SYS-CON MEDIA Authors: Elizabeth White, Yeshim Deniz, Glenn Rossman, Pat Romanski, Cynthia Dunlop

News Feed Item

West Point Enters Exclusive Licensing Agreement with Cannabix Breathalyzer Inc.

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/15/14 -- West Point Resources Inc. (TSX VENTURE: WPO) (the "Company") is pleased to announce it has entered into a binding letter of intent ("LOI") with Cannabix Breathalyzer Inc. ("Cannabix") dated May 13, 2014, which is developing a cutting edge marijuana breathalyzer for use by law enforcement to test for drug-impaired drivers, in particular drivers who are impaired due to the use of marijuana.

Cannabix's drug-impairment recognition system is based on breath testing technology that has been developed in Sweden and has been clinically researched and proven to be successful in testing individuals for recent consumption of the THC component of marijuana. Cannabix is advancing its products to enable law enforcement personnel to use this technology to enhance detection of marijuana impaired driving offences on North American roads at a time when marijuana is becoming legal in many jurisdictions. Cannabix holds patent applications on leading edge technology to breath test for marijuana impairment. West Point will be acquiring 100% of the exclusive North American licensing rights to Cannabix's technology.

Terms of the transaction

The LOI contemplates the company paying 7.5 million common shares to Cannabix for the exclusive licensing of the Cannabix Breathalyzer and issuing 7.5 million warrants exercisable at $0.075, exercisable for one year.

Financing

The company intends to raise a minimum $500,000 via a non-brokered financing at $0.05 cents per unit. Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant exercisable at $0.10 cents per common share for a period of 12 months from the date of closing. All warrants are subject to an early acceleration provision which provides for the mandatory exercise or expiry of the Warrants in the event West Point's shares close at $0.13 or higher for at least 10 consecutive trading days. In such event, the Warrants will accelerate and expire 30 days after the Company has given notice of the accelerated conversion to the Warrant holders. Finders' fees may be payable in connection with the private placement in accordance with exchange policies.

As conditions of closing, along with minimum $500,000 financing required to be raised, Cannabix will nominate two members to the Board of Directors of the company.

Additional milestone payments

The LOI contemplates future share payments upon reaching the following milestones: The issuance of 7,500,000 of common shares of West Point within 14 business days of production of prototype of product. Furthermore, upon receipt of the final patent, the company will issue 5,000,000 common shares of West Point.

About Cannabix Breathalyzer Inc.

Cannabix Breathalyzer Inc is privately held medical device company that has developed a drug-testing device that can detect Tetrahydrocannabinol (THC- the psychoactive component of marijuana that causes intoxication) using breath samples. The science behind the breath-testing device is based on breath testing technology developed at the Karolinska University in Sweden and perfected by the founders of Cannabix Breathalyzer Inc. The device provides rapid detection of THC and can be used roadside to identify drivers intoxicated by the use of marijuana. The device can also be useful for other practical applications such as testing employees in the workplace where intoxication by THC can be hazardous.

The founders and current shareholders of Cannabix Breathalyzer include:

Mr. Kal Malhi:

Mr. Malhi is a Vancouver-based entrepreneur and the founder of Cannabix Breathalyzer Inc. Mr. Malhi is a retired member of the Royal Canadian Mounted Police and is also President of BullRun Group, a private investment company specializing in early stage business development. Mr Malhi brings a wealth of business and law enforcement experience to the management team and is cognizant of the issues of protecting individuals' rights to privacy while maximizing public safety through law enforcement initiatives.

Dr. Raj Attariwala:

Dr. Attariwala, MD, PhD, FRCPC, FANM is a Vancouver based dual board certified Radiologist and Nuclear Medicine physician certified in both Canada and the United States. He holds a doctorate in Biomedical Engineering from Northwestern University (Evanston, IL).

Dr. Attariwala has worked closely with the breath testing technology developed by the Karolinska Institute and Dr. Olof Beck and utilized his educational training and background in biomedical engineering to formulate product design and patent applications for Cannabix Breathalyzer products. Dr. Attariwala also has several other medical device patents under developments in the field of nuclear medicine.

