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Greengro Technologies, Inc. Acquired Exclusivity licensing to Controlled Environment Genomics Intellectual Property Technologies
Greengro Technologies, Inc. Acquired Exclusivity licensing to Controlled Environment Genomics Intellectual Property Technologies.
About this update from Greengro Technologies, Inc.
[{"type":"text","content":"\n\n Timothy J. Madden Named CEO of Gala Global, Inc.\n ANAHEIM, Calif., Feb. 14, 2017 (GLOBE NEWSWIRE) -- Greengro Technologies, Inc. (OTC:GRNH), a world-class provider of eco-friendly green technologies, announced today that it has acquired the intellectual property (IP) rights for Controlled Environment Genomics (CEG) technologies from Gala Global, Inc. (OTCQB:GLAG), Las Vegas, Nev., is entering into equity investments, debt financing, mergers and acquisitions in the cannabis industry. In addition, Greengro CEO James Haas announced that industry veteran and Greengro COO Timothy J. Madden has been named as Gala Global’s new CEO. The deal between the two companies calls for Greengro to exchange debt owed to it by Gala Global for a 30 percent equity position in Gala Global in the form of non-dilutive common and preferred stock. The CEG IP is Gala Global’s based genomics technologies developed as part of a program to incorporate genetics – heredity and the variation of inherited characteristic in plants – to help cannabis industry growers create better, more powerful and sometimes personalized commercial cannabis strains that share inherited characteristics, e.g., higher average concentrations of THC, considered desirable to growers and the commercial and consumer markets. Genomics is an interdisciplinary field of science focusing on genomes. A genome is a complete set of DNA within a single cell of an organism, and as such genomics is a branch of molecular biology concerned with the structure, function, evolution and mapping of genomes. The process used involves the cannabis genome (the complete set of genes and genetic material present in the plant), genotype (the plant's complete heritable genetic identity), and phenotype (the set of a strain’s expressed, observable characteristics resulting from the interaction of its genotype with the environment). Greengro company division GenoBreeding will direct Greengro’s initiative to bring to the market cutting edge cannabis varieties through the application of plant genomics and modern plant breeding technologies. “First, we’d like to congratulate Greengro COO Tim Madden on his increased responsibilities as Gala Global CEO,” said Haas.  “He is a knowledgeable and exemplary leader in his field and we are pleased...