NEW YORK, May 15, 2014 /PRNewswire/ --
BreedIT Corp (OTC: BRDT) ("BreedIT" or the "Company"), 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 is pleased to announce that Colorado based INTIVA Pharma LLC which invests in companies and otherwise participates in the development of pharmaceuticals from cannabinoids, has made an initial $200,000 investment out of a potential $800,000 investment in the Company in the form of straight equity restricted stock at a purchase price of $0.30 per share. INTIVA Pharma is a wholly-owned subsidiary of Global Cannabis Ventures Ltd. ("Global Cannabis"), a company pursuing opportunities in the legal cannabis industry internationally.
Global Cannabis owns 80 acres of land in Colorado on which it is assembling greenhouses to be leased to legally licensed growers of cannabis. It has also acquired minority interests in three Canadian businesses that are becoming legally-licensed to grow and harvest cannabis.
Richard Greenberg, the CEO of INTIVA Pharma LLC and Executive Vice President of Global Cannabis, commented, "We see our initial investment in BreedIT as being very strategic for both Intiva Pharma and Global Cannabis Ventures. Our motivation for the investment was our belief in BreedIT's opportunity to become a global leader in the breeding and licensing of high quality cannabis seeds. More importantly, with our firms' presence and involvement in the marijuana industry in both Colorado and Canada, we have an opportunity to help the company grow. We look forward to what we know will become a long-term and mutually beneficial strategic relationship between our companies and BreedIT."
Itschak Shrem, Chairman of BreedIT Corp, stated, "The confidence and support shown by Intiva in our scientific research, state-of-art agro-breeding technology and team's ability to capitalize on the market opportunity present in the field of cannabis seed breeding is overwhelming. We are thrilled of their investment and eager to begin working with them to leverage our technology to grow this company into the leading producer of optimal cannabis seeds worldwide."
About BreedIT Corp
BreedIT Corp (BRDT), 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 2010, BreedIT Corp has offices in New York, New York and in Rehovot, Israel.
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. Factors that could cause actual results to differ materially from those that we may anticipate in our subsidiary's operations include, among others: our ability to commercially exploit our IDSS Software and the related technology; our ability to successfully enter into joint ventures with third parties that prove profitable; our ability to compete in what we anticipate to be a rapidly growing industry of agro-breeding; our ability to continue to raise adequate financing in a timely manner at acceptable terms; and our ability to successfully prosecute and protect our intellectual property.
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-Ks, 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.
BreedIT Investor Relations:
Global Cannabis Ventures Ltd.
INTIVA Pharma LLC
SOURCE BreedIT Corp