Dr. Bruce Goldberger:

Bruce A. Goldberger, PhD, DABFT, is the director of University of Florida Health Forensic Medicine, a professor, and the director of toxicology for the Department of Pathology, Immunology and Laboratory Medicine in the College of Medicine at the University of Florida

He also performs as the technical and administrative director of the University of Florida Forensic Toxicology Laboratory, which provides toxicological services to medical examiner offices and state and local law enforcement agencies throughout the state. In his other roles, Dr. Goldberger is the editor-in-chief of the Journal of Analytical Toxicology; the president of the American Board of Forensic Toxicology; and was a past-president of the American Academy of Forensic Sciences.

Halt in trading

The transaction will constitute an arm's length change of business ("COB" as defined in the policies of the TSX Venture Exchange) of West Point. Upon completion of the transaction, it is expected that the company will be classified as a technology company.

Trading of West Point shares on the TSX Venture will remain halted until the transaction is completed. The company intends to delist from the TSX Venture Exchange and apply for a listing on the Canadian Securities Exchange (the CSE). Completion of the transaction is subject to a number of conditions, including shareholder approval, among other conditions. The transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Management Information Circular and/or Filing Statement to be prepared in connection with the transaction, any information released or received with respect to the COB may not be accurate or complete and should not be relied upon. Trading in the securities of West Point should be considered highly speculative.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

We seek Safe Harbor.

On behalf of the Board of Directors

Rav Mlait, President and CEO

West Point Resources Inc.

NEITHER THE 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@CloudExpo Stories
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-quality deployments.
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series A closed in December of 2012 and led by Voyager Capital. In May of this year, the company announced general availability of its private cloud as a service offering, Blue Box Cloud. Since that release, the company has dem...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic...
Cloudwick, the leading big data DevOps service and solution provider to the Fortune 1000, announced Big Loop, its multi-vendor operations platform. Cloudwick Big Loop creates greater collaboration between Fortune 1000 IT staff, developers and their database management systems as well as big data vendors. This allows customers to comprehensively manage and oversee their entire infrastructure, which leads to more successful production cluster operations, and scale-out. Cloudwick Big Loop supports ...
To manage complex web services with lots of calls to the cloud, many businesses have invested in Application Performance Management (APM) and Network Performance Management (NPM) tools. Together APM and NPM tools are essential aids in improving a business’s infrastructure required to support an effective web experience… but they are missing a critical component – Internet visibility. Internet connectivity has always played a role in customer access to web presence, but in the past few years use...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation...
What are the benefits of using an enterprise-grade orchestration platform? In their session at 15th Cloud Expo, Jeff Tegethoff, CEO of Appcore, and Kedar Poduri, Senior Director of Product Management at Citrix Systems, will take a closer look at the architectural design factors needed to support diverse workloads and how to run these workloads efficiently as a service provider. They will also discuss how to deploy private cloud environments in 15 minutes or less.
Headquartered in Santa Monica, California, Bitium was founded by Kriz and Erik Gustavson. The 1,500 cloud-based application using Bitium’s analytics, app management, and single sign-on services include bug trackers, customer service dashboards, Google Apps, and social networks. The firm states website administrators can do multiple tasks online without revealing passwords. Bitium’s advisors include Microsoft’s former CMO and the former senior vice president of strategy, the founder and CEO of Li...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. ...
StackIQ offers a comprehensive software suite that automates the deployment, provisioning, and management of Big Infrastructure. With StackIQ’s software, you can spin up fully configured big data clusters, quickly and consistently — from bare-metal up to the applications layer — and manage them efficiently. Our software’s modular architecture allows customers to integrate nearly any application with the StackIQ software stack.
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, will address the big issues involving these technologies and, more important, the results they will achieve. How important are public, private, and hybrid cloud to the enterprise? How does one define Big Data? And how is the IoT tying all this together?
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
TechCrunch reported that "Berlin-based relayr, maker of the WunderBar, an Internet of Things (IoT) hardware dev kit which resembles a chunky chocolate bar, has closed a $2.3 million seed round, from unnamed U.S. and Switzerland-based investors. The startup had previously raised a €250,000 friend and family round, and had been on track to close a €500,000 seed earlier this year — but received a higher funding offer from a different set of investors, which is the $2.3M round it’s reporting."...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, da...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. ...
In his session at 15th Cloud Expo, Mark Hinkle, Senior Director, Open Source Solutions at Citrix Systems Inc., will provide overview of the open source software that can be used to deploy and manage a cloud computing environment. He will include information on storage, networking(e.g., OpenDaylight) and compute virtualization (Xen, KVM, LXC) and the orchestration(Apache CloudStack, OpenStack) of the three to build their own cloud services.