NutraLife Biosciences, Inc. Announces Update on Contracted 10 Acre Industrial Hemp Grow in Wisconsin with Joint Venture Farming Partner
Coconut Creek, Florida, June 27, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — NutraLife Biosciences, Inc. (NLBS)
(the “Company” or “NutraLife”) provides a promising update on the
industrial hemp crop being grown and operated by Mike Hoyer and
PhytoChem employee Zachary Trimble pursuant to a Crop Operations
Agreement with NutraLife’s wholly owned subsidiary, PhytoChem
Technologies, Inc. (“PhytoChem”). Under the terms of the Crop Operations
Agreement, NutraLife delivered approximately 20,000 industrial hemp
seedlings to Hoyer earlier this month which PhytoChem plans to
commercialize. The plants on the budding field are in excellent
condition: “They look strong and healthy,” according to Trimble’s daily
log on June 19, adding “even the few plants that didn’t seem like they
were going to make it show signs of life.”
Earlier this year,
NutraLife received two licenses from the Wisconsin Department of
Agriculture to grow and process industrial hemp within the state.
Wisconsin, according to a recent Hemp Industry Daily report, was deemed a
‘new and emerging market’ for hemp and hemp production. The report also
names Wisconsin the ‘fastest-moving state yet to allow hemp industry to
take root.’
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After
the licenses were issued, NutraLife, through its subsidiary PhytoChem,
also entered into an agreement with Henning Trading LLC (“Henning
Trading”), to consult and advise on the cultivation and harvest of the
hemp grow in Wisconsin. Henning Trading is well known for its expertise
in the agriculture industry. Besides, NutraLife and Henning Trading plan
to explore participation in the hemp seed propagation, fiber and grain
markets.
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Last week the Company announced that its subsidiary PhytoChem placed
the first order under its exclusive agreement with Owen J. Morgan for a
commercial machine – the Ennea Processor – which will be used to process
the industrial hemp grown in Wisconsin. The Ennea Processor targets and
extracts bioactive compounds from whole plant hemp crops and
streamlines production times and maximizes extraction yields.
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NutraLife plans to continue to pursue vertical positioning within the
hemp industry. “We look forward to continued growth and new
opportunities in the Nutraceutical, Hemp and Life Sciences markets as we
end the second quarter of 2019,” says NutraLife’s Chief Executive
Officer and President, Edgar Ward. “We are very pleased with the
promising developments in Wisconsin and look forward to a significant
increase in revenue and working with our partners to advance the
Company’s vertical positioning within the hemp industry,” he adds.
About NutraLife BioSciences
Edgar Ward founded NutraLife in 2010 as NutraFuels, Inc. and since that
time he has served as its Chief Executive Officer, President, and
Director. Under Mr. Ward’s direction, NutraLife’s revenues increased
from $225,000 in 2016 to more than $3.7 million in 2018. NutraLife’s
Coconut Creek manufacturing facility has been registered with the Food
and Drug Administration, and its manufacturing facility has operated in
accordance with the Good Manufacturing Processes Standard (GMP) for more
than five years. NutraLife’s products are tested by its in-house
laboratory chemists for strength, purity and contaminants such as heavy
metals, pesticides, and solvents. NutraLife offers seventeen different
core formulations which it modifies to meet the specifications of its
private label customers. NutraLife provides approximately 50 different
variations of its core formulations. NutraLife’s private label products
include CBD infused oral sprays, tinctures, pet drops, pain balms, face
creams, and nutraceutical oral spray products that support daily health
and wellness uses.
Forward-Looking Statements
This
press release contains statements of a forward-looking nature about
NutraLife BioSciences, Inc. (“NutraLife” or the “Company”). These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. You can identify these
forward-looking statements by words or phrases such as “may,” “will,”
“except,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,”
“is/are likely to,” “future” or other similar expressions. The Company
has based these forward-looking statements largely on the Company’s
current expectations and projections about future events and financial
trends that the Company believes may affect the Company’s financial
condition, results of operations, business strategy and financial needs.
There is no assurance that the Company’s current expectations and
projections are accurate or that the Company’s plans to process hemp
with GEG will be successful. All forward-looking statements in this
press release are based on information available to the Company on the
date hereof. These statements involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results to differ materially from those implied by the forward-looking
statements. More detailed information about these risk factors are set
forth in the Company’s filings with the Securities and Exchange
Commission, including, but not limited to, those risks and uncertainties
listed in the Section entitled “Risk Factors,” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2018 filed with the
Securities and Exchange Commission on April 2, 2019. The Company
operates in a rapidly evolving environment. New risk factors emerge from
time to time, and it is impossible for the Company’s management to
predict all risk factors, nor can the Company assess the impact of all
factors on the Company’s business or the extent to which any factor or
combination of factors may cause actual results to differ from those
contained in any forward-looking statements. The Company does not
undertake any obligation to update or revise the forward-looking
statements except as required under SEC guidelines.