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Eurocontrol’s Croptimal Enters into MOU with Canndoc Ltd. to form Joint Venture for Cannabis-based Technology
TORONTO, Jan. 29, 2018 (GLOBE NEWSWIRE) -- Eurocontrol Technics Group Inc. (TSX-V:EUO) (OTCQB:EUCTF) (“Eurocontrol” or the “Company”), a Canadian public company specializing in the acquisition, development and commercialization of innovative test and measurement technologies for industry with application systems focused on the growing precision agriculture and semiconductor sectors, announces that its subsidiary Croptimal has entered into a Memorandum of Understanding (“MOU”) with Canndoc Ltd. (“Canndoc”), a leading Israeli medical Cannabis company since 2009 to form a joint venture company that will be called “CropCan” and will be owned 50/50 by Croptimal and Canndoc to market a service utilizing Croptimal’s unique in-field measurement tools, together with an innovative system of big database analysis (machine learning) and Canndoc’s expertise in the field of growing medical Cannabis.
Croptimal offers a suite of in-field decision support tools to agronomists and farmers based on an innovative system of big database analysis (machine learning) utilizing unique hardware and software that enables continuous measurement of nutrients in soil, water and plant tissue to provide accurate fertilization recommendations within 10 minutes. Canndoc is an Israeli company licensed by the Israeli Ministry of Health to grow, process, sell and distribute medical grade Cannabis to licensed patients. Canndoc is a leader in the Israeli medical Cannabis industry with expertise in breeding, genetics, tissue culturing R&D, production and harvesting methods and protocols for dehydration and curing of Cannabis plants including the extraction of specific active ingredients. This expertise has resulted in the development of a comprehensive and unique method for cultivation and production of medical grade Cannabis in all facets of the value chain which are being supplied to thousands of patients in Israel since its inception. The cooperation between Croptimal and Canndoc will enable CropCan, the new joint venture company that will be formed, to offer dynamic growth protocols for the medical Cannabis industry to increase crop yields in this fast-growing and unique market.
Israel has become the epicenter of medical Cannabis research which commenced with research in the 1960’s undertaken by Raphael Mechoulam, an Israeli organic chemist and professor of Medicinal Chemistry at the Hebrew University of Jerusalem who is known worldwide as a leading pioneer in Cannabis research. Israel was one of the first countries to legalize medicinal use and to institute a government-supported medical Cannabis program placing Israel at the forefront in this field and a global destination for medical Cannabis research and development testing the benefits of medicinal Cannabis - https://www.youtube.com/watch?v=neJb224HUC0&feature=youtu.be.
Doron Reinis, COO of Eurocontrol and CEO of Croptimal stated: “With numerous companies in the Cannabis industry looking to Israel for Cannabis R&D, we believe our collaboration with Canndoc will place Croptimal in a strong position to leverage its unique hybrid technologies beyond Israel’s borders as the Cannabis industry responds quickly to consumer needs.”
Avner (Neri) Barak, co-Founder and President of Canndoc added, “Canndoc is very pleased to join forces with Croptimal. The ability to have a complete full range of in-field measurement tools and dynamic growth protocols for the Cannabis industry will improve crop quality. Our ability as cultivators to get real time lab results will allow for much better control and the ability to adjust growing practices according to real time reflection of crop health.”
About Croptimal Ltd.
Croptimal is a private Israeli company formed in early 2017 and is 100% owned by Eurocontrol. Croptimal’s service developed following the need and demand of farmers and agronomists to increase crop yields, both quality and quantity to meet the rapidly increasing world population. Croptimal’s expert agronomists and researchers continue to innovate this state of the art, disruptive precision agriculture technology – a mobile in-field service that provides quick, accurate analysis of nutrients and contaminates in crops, soil and water, replacing traditional complicated methods that are typically undertaken at distant laboratories and normally require weeks of waiting for results.
Croptimal offers a suite of in-field decision support tools for growers and agronomists based on an innovative system of big data analysis (machine learning), utilizing unique hardware and software that enables continuous measurement of nutrients in soil, water, and plant tissue. Croptimal’s hybrid technology measures N, P, K as well as other macro and micro elements in their available forms that produce actionable fertilization recommendations.
Croptimal's measurement time lasts 10 minutes and provides quick, accurate results with recommendations returned the same day. Croptimal's service includes the collection of samples and their automatic analysis augmented by in-field environmental data collection systems (temperature, humidity, radiation, etc.). The measured data is collected and saved on a Cloud database with the exact GPS location. Croptimal’s unique machine learning algorithms integrates the collected data with additional agrotechnical actions, environmental events, yield parameters as well as expert agronomists' consultation to produce Dynamic Growth Protocols for different crops and conditions that consider past plot events as well as future weather forecasts providing the grower with a comprehensive view accompanied with actionable fertilization recommendations.
Croptimal's decision support tools and its Dynamic Growth Protocols provide growers with a more qualified service at a lower price than common practices. Croptimal’s precise agriculture measurement tools and data-based decisions ensure continual yield improvement and reduced fertilizer expenses.
About Eurocontrol Technics Group Inc.
Eurocontrol is a TSX Venture and OTCQB traded company that specializes in the acquisition, development and commercialization of innovative test and measurement technologies for industry with three-wholly owned subsidiaries located in Israel’s industrial high-tech zone. The Company’s technology is leading edge and focused on growing markets. Its subsidiary, Xenemetrix is an award-winning designer, manufacturer and marketer of ED-XRF spectroscopy systems, a technology that is utilized to determine the chemical composition of many types of materials and the core technology underlying Eurocontrol’s other innovative subsidiaries. XwinSys Technology Development Ltd. is focused on the semiconductor and related industries and has developed a novel patented product line to meet the challenges of roadmap requirements for inspection and metrology of 3D structures for the burgeoning 3D IC market. Croptimal Ltd. is a precision agriculture focused subsidiary that has developed an innovative, mobile technological solution that performs real-time and accurate tests of plant tissue, soil and water in minutes to increase crop yield and reduce costs, a dramatic change to prevailing agricultural testing methodology.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Forward-Looking Statements: This press release contains forward-looking statements. More particularly, this press release contains statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by Eurocontrol. Although Eurocontrol believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Eurocontrol can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in Eurocontrol’s management discussion and analysis of the financial condition and results of operations for the third quarter ended September 30, 2017 which is available on the Corporation’s profile at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Eurocontrol undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.