Umbral Signs a Non-Disclosure Agreement for a process to produce Industrial Hemp in Canada
Vancouver, BC / ACCESSWIRE / February 10, 2014 / UMBRAL ENERGY CORP. (UMB.V) (OTCQB:UMBBF) (the “Company” or “Umbral”) announces, as an addition to its current activities, the Company has recently been investigating the business opportunity of Industrial Hemp. In this regard the Company is pleased to announce that it has recently signed a Non-Disclosure Agreement (“NDA”) with a group, for the purposes of producing Industrial Hemp.
This NDA allows Umbral to enter into detailed discussions with a private corporation for the production of Industrial Hemp as an additional product offering. Umbral CEO, Jag Bal states “We are continually looking at ways to develop our business, and we see great potential in this related opportunity. We feel that the infrastructure which exists in PhyeinMed, would lend itself perfectly to Industrial Hemp.”
At this time, no further deal terms have been reached, nor has the company entered into any letters of intent or definitive agreements with the private corporation. As the company’s discussions remain at a preliminary stage only, there can be no assurance or guarantee that the company will enter into a binding agreement. The company will provide further updates as they are available.
Hemp is a crop that is grown globally, principally for fibre and food. The marketable parts, include the stalk, consisting of both long (bast) and short (core) fibers, used for textiles, rope and twine, advanced composite materials, and hemp cement. The hemp seed is used, as it contains protein, dietary fiber and rich omega fatty acid oil. Hemp food products on the market today include cereal, snacks and bars, breads, milk drinks, protein powders and butter. The hemp oil is recognized as a valuable natural ingredient in body care products. The majority of hemp and hemp seed that is used in North America is grown and processed in Canada. Canada has developed its production rules from the standards developed by the European Union, and has a high regulatory standard. Canadian farmers have been legally allowed to grow industrial hemp since 1998. The Canadian Hemp Trade Alliance says production in this country is forecast to almost double by 2015.
The Company is currently listed as a junior resource issuer having a mineral exploration projects. The Company is considering other activities to increase shareholder value, including non-resource projects. The Company is conducting diligence in regards to the commercial cultivation of marijuana under the newly established Health Canada regulations pertaining to the cultivation of marijuana for medical purposes. While it is the intention of Umbral and PhyeinMed to obtain a MMPR Licence, there can be no assurances that it will receive the necessary permits to operate. Any MMPR applicant, including PhyeinMed, will not be able to legally grow or sell medical marijuana without a licence from Health Canada. In addition the Company has a mineral exploration project in Quebec, Canada as well as an oil and gas project in Alberta, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
President and CEO
Neither Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors – including the availability of funds, the results of financing efforts, the results of exploration activities — that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Umbral Energy Corp.
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