MADISON HEIGHTS, MI / April 11, 2014 - Creative Edge Nutrition, Inc. (PINKSHEETS: FITX), CEN Biotech and RXNB board of directors have decided to rescind the agreement between CEN Biotech, RXNB, GrowLife and OGI.
The Company has learned today that the U.S. Securities and Exchange Commission has suspended trading in the securities of GrowLife due to questions that have been raised about the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in GrowLife’s common stock. In light of this development and other contributing factors, RXNB and CEN Biotech have advised the CEO of GrowLife and the Board of OGI that both the RXNB Agreement and the CEN Biotech Agreement, and any and all amendments to those agreements, are rescinded, void and of no further force and effect.
Bill Chaaban stated, "we act in the best interests of our shareholders. During our due diligence process we arranged suitable alternative private financing to fund our project at 20 North Rear Rd in Lakeshore, Ontario. The terms of this deal were a 25% equity stake in the CEN Biotech project located at 20 North Rear Rd in exchange for $20 million usd. The project has been funded $5.0 million usd to date and will be fully funded per the agreement in 90 days from the agreement date. Our project continues on schedule and we intend to call for our pre-license inspection before month`s end. We have already sourced equipment from alternative sources which meet or exceed the quality required at a more competitive price."
About CEN Biotech
CEN Biotech, Inc. was established in 2013 as a partially owned subsidiary of Creative Edge Nutrition (OTC Pink: FITX) for the sole purpose of supplying the Canadian public with pharmaceutical-grade medical cannabis under the newly established Marihuana for Medical Purposes Regulations (MMPR) CEN Biotech Inc. has submitted a comprehensive application to become a licensed producer (LP) of dried marihuana for medicinal purposes and has received a ready-to-build approval from Health Canada.
About Creative Edge Nutrition, Inc.
Creative Edge Nutrition is a holding company and a Nutritional Supplement Company focused on developing innovative, high quality supplements. The company offers a broad spectrum of capsules, tablets, and powders, as well as science based products in the principal categories of weight management, nutrition challenges, energy and fitness. The Company manufactures under strict GMP guidelines at GMP Certified and/or FDA registered facilities. HYPERLINK "http://www.cenergynutrition.com/" t "_blank" http://www.cenergynutrition.com/ and HYPERLINK "https://www.facebook.com/CenergyNutrition"https://www.facebook.com/CenergyNutrition
About Hemp Technologies
Hemp Technologies Ltd. is a vertically integrated hemp company that grows, processes and sells its hemp directly to the consumer and for industrial processing. In addition, it is instrumental in hemp home building and building materials, hemp spirits and food, and hemp pharmaceutical and dietary supplements.
About RXNB, Inc.
RXNB possesses proprietary, cutting-edge systems in the field of agriculture, applicable to medical marijuana. In particular, these technologies focus on Current Good Manufacturing Practices (cGMP) manufacturing and growing process of medicinal marijuana. cGMP refers to the Current Good Manufacturing Practice regulations enforced by the US Food and Drug Administration (FDA). cGMPs provide for systems that assure proper design, monitoring, and control of manufacturing processes and facilities, which assures the identity, strength, quality, and purity of drug products. RXNB technologies will accelerate plant growth, allow perpetual grow cycles of about 35 days and protect plants from adulterants, which will yield greater harvests. RXNB has a pharmacy division, which dispenses prescription drugs direct to approximately 50,000 patients per month in the US. RXNB owns a distribution network, which supplies approximately 2,700 clinicians with tailored functional medicine across the US. It operates its own call center and owns software technologies in the field of tailored specialty drugs and batch record keeping in compliance with USP 797.
FOR INVESTOR RELATIONS, Please Contact: William Swalm (212) 584-4342 Email: HYPERLINK "mailto:Info@cenergynutrition.com"Info@cenergynutrition.com
SOURCE: CEN Biotech
Release ID: 40169