IONIC BRANDS Signs Heads of Agreement With Lifespot Health, Limited to Develop and Distribute Software and Vaporizer Technologies
VANCOUVER, British Columbia, July 02, 2019 (GLOBE NEWSWIRE) -- IONIC BRANDS CORP. (CSE: IONC) (OTC: IONKF) (FRA: IB3) (“IONIC BRANDS” or the “Company”) is pleased to announce that it has signed an exclusive Heads of Agreement with Lifespot Health Limited (ASX: LSH) (“Lifespot” or “LSH”) to develop and distribute Lifespot’s software and vaporizer technologies.
Lifespot, via its subsidiaries, Seng Vital and Bodytel GmbH, will provide its Bluetooth-enabled vaporizers, which can be used for recreational cannabis consumption, and the Bluetooth Bodytel™ platform, which collects and manages consumer data in a compliant record keeping system that is beneficial to consumers and meets privacy regulations. IONIC BRANDS and Lifespot, (collectively, the “Parties”) anticipate that a binding Joint Venture Agreement and Distribution Agreement will be completed within 60 days to formally implement the Joint Venture (the “Joint Venture”). The Joint Venture provides 12 months exclusive distribution of Lifespot vaporizers to Ionic in the United States and Canada and to the Ionic-owned brand, Astleys of London, in the United Kingdom. The Company may be granted additional territories over time as needed to meet market demand.
Lifespot, located and headquartered in Victoria, Australia, is an ISO 13485 certified company which operates within the digital health sector and specializes in developing and commercializing medical diagnostic and monitoring technologies. LSH’s systems and applications were originally developed to bring efficiencies in the medical system to clients and end users and now, through the Joint Venture, theses cutting-edge products will be available to recreational users. LSH integrates software to combine enhanced sensor technology with self-learning algorithms, allowing users to efficiently monitor chronic diseases and critical conditions on their personal and professional digital devices, including smartphones, iPads and tablets and desktop computers.
IONIC BRANDS Chairman and CEO John Gorst commented, “Smartphone Bluetooth technology is the future of cannabis delivery and dosing. The Company is ecstatic to offer consumers advanced delivery technology that, before this agreement, was only available to medical patients. Ionic’s launch and distribution of the Slim-line Vape is expected to start in Q3 2019 in Washington, Oregon, Nevada and California. The Slim-line Vape is the first Bluetooth enabled vaporizer and platform designed specifically for the use of cannabis. Our devices will allow for individual controlled dosing, with maximum safety, and the ability to track and measure progress, including through the use of an innovative fingerprint system.”
Under the Heads of Agreement, the Parties intend to collaborate in the development, production and distribution of integrated smart vaporizer products and systems for the recreational cannabis market.
The implementation of the Joint Venture includes:
- the ongoing development, enhancement and improvement of cannabis vaporizer technologies and intellectual property for the recreational cannabis vaporizer market;
- the sale of vaporizers developed under the Joint Venture via IONIC BRANDS’s comprehensive and growing distribution network;
- further development of the R&D and manufacturing facilities for products developed under the Joint Venture; and
- integrated quality management systems to ensure strategic and expeditious market entry of new products, and the establishment of a highly-scalable manufacturing footprint that will ensure high volume demand can be met with high quality manufacturing standards.
A purchase order for an initial series of vaporizer and software technologies has been received and will be manufactured exclusively for IONIC BRANDS. The Company is expected to commence shipping in Q3 2019.
LSH Non-Executive Chairman, Rodney Hannington, said “We are delighted to announce this Heads of Agreement with IONIC, a leading manufacturer and distributor of cannabis concentrate products in the USA. The Company brings lifesaving hardware and software solutions to IONIC’s great brands and strong and rapidly expanding distribution network.”
About IONIC Brands Corp.
The Company is focused on building a multi-state consumer-focused cannabis concentrate brand portfolio focusing on the premium and luxury segments. The cornerstone Brand of the portfolio, IONIC, is the #1 vaporizer brand in Washington State and has aggressively expanded throughout the West Coast of the United States. The brand is currently operating in Washington, Nevada, Oregon and California. IONIC BRANDS’ strategy is to be the leader of the highest-value segments of the cannabis market and expand nationally.
ON BEHALF OF THE BOARD OF DIRECTORS
CEO and Director
The CSE does not accept responsibility for the adequacy or accuracy of this release.
All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The risks are without limitations: the price for cannabis and related products will remain consistent and the consumer demand remains strong; availability of financing to the Company to develop the retail locations; retention of key employees and management; changes in State and/or municipal regulations of retail operations and changes in government regulations generally. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Canadian Securities Exchange, the British Columbia Securities Commission, the Ontario Securities Commission and the Alberta Securities Commission.
Released July 2, 2019