Exhibit 99.1
Hempco Food and Fibre Inc. to Utilize Lexarias Patented Technology
Kelowna, BC / November 29, 2016 / Lexaria Bioscience Corp. (OTCQB:LXRP) (CSE:LXX) (the Company or Lexaria) is pleased to announce the entry of a letter of intent (the LOI) for the licensing of its proprietary absorption and palatability enhancing technology to Hempco Food and Fiber Inc. (TSXV: HEMP) (Hempco®).
Under the auspices of the LOI, Hempco® and Lexaria begin lab tests and formulations this week to evaluate proprietary methods of applying Lexarias newly-patented technology for Hempcos needs and demands. Hempcos® already-excellent award winning food products may be enhanced with Lexarias patented technology.
The combination of Hempcos existing product innovations and proprietary manufacturing methods combined with Lexarias patented food flavour-masking and nutrient delivery enhancement technology is hoped to create manufacturing and technology synergies powerful enough to create a quality gap that other hemp food providers and the worlds leading brands in the sector will find difficult to match, said Hempco CEO, Charles Holmes. In our efforts to make the finest and most innovative and healthy hemp seed foods possible, the Lexaria technology is a perfect fit for us, and an excellent addition to our award winning PLANETHEMP brand retail line of products.
Hempco® and the Holmes family is a pioneer in hemp protein powders and an innovator in manufacturing and global distribution of hemp based foods with wide applications. Hempco® recently launched its PlanetHemp brand of hemp seed nut, hemp seed oil, and hemp seed protein powder snacks in Canada and the UK to approximately 800 stores in North America as well as Europe and Asia.
Hempco® is vertically integrated from field to consumer products, and has rapidly growing international sales and distribution which also offers additional opportunity for synergies with Lexarias existing hemp-oil based products.
I could not be happier than to engage in this LOI with Hempco, said Chris Bunka, CEO of Lexaria Bioscience Corp. We immediately begin product formulation testing and evaluation, and will work with all types of hemp food products such as proteins, seeds, oils and derivatives thereof, as we determine the most advantageous methods of embedding superior technology into Hempcos product mix.
Financial terms of the LOI are not disclosed at this time and are still under negotiation, but have already been narrowed down to agreed-upon ranges. The LOI is expected to advance into a definitive agreement within 90 days but there is no assurance of this. Further details regarding the completion of the definitive agreement and formulation development and testing will be announced as information becomes available. Readers are cautioned that if a definitive agreement is completed with Hempco®, much of Lexarias financial compensation is dependent upon the marketplace success of the Hempco® products enhanced with Lexarias technology.
About Lexaria
Lexaria Bioscience Corp. is a food
sciences company focused on the delivery of active compounds that can behave as
superfoods through its proprietary infusion technologies. Lexarias technology
enables higher bioavailability rates for CBD; THC; NSAIDs; Nicotine and other
molecules than is possible without lipophilic enhancement technology. This can
allow for lower overall dosing requirements and/or higher effectiveness in
active molecule delivery. Lexaria hopes to reduce other common but less healthy
ingestion methods such as smoking as it embraces the benefits of public health.
www.lexariabioscience.com
About Hempco
Hempco® and the Holmes family is a
trusted and respected pioneer, innovator and provider of premier hemp seed foods
for more than 15 years. Hempco® is recognized as a company that cares and
guarantees that its customers, all over North America, Europe and Asia, are
provided the finest hemp seed foods possible. The Hempco® mandate has grown to
whole crop utilization and is investigating hemp fiber and hemp CBD
nutraceuticals to create a tri-crop opportunity for farmers. Hempco® has grown
its business significantly and is generating value and profits for shareholders.
FOR FURTHER INFORMATION PLEASE CONTACT:
Lexaria Bioscience
Corp.
Chris Bunka
Chairman & CEO
(250) 765-6424
FORWARD-LOOKING STATEMENTS
This release includes
forward-looking statements. Statements which are not historical facts are
forward-looking statements. The Company makes forward-looking public statements
concerning its expected future financial position, results of operations, cash
flows, financing plans, business strategy, products and services, competitive
positions, growth opportunities, plans and objectives of management for future
operations, including statements that include words such as "anticipate," "if,"
"believe," "plan," "estimate," "expect," "intend," "may," "could," "should,"
"will," and other similar expressions are forward-looking statements, including
but not limited to: that any license arrangements may be entered into with other
companies or partners, that the Companys technology will prove to be beneficial
to third parties or to generate revenue for the Company. Forward-looking
statements are estimates reflecting the Company's best judgment based upon
current information and involve a number of risks and uncertainties, and there
can be no assurance that other factors will not affect the accuracy of such
forward-looking statements. Access to capital, or lack thereof, is a major risk
and there is no assurance that the Company will be able to raise required
working capital. Factors which could cause actual results to differ materially
from those estimated by the Company include, but are not limited to, government
regulation, managing and maintaining growth, the effect of adverse publicity,
litigation, competition, the patent application and approval process and other
factors which may be identified from time to time in the Company's public
announcements and filings. There is no assurance that the participation in the
hemp oil sector or alternative health businesses will provide any benefit to
Lexaria, or that the Company will experience any growth through participation in
these sectors. There is no assurance that the new LOI entered will result in a
definitive license agreement nor that Lexaria will experience any benefit from
either the LOI or a potential definitive agreement. There is no assurance that
existing capital is sufficient for the Company's needs. There is no assurance
that any planned corporate activity, business venture, or initiative will be
pursued, or if pursued, will be successful. There is no assurance that any
patent application in the USA or any other nation or under any treaty will
result in the award of an actual patent; nor that an award of any actual patent
will protect against challenges from unknown third parties. There is no
assurance that any of Lexarias postulated uses, benefits, or advantages for the
patent-pending technology will in fact be realized in any manner or in any part.
No statement herein has been evaluated by the Food and Drug Administration
(FDA). ViPovaTM products are not intended to diagnose, treat, cure or
prevent any disease.
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.