ST. PETERSBURG, FL, May 5, 2014 (GLOBE NEWSWIRE) -- FutureWorld (OTCQB: FWDG), a U.S. Diversified Holding Company formed to capitalize on the burgeoning technology markets globally, announces today that it has closed the acquisition of MedTest, Inc., a Colorado cannabis laboratory and testing technology company and will become a wholly owned subsidiary of HempTech. HempTech, through MedTest, will be focusing on patentable projects pertaining to a cannabis testing process and application for an affordable front-line cannabis test targeting growers and dispensers. HempTech is expecting the acquisition to provide considerable near-term revenue by distributing unique testing tools to pertinent distributors, growers and dispensaries nationwide.
As legality of cannabis continues its path of acceptance nationally and internationally, the definition of quality and purity of the plant and its extracts will become a considerable challenge especially considering its medical properties and uses by the patients and the industry as a whole. Testing process will become an inevitable necessity hence creating a large market for companies providing the tools and resources. MedTest will have a synergistic relationship with Company's other products and services offering "Picks and Shovels" resources for this ever growing industry.
MedTest has been formed to further the development and sales of affordable testing equipment by utilizing the proven method of liquid chromatography. Through manufacturing and sales of testing equipment, MedTest will continue setting industry standards by making plant analysis affordable and accessible to anyone with an interest in growing cannabis or determining the manner of cannabis they possess. From home gardeners, to caretakers, to award-winning breeders, these test kits will be an invaluable, cost effective tool that is long overdue and likely to become a permanent and necessary staple in the entire cannabis industry.
HempTech has started its nationwide implementation of cannabis testing lab facilities (licensed, voluntary and self-test) by acquiring its first lab subsidiary, MedTest. HempTech will continue to march forward into other legal states in the upcoming months as each particular state law would allow.
So far, testing for contaminants is currently voluntary in most legalized states which have resulted in a lack of quality control and cost fluctuations by testing labs, forcing the majority of dispensaries to skip the process entirely. Indicators suggest it will be a requirement for all cannabis products in Colorado and Washington to be tested for health and safety no later than next year. Other states are expected to require testing from the outset. A few states are even taking it to the point of requiring pharmaceutical-grade standards. We expect, at some point, a federal mandate will ensue forcing all growers, dispensaries and processors to test the quality and the purity of their cannabis. The required tests will include potency for dosing, microbial testing (molds, E. Coli, Salmonella, etc.), pesticides, and residual solvents (such as leftover butane).
FutureWorld (Other OTCQB: FWDG), a Delaware corporation, is a U.S. Diversified Holding Company, listed on the Over the Counter exchange, which was formed to capitalize on the burgeoning markets and technologies globally. FutureWorld, together with its subsidiaries, focuses on the identification, acquisition, development, and commercialization of burgeoning technologies, such as industrial Hemp, globally through HempTech. HempTech, a subsidiary of FutureWorld, is a technology division catered to the industrial Hemp market. HempTech provides smart sensor technology, communication network, surveillance security, data analysis for smart cultivation and consultation for the industrial hemp and legal medicinal marijuana. Our wireless agricultural smart sensor networks offers precision to the agriculture, irrigation systems, and greenhouses for the global Hemp industry. HempTech is also in development, production and marketing of industrial hemp and legal medicinal marijuana by-products throughout United States. FutureWorld and HempTech do not grow, distribute or sale marijuana. To request further information about FutureWorld, please email us at email@example.com or log onto our website at http://www.hemptechcorp.com
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.
CONTACT: FutureWorld Energy Investor Relations (239) 324-0000
Source:FutureWorld Energy Inc.