iBreedIT® - the Intelligent Decision Support System (IDSS) for breeders which was developed by a team consisting of among the world's leading breeding specialists for optimizing the breeding processes, services the plant breeding needs of corporations, research and government institutions. BreedIT's IDSS provides advanced solutions for generating and disseminating knowledge aimed at assisting breeders to plan, manage and analyze their breeding data and to perform research activities quickly and effectively. Founded in 2013, BreedIT Corp has offices in New York, New York and in Rehovot, Israel.

Forward-Looking Statements: 

This press release may contain forward-looking statements, including information about management's view of the Company's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of the Company, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents the Company files with the Securities and Exchange Commission, including but not limited to, its Form 10-K, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on the Company's future results. The forward-looking statements included in this press release are made only as of the date hereof. The Company cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, the Company undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by the Company. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release, as actual results may differ materially from those indicated.*

BreedIt Corp's public filings may be viewed at http://www.sec.gov/

Contact:
Lorin Cohen
+1-720-319-7519

SOURCE BreedIT Corp.