HTC Closes Deal and Now Owns California-Based, Hemp Extraction Company, Kase Farma Inc.
Transaction includes licensing of intellectual property and the leadership of Starling’s renowned extraction and formulation team to drive the advancement of HTC’s U.S. hemp extraction and formulation business
REGINA, Saskatchewan, Jan. 29, 2020 (GLOBE NEWSWIRE) -- via NetworkWire – HTC Extraction Systems (also the "Company" and/or "HTC")
(HTC: TSX-V) (OTCQB:HTPRF) is pleased to announce that it has closed the previously announced share and purchase agreement dated Nov. 20, 2019 (“SPA”) with
Starling Brands, Inc. (“Starling”), a party at arm's length to HTC (“Transaction”), pursuant to which HTC purchased all the issued and outstanding shares of Kase
Farma Inc. (“Kase Farma”). Kase Farma is now a wholly owned subsidiary of HTC.
Kase Farma is authorized to operate in the areas of hemp cultivation, extraction, refining and formulation in the State of California. Kase Farma continually strives to deliver health and wellness benefits of CBD, CBG, CBN and other cannabinoids, via the production of high-quality, premium hemp products through best of class methods, while sustaining an unrelenting commitment to people, community and the environment.
HTC boasts the management services of Starling, led by Mike Reynolds, Chief Executive Officer and Drew Ford, Chief Science Officer, both of whom are highly regarded experts in the cannabinoid extraction, formulation and refining world. The combination of their expertise and leadership is integral to driving the success of this Transaction. Mike Reynolds, CEO, states, “On behalf of Starling, we are extremely excited to integrate our experience, know-how and pedigree with HTC’s technologies and pedigree, to further the vision and execution as global leaders in the science and production of the highest quality cannabinoid extractions and formulations. The benefits of our products will be provided to the global community consistent with the irreversible momentum of changing perceptions and acceptance of the planet’s most useful and beneficial plant.”
As part of the Transaction, Kase Farma has entered into an intellectual property licensing agreement with Starling that allows for a technology transfer whereby, intellectual property and technology licensed under this agreement will be utilized and deployed in HTC’s Canadian facility.
Kase Farma came to fruition when Mike Reynold’s son, Kase, was born and shortly thereafter, Kase was diagnosed with a very rare medical condition which brought on over 1,500 myoclonic seizures daily to his son. After trials with various medications, Mike knew he had to find something that would be able to provide some relief, stability and a higher quality of life for Kase. He took the leap into the cannabinoid world, where he met Jason David who also had a son, Jayden, who endured seizures. Life has changed in such a positive way since introducing CBD-rich cannabinoids to Jayden and Kase, driving and motivating Mike to ensure everyone has access to cannabinoids, bringing hope to other families alike.