VANCOUVER, BC / ACCESSWIRE / January 27, 2020 / Glenbriar Technologies Inc. (CSE:GTI.X) (the “Company“) wishes to provide an update to its March 15, 2019 press release announcing an arms length agreement to acquire all of the shares of private BC-based Eleos Robotics Inc. (“Eleos”). The agreement contemplated that the Company will issue 100% of the issued and outstanding shares of the Company, at a deemed value of approximately $4.75 million, to the shareholders of Eleos, but only upon certain development and commercialization milestones being met, which was anticipated to take up to12 months.
To date, the Company has advanced $665,000 to Eleos for development purposes. The parties have decided to terminate the proposed reverse take over of the Company by the Eleos shareholders. In its stead, the Company has acquired 18% of Eleos in return for advances made. The Company also has rights of first refusal in respect to future financings, and Eleos will repay $40,000 of out of pocket expenses the Company has incurred in this transaction.
The Company is actively looking at other possible acquisitions in the technology field. Its shares have been halted from trading pursuant to CSE policies governing reverse takeovers. Now that no longer applies, the Company anticipates that trading will resume shortly.
Eleos plans to design a fully autonomous, eco-friendly, and sustainable weeding technology for growers. Once built, the RoboWeeder is anticipated to be sold fully maintained and monitored remotely. The technology better reflects consumer demand for organic produce and uses cutting-edge technology in robotics and artificial intelligence. There are several patents pending surrounding this technology.
Once completed the RoboWeeder is expected to be a technology driven solution to a farm process that is time-consuming, laborious, and expensive and currently has no sustainable alternatives. It proposes to reduces labour and make herbicides obsolete. Unlike pulling or hoeing weeds, it is fully automated, and unlike herbicides, is sustainable and eco-friendly. The RoboWeeder is expected to save time, increase productivity, and is fully organic.
RoboWeeder is anticipated to be able to detect, identify, and then eliminate weeds that destroy growers’ crops. It is anticipated that it will autonomously patrol crops searching for weeds, and then eliminate them with a high-precision directed microwave. The target goal will be to create a 10-acre “weed-free zone”. It is proposed to be self-charging with an autonomous station and be able to operate day and night without supervision.
Significant progress has been made on the development of the RoboWeeder. An international winery in Kelowna has agreed to test it in its operations starting in the spring. In addition to garnering attention from multinational agricultural companies, Eleos has been successful at various international forums and competitions for innovative technology, including placing second at the Fourth Agro Challenge Global Championships in Thessaloniki, Greece in September, 2019, where there were over 700 entries.
For further information, please contact:
Doug Taylor, CEO
Telephone: 1 (604) 343-2977
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this release may constitute “forward-looking statements” or “forward-looking information” (collectively “forward-looking information”) as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
SOURCE: Glenbriar Technologies Inc.
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