Coconut Creek, Florida, June 27, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — NutraLife Biosciences, Inc. (OTCQB: NLBS) (the “Company” or “NutraLife”) provides a promising update on the industrial hemp crop being grown and operated by Mike Hoyer and PhytoChem employee Zachary Trimble pursuant to a Crop Operations Agreement with NutraLife’s wholly owned subsidiary, PhytoChem Technologies, Inc. (“PhytoChem”). Under the terms of the Crop Operations Agreement, NutraLife delivered approximately 20,000 industrial hemp seedlings to Hoyer earlier this month which PhytoChem plans to commercialize. The plants on the budding field are in excellent condition: “They look strong and healthy,” according to Trimble’s daily log on June 19, adding “even the few plants that didn’t seem like they were going to make it show signs of life.”
Earlier this year, NutraLife received two licenses from the Wisconsin Department of Agriculture to grow and process industrial hemp within the state. Wisconsin, according to a recent Hemp Industry Daily report, was deemed a ‘new and emerging market’ for hemp and hemp production. The report also names Wisconsin the ‘fastest-moving state yet to allow hemp industry to take root.’
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After the licenses were issued, NutraLife, through its subsidiary PhytoChem, also entered into an agreement with Henning Trading LLC (“Henning Trading”), to consult and advise on the cultivation and harvest of the hemp grow in Wisconsin. Henning Trading is well known for its expertise in the agriculture industry. Besides, NutraLife and Henning Trading plan to explore participation in the hemp seed propagation, fiber and grain markets.
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Last week the Company announced that its subsidiary PhytoChem placed the first order under its exclusive agreement with Owen J. Morgan for a commercial machine – the Ennea Processor – which will be used to process the industrial hemp grown in Wisconsin. The Ennea Processor targets and extracts bioactive compounds from whole plant hemp crops and streamlines production times and maximizes extraction yields.
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NutraLife plans to continue to pursue vertical positioning within the hemp industry. “We look forward to continued growth and new opportunities in the Nutraceutical, Hemp and Life Sciences markets as we end the second quarter of 2019,” says NutraLife’s Chief Executive Officer and President, Edgar Ward. “We are very pleased with the promising developments in Wisconsin and look forward to a significant increase in revenue and working with our partners to advance the Company’s vertical positioning within the hemp industry,” he adds.
About NutraLife BioSciences
Edgar Ward founded NutraLife in 2010 as NutraFuels, Inc. and since that time he has served as its Chief Executive Officer, President, and Director. Under Mr. Ward’s direction, NutraLife’s revenues increased from $225,000 in 2016 to more than $3.7 million in 2018. NutraLife’s Coconut Creek manufacturing facility has been registered with the Food and Drug Administration, and its manufacturing facility has operated in accordance with the Good Manufacturing Processes Standard (GMP) for more than five years. NutraLife’s products are tested by its in-house laboratory chemists for strength, purity and contaminants such as heavy metals, pesticides, and solvents. NutraLife offers seventeen different core formulations which it modifies to meet the specifications of its private label customers. NutraLife provides approximately 50 different variations of its core formulations. NutraLife’s private label products include CBD infused oral sprays, tinctures, pet drops, pain balms, face creams, and nutraceutical oral spray products that support daily health and wellness uses.
This press release contains statements of a forward-looking nature about NutraLife BioSciences, Inc. (“NutraLife” or the “Company”). These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as “may,” “will,” “except,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “future” or other similar expressions. The Company has based these forward-looking statements largely on the Company’s current expectations and projections about future events and financial trends that the Company believes may affect the Company’s financial condition, results of operations, business strategy and financial needs. There is no assurance that the Company’s current expectations and projections are accurate or that the Company’s plans to process hemp with GEG will be successful. All forward-looking statements in this press release are based on information available to the Company on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the Section entitled “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the Securities and Exchange Commission on April 2, 2019. The Company operates in a rapidly evolving environment. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on the Company’s business or the extent to which any factor or combination of factors may cause actual results to differ from those contained in any forward-looking statements. The Company does not undertake any obligation to update or revise the forward-looking statements except as required under SEC guidelines.
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