LAS VEGAS, May 13, 2015 (GLOBE NEWSWIRE) -- Growblox Sciences, Inc. (OTCQB:GBLX), a biopharmaceutical research and development company with state-of-the-art technologies in plant biology and cultivation designed to produce consistent medicinal cannabis, announced today it has established Growblox Sciences Puerto Rico, LLC ("GBS PR"), a majority-owned subsidiary domiciled in Puerto Rico.
"As widely reported, Puerto Rico Governor Alejandro Garcia Padilla recently signed an executive order authorizing the production of medical cannabis. We are very excited by the timing of this announcement as it coincides with our continuing presence in Puerto Rico and our commitment to realizing significant fundamental growth this fiscal year." Stated Growblox Sciences' CEO & Chairman Craig Ellins.
In connection with its formation, GBS PR entered into a commercialization agreement with Growblox designed to accelerate the production and marketing of the Company's proprietary cultivation suite. Growblox believes that the growing chambers and related equipment will facilitate the global manufacturing and distribution of cannabis and other plant-based medical solutions to combat a variety of clinically diagnosed health issues.
Under the commercialization agreement, GB Sciences Puerto Rico, LLC has been granted the exclusive world-wide rights to produce, lease and license the GrowBLOXTM technology suite, as well as the potential for other multiple revenue streams, including the financing of GrowBLOXTM technology suite units; fees for training and maintenance services, and diagnostic monitoring services during cultivation. Additionally, the agreement contemplates that GBS PR will sell cGMP-certified raw cannabis and hemp materials only to Growblox for international resale or manufacturing of cosmeceutical, nutraceutical, and pharmaceutical products.
César Cordero-Krüger, veteran entrepreneur and local philanthropist, has been appointed CEO of the subsidiary. Mr. Cordero-Krüger has provided the first installment of the financing required to launch GBS PR operations from its new office in the capital of Puerto Rico, San Juan. Mr. Cordero-Krüger will own a minimum of 13% of the equity of Growblox Sciences Puerto Rico. It is intended by both Growblox and Mr. Cordero-Krüger that a minimum of $1,250,000 of funding for GBS PR will be provided by local sources on the island without any further requirement of cash investment by GBLX.
Mr. Cordero-Krüger has over 30 years of management experience in a diverse spectrum of businesses and academic environments. Since 1995 he has been a consultant for a major national drugstore chain, assisting with their expansion plans in Puerto Rico and the US Virgin Islands, resulting in the successful launch of over 60 new stores valuing approximately $500 Million in total development costs. He is a co-founder of General Management Assistant Corp. and was engaged by the Commonwealth of Puerto Rico's Economic Development Administration on a variety of projects such as a feasibility analysis for the air cargo transportation industry, pilot's school and air ambulance services in the Caribbean. Mr. Cordero-Krüger served as a professor of Statistics and Operations Management at the College of Business Administration of the Rio Piedras Campus, University of Puerto Rico, and was a system design, work measurement, and quality control professor at the Industrial Engineering department of the Polytechnic University of Puerto Rico.
Craig Ellins, President and CEO of Growblox said, "For almost the past year Growblox has been exploring initiatives in Puerto Rico including potential projects with the University of Puerto Rico. We are pleased to announce the leadership and support of a recognized figure such as César. "
In a related development, on April 22, 2015, Mr. Cordero-Krüger purchased 2,820,000 shares of GBLX common priced at $.21 per share.
For more information concerning these developments please review our Form 8-K Current Reports filed with the SEC on April 30, 2015 and May 7, 2015.
About Growblox Sciences, Inc.
Growblox Sciences, Inc. (OTCQB:GBLX) is a biopharmaceutical research and development company focused on creating safe, standardized pharmaceutical-grade cannabis-based therapies that target a variety of medical conditions. The Company is leading pioneering technology and industry processes, with a "big" data-driven clinical research and development loop ability to bring relief to patients in communities across the country. Through our GBS PR subsidiary, we are developing and globally distributing our GrowBLOXTM suite of cultivation and growing chambers. To learn more about Growblox Sciences, Inc., go to www.gbsciences.com.
Forward-Looking Statements: This press release may contain statements relating to future results or events, which are forward-looking statements. Words such as "expects", "intends", "plans", "may", "could", "should", "anticipates", "likely", "believes" and words of similar import may identify forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further, information concerning the Company and its business, including factors that potentially could materially affect the Company's business and financial and other results, are contained in the Company's filings with the Securities and Exchange Commission, available at www.sec.gov. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Note: Although the Company's research and development activities are not illegal, the production and sale of cannabis products violate federal laws as presently constituted.
GrowBLOX is a registered trademark of Growblox Sciences, Inc.
CONTACT: For more Information: Growblox Sciences, Inc., 6450 Cameron Street, Suite 110A, Las Vegas, NV 89118 (844) 843-2569. Craig Ellins, CEO; Andrea Small Howard, Chief Science Officer. firstname.lastname@example.org email@example.com https://gbsciences.comSource:GrowBlox Sciences Inc