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SOURCE BreedIT Corp
Venture Will Leverage iBreedIT Technology and Seach Farming Assets to Fast-track New Strain Research and Development
NEW YORK, August 21, 2014 /PRNewswire/ --
BreedIT Corp., (OTCQB: BRDT) through its Israeli subsidiary, BreedIT Ltd., the exclusive worldwide license holder and distributor of highly sophisticated agro-breeding solutions software for plant breeders and researchers, today is pleased to announce the formation of KanaboSeed Ltd., a joint venture with Seach Ltd, a leading Israeli medical Cannabis breeder.
KanaboSeed was formed to research and develop new breeds of medical Cannabis to meet the requests of physicians and other medical practitioners. Strains developed under the KanaboSeed brand will be commercialized directly, while those created for third parties will generate royalty payments. BreedIT Ltd and Seach Ltd. have equal ownership in KanaboSeed Ltd.
Dr. Oded Sagee, Chief Executive Officer of BreedIT LTD, commented, "We are very excited about our partnership with Seach - their achievements in the breeding and growing of medical Cannabis are extensive. We formed KanaboSeed to leverage the expertise of both of our companies to pursue the significant opportunities in the medical Cannabis market."
Dr. Sagee continued and added, "Dedication to the ethical production of high quality, consistent seed strains is critical as we turn our focus to the development of innovative Cannabis seeds for the medical community. BreedIT is being advised by its Scientific Advisory Board members on various scientific methods and issues. Our access to the horticultural expertise and farming resources of Seach will be invaluable as we begin to breed new Cannabis strains."
Mr. Shay Avraham Sarid, Head of Research and Development at Seach, also commented on the announcement, stating "I am so pleased to be working with the BreedIT team. They are pioneers in the field and their technology is cutting-edge. We have generated a substantial amount of data around the growth and use of medicinal Cannabis on our farms over the past 10 years, and although we have only just begun to harness the power of the iBreedIT technology, the results to date have been remarkable."
Seach Ltd (http://www.Seach.co.il) operates a 10-acre farm in Sharon, Israel where they work with third parties to develop and grow new varieties of flowers and field crops. Their state-of-the-art facilities include greenhouses with full climate and light control, enabling manipulation of growth, flowering and harvesting cycles.
In 2005, Seach was awarded one of only eight licenses to grow and distribute medical Cannabis issued by Israel's Ministry of Health. Soon after, they were also issued a license to operate a Cannabis testing laboratory, making it an official supplier of medical grade Cannabis for the Ministry of Health. Since that time, Seach has worked in collaboration with physicians and patients to develop and grow Cannabis strains specifically tailored for the medical indications approved within Israel.
About BreedIT Corp.
BreedIT Corp. (BRDT) , through its Israeli subsidiary, BreedIT Ltd (http://www.ibreedit.com) , is the developer of highly sophisticated agro-breeding solutions for plant breeders and researchers. BreedIT's proven iBreedIT® - the Intelligent Decision Support System (IDSS) for breeders which was developed by a team consisting of among the world's leading breeding specialists for optimizing the breeding processes, services the plant breeding needs of corporations, research and government institutions. BreedIT's IDSS provides advanced solutions for generating and disseminating knowledge aimed at assisting breeders to plan, manage and analyze their breeding data and to perform research activities quickly and effectively. Founded in 2013, BreedIT Ltd has offices in New York, New York and in Rehovot, Israel.
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BreedIt Corp's public filings may be viewed at http://www.sec.gov/.
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