VANCOUVER, British Columbia, April 20, 2015 (GLOBE NEWSWIRE) -- Kaneh Bosm BioTechnolgy Inc. (KBB:CSE) ("Kaneh Bosm" or the "Company") is pleased to report that ongoing business development initiatives have resulted in successfully leasing the initial two Kiosks to MedSmart Dispensary Inc. ("MedSmart"), a Vancouver, BC company. Deployment of the Kiosks will commence upon the arrival of the Kiosks in Vancouver in mid-April.
This initial lease agreement specifies that MedSmart will pay a deposit of $1,000 USD per Kiosk upon execution of the contract, and for a minimum initial lease term of 12 months. Furthermore, MedSmart will pay Kaneh Bosm a $2.50 CDN fee per transaction, to be paid monthly.
Management is of the opinion that the per transaction fee model will result in the greatest long term revenue stream for the Company.
Details on specific locations will be forthcoming.
The BioCanna ADM is a hybrid between a bank ATM, and an intelligent retail kiosk. This system provides proven software for point of sale transaction and inventory management, secure climate controlled product storage, a reduction in labour costs, age-verification or patient eligibility requirements, and potential around the clock availability.
The superior BioCanna ADM retail system is European based, designed, and manufactured. Presently, there are more than 2,000 units operating across Western Europe with many in the retail pharmaceutical dispensing marketplace. The Kiosks are proven to be reliable and profitable.
Marijuana vending machines have already been tested in the Vancouver market. Last June, the BC Pain Society (BCPS) installed two vending machines and several days later were forced to upgrade it to "quadruple size wheelchair friendly vending machines." Following the installation of the machine, the BCPS received 100 new member applications per week. (http://vancouver.24hrs.ca/2014/06/19/vancouvers-pot-vending-machine-gets-upgrades).
The BioCanna ADM system is available for deployment to Cannabis retailers with a number of flexible programs with varying lease rates, and transaction fees. The Kiosks will also be available for purchase for a limited time.
Interested parties should contact firstname.lastname@example.org for more details and a sales presentation.
On behalf of the Board of Directors of Kaneh Bosm Inc.
"Rudy de Jonge"
Rudy de Jonge
THE CSE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release includes certain statements that may be deemed "forward-looking statements". The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "would", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.
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Source: Kaneh Bosm BioTechnolgy