Vancouver, BC, June 24, 2014 - Chlormet Technologies (CSE:PUF) is one of the latest new listings on the Canadian Securities Exchange, and is trading under the symbol "PUF". Prior to its recently announced change of business, the company traded on the TSX Venture Exchange under the symbol CMT. Concurrent with its new CSE listing, the company is voluntarily de-listing from the TSX Venture Exchange.
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On March 26th, the company acquired, for $120,000, a 16.5% interest in AAA Heidelberg, a private Ontario company that owns a secure 8,800 square foot commercial building in London Ontario. Since December 2013, AAA Heidelberg has had an application pending with Health Canada for a Marijuana for Medical Purposes Regulations license for the production of up to 1,320 pounds of marijuana in the first year. Chlormet has an option to buy the remaining 83.5% for 16 million shares, subject to certain conditions, including the grant of the MMPR license.
On June 12th, AAA Heidelberg retained David Hyde and Associates to assist in completing the security protocols required by Health Canada as a condition to obtaining the license.
David Hyde and Associates is a full service security, crime prevention and risk management consulting company that has a track record working with other licensed producers that have already received their growing licenses from health Canada.
On June 19th, Chlormet entered into an exclusivity agreement with Babcock Bench Farms of Washington State to lease property, building and equipment in support of Babcock's state approved marijuana Production and Process License. This agreement covers both a long term lease and profit-sharing arrangement.
In November 2012, Washington State legalized the production, processing and sale of marijuana and related products, allocating a total of 2 million square feet of growing space for the licensed production of marijuana.
Yari Nieken, Chlormet's President stated, "With AAA Heidelberg's London, Ontario grow facility nearing completion and pending Health Canada's final approval for a MMPR license, the company has been actively searching for real, attainable and diversified opportunities to continue to bring shareholder value. We're extremely excited about the growth and income potential in Washington State with the BBF partnership."
The shares are trading at $0.35, and with 20.9 million shares outstanding, the company is capitalized at $7.3 million.
For more information, please visit the company's website www.chlormet.com or contact Yari Nieken at 604-678-2531.
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