Miami, FL -- (ReleaseWire) -- 07/28/2014 -- GrowBLOX Sciences, Inc. (GBLX) is pleased to announce the execution of a binding Memorandum of Understanding ("MOU") with LaurelCo, LLC, an Illinois limited liability company formed to pursue the acquisition of both cultivation and dispensary medical marijuana licenses in the state of Illinois. Pursuant to the MOU, GBLX will acquire a 20% equity interest in LaurelCo, LLC in exchange for licenses to use our proprietary GrowBLOXTM growing chambers, as well as all technology related to the machines and to various other proprietary technologies ("GrowBLOXTM Solutions") required for the cloning, growing, curing, and creation of pharmaceutical grade medical marijuana. Further, GBLX will provide technical assistance during the upcoming complex Illinois license application process. The MOU further provides that after LaurelCo, LLC has received one or more licenses in the state, GBLX will provide growing chambers for the LaurelCo, LLC's growing facilities, in exchange for an accelerated payback of actual costs, plus a 10% royalty interest going forward in any products created in the chambers and sold by the LaurelCo, LLC licensed entity.
Laurel Dineff, CEO and principal of LaurelCo, LLC said, "We are extremely excited about our new arrangement with GBLX. We have expended considerable resources in developing our plan for medical marijuana growth in this great state of Illinois. After exhaustive research, we have concluded that GBLX has not only the best growing technology, but also the best approach to making medical marijuana the serious pharmaceutical it should be to treat the many maladies for which it has proven to be effective."
Craig Ellins, CEO of GBLX, stated, "We could not be more pleased to have this partnership with LaurelCo, LLC. The resources that its principals have made available to it, the prodigious quantity of good work that has already been done in terms of obtaining real property and other facilities necessary for the business, and the wonderful attitude of LaurelCo, LLC's management will make for a successful licensing effort and a prosperous and exemplary business. Moreover," he continued, "the agreement with LaurelCo, LLC represents a clear step forward in the GBLX strategy to create a nationwide supply of pharmaceutical grade and branded medical marijuana that is consistent and efficacious no matter where it is grown. With the formalization of our relationship with LaurelCo, LLC in Illinois, we are setting a standard for our growth into states in which GBLX does not have resources in place to operate a medical marijuana business by seeking out great partnerships who will operate the local business and be part of our nationwide plans."
About GrowBLOX Sciences, Inc.
GrowBLOX Sciences, Inc., is a research and biotechnical company that has developed proprietary indoor growing chambers specifically designed for medical cannabis cultivation. The GrowBLOXTM chamber allows for completely controlled growing conditions, ensuring the manufacture of a consistent, toxin-free, natural and medicinal-grade product. The Company believes that the advantages of a controlled environment over traditional outdoor or greenhouse growing, will empower the public, nutraceutical and pharmaceutical industries to embrace cannabis as an effective treatment for a myriad of serious medical conditions. gbsciences.com
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently unreliable and actual results may differ materially. Examples of forward-looking statements in this news release include statements regarding the payment of dividends, marketing and distribution plans, development activities and anticipated operating results. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as the Company's ability to accomplish its business initiatives, significant fluctuations in marketing expenses and ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of its products and services, as well as the introduction of competing products, or management's ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and other information that may be detailed from time to time in the Company's filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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