Lexaria Bioscience (OTCQX: $LXRP; CSE: $LXX.C) and
Hill Street Beverage Company Announce Definitive Agreement for #Cannabis-Infused
#Beverages
KELOWNA, BC and TORONTO, July 31, 2018 - Lexaria
Bioscience Corp. (OTCQX: LXRP; CSE: LXX; the "Company" or
"Lexaria"), a drug delivery platform innovator, and Hill Street
Beverage Company Inc., (TSXV:BEER; "Hill Street") jointly announced
that they have signed a Definitive Agreement to license Lexaria's
DehydraTECHTM, on a semi-exclusive basis, for a term of five (5) years, to
produce a line of cannabis-infused alcohol-free beverages for Canadian
distribution, following regulatory approval. The Definitive Agreement is the
conclusion of the process begun following the announcement of the non-binding
letter of intent in April 2018. Terms of the Definitive Agreement were not
disclosed.
Read this in full at http://www.investorideas.com/news/2018/cannabis/07313OTCQXLXRP.asp
US$56,250 (CDN$ 73,497), representing a portion of the
compensation payable to Lexaria, shall be paid and satisfied in common shares
in the capital of Hill Street, at a purchase price of CDN$0.175, for an
aggregate of 419,982 common shares (the "Compensation Shares"). The
issuance of the Compensation Shares is subject to regulatory approval,
including without limitation, the approval of the TSX Venture Exchange.
Lexaria's beverage formulation adaptations use
patented technology to act quickly, but without adding any taste or odour,
thereby delivering predictable experiences that dissipate more quickly than
many other cannabinoid edible products. Lexaria has already lab-tested Hill
Street's alcohol-free red and white wines to formulate cannabinoid-fortified
wines, and such tests show virtually zero cannabis taste or odour.
Hill Street CEO, Terry Donnelly, stated, "Our
goal is to provide traditional beer and wine drinkers with great tasting
products that use cannabis to mimic the onset and duration of effect that has
historically come from alcohol, but without alcohol's toxicity and added
calories. While the early versions of our wines infused with Lexaria's process
have shown great promise, we are extremely excited about the progress Lexaria
continues to make with their infusion technologies. Lexaria has already
demonstrated its importance to our model as a key strategic partner in our
business, and this agreement secures our future together. As Hill Street's
progress into producing the world's finest alcohol-free and cannabis-infused
beverages continues, Lexaria has demonstrated that they will continue to
innovate and improve on their process. This will help to ensure Hill Street is
always at the forefront of producing world-class wine, beer and other adult
format beverages."
Chris Bunka, CEO of Lexaria stated, "Hill
Street's award-winning and great-tasting wines and beers need an odourless and
tasteless infusion process like our powerful DehydraTECHTM platform to ensure
they will remain that way after the inclusion of cannabis. Our proven ability
to render full spectrum cannabis and hemp oil into a water-soluble ingredient
with no impact on the taste and smell of complex beverages like wine enables
Hill Street to produce adult format beverages that will give consumers the
recreational experience of cannabis, while enjoying tastes and experiences
consistent with consuming traditional wine, beer and other adult format
beverages."
About Hill Street Beverage Company Inc. (TSXV:BEER)
Founded in 2008, Hill Street Beverage Company is the
world's most award-winning company exclusively focused on alcohol-free beer,
wines, and adult format beverages. Hill Street products include: Vin(Zero)
wines, Vintense wines, Hill Street Craft Brewed Lager, and Designated Draft
beer. Hill Street's award-winning products have won the Retail Council of
Canada's Grand Prix, and numerous medals and accolades including three Gold,
two Silver, and two Bronze Medals at the U.S. Open Beer Championships, and a
prestigious Double Gold Medal at the San Francisco International Wine
Challenge. As a result of the Royal Assent of Canada's Bill C-45, legislation
to allow the sale of cannabis-infused beverages is to occur by October 17,
2019. Hill Street is currently applying for appropriate licenses to permit the
production and sale of cannabis infused beverages in Canada, with the view of
having infused products available for sale once the regulations permit. www.hillstreetbeverages.com
About Lexaria Bioscience Corp. (OTCQX: LXRP) (CSE: LXX)
Lexaria Bioscience Corp. licenses disruptive patented
delivery technology that promotes healthier ingestion methods, lower overall
dosing and higher effectiveness of lipophilic active molecules. Lexaria has
multiple patents pending in over 40 countries around the world and has patents
granted in the USA and in Australia for utilization of its DehydraTECHTM
delivery technology. Lexaria's technology provides increases in intestinal
absorption rates; more rapid delivery to the bloodstream; and important
taste-masking benefits, for orally administered bioactive molecules including
cannabinoids, vitamins, non-steroidal anti-inflammatory drugs (NSAIDs),
nicotine and other molecules.
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements.
Statements which are not historical facts are forward-looking statements. Any
references made by either company mentioned in this press release regarding
forward-looking public statements concerning expected future financial
position, results of operations, cash flows, financing plans, business
strategy, products and services, competitive positions, growth opportunities,
plans and objectives of management for future operations, including statements
that include words such as "anticipate," "if,"
"believe," "plan," "estimate,"
"expect," "project", "intend," "may,"
"could," "should," "will," and other similar
expressions are forward-looking statements, including but not limited to: that
any additional patent protection will be realized or that patent achievements
will deliver material results. Such forward-looking statements are estimates
reflecting either company's best judgment based upon current information and
involve a number of risks and uncertainties, and there can be no assurance that
other factors will not affect the accuracy of such forward-looking statements.
Factors which could cause actual results to differ materially from those
estimated by either company include, but are not limited to, government regulation
and regulatory approvals, managing and maintaining growth, the effect of
adverse publicity, litigation, competition, scientific discovery, the patent
application and approval process and other factors which may be identified from
time to time in either company's public announcements and filings. There is no
assurance that existing capital is sufficient for either company's needs or
that either company will be able to raise additional capital. There is no
assurance that either company will be capable of developing, marketing,
licensing, or selling edible products containing cannabinoids, nicotine or any
other active ingredient. There is no assurance that any planned corporate
activity, scientific research or study, business venture, letter of intent,
technology licensing pursuit, patent application or allowance, consumer study,
or any initiative will be pursued, or if pursued, will be successful. There is
no assurance that any of either company's postulated uses, benefits, or
advantages for patented, patent-pending technology or unpatented processes will
in fact be realized in any manner or in any part. No statement herein has been
evaluated by the Food and Drug Administration (FDA). Neither company's
products are intended to diagnose, treat, cure or prevent any disease.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Hill Street Beverage Company Inc.
For further information: Press only: Terry Donnelly,
Chairman and CEO, Hill Street Beverage Company Inc., terry@hillstreetbevco.com, (416) 543-4904; For investors: Gareth Tingling,
Investor Relations, gareth@sophiccapital.com, (647) 797-0219; Lexaria Bioscience Corp., Alex Blanchard,
Communications Manager, (778) 796-1897,
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