Poda Signs Agreement to Manufacture 42 Million Pods Per Annum

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(TheNewswire)



  

Vancouver, BC – TheNewswire - February 6, 2020 – PODA TECHNOLOGIES LTD. ("PODA" or the "Company") has signed a letter of intent (“LOI”) to form a Joint Venture for the purpose of developing, constructing, operating, maintaining, and managing a facility which will manufacture & distribute PODA’s patented heat-not-burn pods exclusively for PODA (the “JV”).

 

Initially the parties will contribute approximately $100,000 CDN each to develop manufacturing equipment capable of producing between 300,000 to 600,000 empty PODA pods per annum (“Phase 1 Production Equipment”). The JV ownership will be split 79% to PODA and 21% to JV partner. Post completion of the Phase 1 Production Equipment, PODA will contribute an additional $600,000 CDN and the JV Partner will contribute $200,000 CDN to develop manufacturing equipment capable of producing approximately 42 million empty PODA pods per annum (“Phase 2 Production Equipment”). The expected date of completion of the Phase 1 Production Equipment is March 31, 2020 and the expected completion of Phase 2 production Equipment is July 31, 2020.

 

Ryan Selby, CEO, commented “Our proprietary heat-not-burn system required us to develop proprietary equipment to manufacture at scale given there is no other product like PODA on the market. This JV will solidify our ownership in the intellectual property (“IP”) that is created as part of this process. Traditionally many companies farm out the development of manufacturing equipment to third parties which can result in increased costs of raw materials and risk of IP leakage. PODA’s vision is to own the entire value chain.”

On Behalf of the Board,

Ryan Selby

Chief Executive Officer and Director

About PODA

 

PODA is actively engaged in the development and commercialization of heat-not-burn products, which have the potential to reduce the risks associated with combustible products. In addition to several other intellectual property holdings, the Company has developed an innovative heat-not-burn system that uses proprietary biodegradable single-use pods, which are both consumer and environmentally friendly. PODA’s Canadian Patented product and design prevents cross-contamination between the heating device and the pod, eliminating all cleaning requirements and providing users with the most convenient and enjoyable potentially risk-reduced experience. Pre-filled pod options range from dried plant material, tobacco and other dry substrates and the pods can easily be switched during heating sessions to suit any adult consumer’s mood.

 

Cautionary Note Regarding Forward-Looking Statements: This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including the Company’s plan to enter into a definitive join venture agreement and the joint venture’s ability to manufacture and distribute the Company’s patented heat-not-burn pods are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking statements are based on certain material assumptions and analysis made by the Company and the opinions and estimates of management as of the date of this press release, including that the joint venture will be successful in manufacturing and distributing its patented heat-not-burn pods and that the Company will be successful in entering into a definitive joint venture agreement. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, the joint venture will not be successful in manufacturing and distributing its patented heat-not-burn pods and/or the Company will not be successful in reaching a definitive joint venture agreement. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

 

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

  

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