VANCOUVER, British Columbia, Jan. 2, 2018 /PRNewswire/ -- Lifestyle Delivery Systems Inc. (CSE: LDS), (OTCQB: LDSYF), (XETR:LD6) ("LDS" or the "Company") announces the filing of an enhanced provisional patent for the CannaStripsTM technology and two additional applications for CannaStrips trademark protection in the United Kingdom and European Union to complement the Company's current Canadian trademark application.
The new provisional patent filed by Dr. Sanderson, the Company's Chief Science Officer and the licensor of the CannaStripsTM technology, adds additional enhanced capabilities to the current CannaStripsTM formula, which will be implemented into the 2018 CannaStripsTM product line. The new trademark applications are intended as an anticipatory action to protect the CannaStripsTM oral strips brand in geographical territories where the Company may have future plans for distribution. The Canadian trademark filing was made back in April 2017, as part of the structural predevelopment plans for possible future product licensing and distribution collaboration or partnership regarding CannaStripsTM technology in Canada. The Company has made its interest to collaborate on clinical trials in Canada known to a number of Canadian licensed producers ("LP"). Should the Company come to an agreement with a Canadian LP for sponsorship of Canadian clinical trials and subsequently have those trials result in an approval from Health Canada for the CannaStripsTM technology for use in Canada, the Company would focus on a license agreement to introduce CannaStripsTM into the Canadian market. LDS CEO, Brad Eckenweiler, stated, "We strongly believe that the CannaStripsTM delivery system is so unique that with clinical trials from a recognized health organization to substantiate the efficacy of the technology it would have to be at the top of the list of preferred delivery solutions anywhere in the world."
The Company will continue to pursue a collaborative effort for clinical trials with the intent on accomplishing commencement of those clinical trials in the first quarter of 2018.
Extension of Financial Milestones for Escrow Agreements
In addition, on December 28, 2017, the Company's Board of Directors resolved to extend the deadline for satisfying certain financial milestones set out under the terms of its escrow agreements with the former shareholders of Canna Delivery Systems Inc. ("Canna"). Under the terms of the escrow agreements, a total of 7,800,000 common shares issued to the former shareholders of Canna (the "Performance Shares") were held in escrow, subject to release upon the Company achieving certain financial milestones by December 31, 2017 (as amended on November 6, 2017). The Company has agreed to extend the deadline for satisfying the financial milestones until June 30, 2018. As of the date of this news release, a total of 2,100,000 Performance Shares remain subject to escrow, of which 840,000 Performance Shares are held by the Company's CEO, Brad Eckenweiler.
About Lifestyle Delivery Systems Inc.
The Company's technology produces infused strips (similar to breath strips) that are not only a safer, healthier option to smoking but also a new way to accurately meter the dosage and assure the purity of the product. From start to finish, the production process tests for quality and composition of all the ingredients used in each and every strip, resulting in a delivery system that is safe, consistent and effective.
On behalf of the board of directors of Lifestyle Delivery Systems Inc.
CEO & Director
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Cautionary Disclaimer Statement:
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's limited operating history and the need to comply with environmental and governmental regulations. In addition, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the US Justice Department from spending federal funds to interfere with the implementation of state medical marijuana laws, this prohibition must be renewed each year to remain in effect. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
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SOURCE Lifestyle Delivery Systems Inc.