Posted on: Wed, 18 Aug 2010 18:39:00 EDT
IRVINE, Calif., Aug 18, 2010 (BUSINESS WIRE) —
Smokefree Innotec, Inc. confirmed today the announcement by the Biotech company Cannabis Science (OTCBB: CBIS | PowerRating) regarding entering into a joint venture agreement to develop and market several high-tech smoke-free vaporized medical cannabis pharmaceutical products, as released by CBIS on August 13. He stated, "Pursuant to the joint venture, Smokefree Innotec Inc will supply its high-tech smoke-free vapor technology devices and Cannabis Science will provide all the medical cannabis extract formulations."
George Roth, CFO stated, "Our business of designing, developing, manufacturing and marketing hi-tech, nicotine and non-nicotine cigarette-like delivery devices which are completely smoke and vapor-free and tobacco-free, represents an excellent partnering with Cannabis Science to fill their needs for production and distribution in the fourteen US States that currently approve the medical use of cannabis. This partnering further represents our commitment to continue to expand our network of cutting edge technology partners to create ever expanding product lines, for devices delivering both nicotine and herbal therapeutic extracts, as seen on our web sitehttp://www.sfio.us/."
Mr. Roth added, "It is worth repeating that this partnering with Cannabis Science will put Smokefree Innotec in the forefront of marketing devices delivering medical formulations of pharmacological extracts to dispensaries and healing centers already in existence, in compliance with applicable federal and state regulations. With the anticipated voter approval of Prop 19 in California, we believe the number of dispensaries and related retail establishments for marijuana and marijuana accessories will multiply rapidly.
"From the news reports, a majority of Californians continue to voice their support for Prop. 19, which would eliminate penalties for the private possession and use of marijuana by adults, and allow local governments to regulate retail cannabis production and sales. Further, the results of a series of randomized, placebo-controlled clinical trials assessing the efficacy of inhaled marijuana consistently show that cannabis holds therapeutic value comparable to conventional medications, according to the findings of a 24-page report issued Wednesday to the California state legislature by the California Center for Medicinal Cannabis Research (CMCR)."
In an earlier release, Dr. Robert Melamede, President and CEO of Cannabis Science Inc., stated, "Many patients smoke medical cannabis because it gives them rapid relief that allows them to monitor their usage. Smokefree Innotec’s technology allows the patients even greater convenience and dosage control than smoking, without all of the possible health and social/legal problems associated with smoking. Cannabis Science will provide a variety of standardized medical marijuana formulations to be used with the Smokefree Innotec products, so that patients can self-monitor their dosages. Of course, these products will be of even greater value to patients who do not like to smoke since vaporizing minimizes the irritating and harmful effects caused by direct smoke contacting the lungs."
Mr. Roth added, in San Diego, California alone, a grand jury report "estimated there are at least 5,000 medical marijuana patients in San Diego County, and it’s probable there are considerably more. Medical marijuana advocates say there could be 60,000." "There are more marijuana dispensaries in Los Angeles than there are Starbucks," candidate Chris Kelly said in a June 23rd San Diego Tribune article. According to Wikipedia, "Across California there are an estimated 2,100 dispensaries, co-operatives, wellness clinics and taxi delivery services in the sector known as ‘cannabusiness.’ That is more than all the Starbucks, McDonald’s and 7-Eleven outlets in the state put together(17), according to The Sunday Times."
Mr. Schroepfer added, "With our international distribution of Smokefree Innnotec products already well established, the entry into the Medical Cannabis market represents our commitment to significantly expand and distribute new products across North America. Identifying and securing market share of rapidly growing fields such as Medical Cannabis, Military Retail and Government service will continue to be led by the efforts of our partners at Leading Points Corporation. The management of both companies acknowledged their appreciation that they were brought together in this joint venture as another one of the successful business partnerships initiated by Leading Points Corporation (www.leadingpoints.com), whose mission is matching industry leaders in order to capture market share."
About Smokefree Innotec, Inc:www.smokefree-innotec.com
Smokefree Innotec, Inc. is in the business of designing, developing, manufacturing and marketing hi-tech, nicotine and non-nicotine cigarette-like delivery devices which are completely smoke and vapor-free and tobacco-free. Smokefree Innotec’s products are designed to protect the non-smoker from second hand smoke and all its effects while providing the smoker a way to enjoy a smoke-free cigarette anywhere, including places where smoking tobacco or similar substances is prohibited. Further, our products will allow the smoker to enjoy smoking either nicotine or flavored non-nicotine cigarettes while not having to worry about the offensive dangers and ill effects of regular cigarette smoking. However Smokefree Innotec products are not intended for any prevention or therapeutic treatment of any disease.
A number of statements referenced in this Press Release are forward-looking statements, which are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, and within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, and goals, assumption of future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward-looking statements in this Release may be identified through the use of words such as "expects," "will," "anticipates," "estimates," "believes," or statements indicating certain actions "may," "could," or "might" occur. Such statements reflect the current views of Smokefree Innotec Inc. with respect to future events and are subject to certain assumptions, including those described in this release. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products, services, and technologies, competitive market conditions, successful integration of acquisitions, the ability to secure additional sources of financing, the ability to reduce operating expenses, and other factors. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. Smokefree Innotec Inc. does not undertake any responsibility to update the "forward-looking" statements contained in this news release. Disclosures made in this Press Release are limited by good business practice and to that permitted to the public by applicable securities regulations, both Federal and State, including rights granted to shareholders under the Nevada Revised Statutes NRS 78.257 regarding limitations of preferential and selective disclosure of confidential Company information.
SOURCE: Smokefree Innotec, Inc.
Smokefree Innotec, Inc.
Kim Carroll, Investor Relations