Tel Aviv, Feb. 10, 2022 (GLOBE NEWSWIRE) -- Citrine Global Corp.'s (OTCQB:CTGL) subsidiary, Cannovation Center Israel Ltd. (Cannovation), is pleased to announce that it has acquired 11,687 sqm of industrial land in the town of Yeruham in Southern Israel. From the land acquisition cost, ~90% is provided as part of Israeli government programs that encourage industrial development and include additional grants and tax incentives.
The company decided to call the production and innovation platform Green Vision Center. The strategic acquisition aligns with the company's strategy of developing wellness and pharma solutions and products, focusing on botanical solutions such as medicinal herbal plants, medical cannabis, medicinal mushrooms, and other natural solutions.
The Green Vision Center is to be built as a production & innovation center creating a wellness and pharma ecosystem that includes facilities and equipment for manufacturing, laboratories, pharmacological research, product development, clean rooms, logistics, import and export, distribution, professional consultants, and an International Visitor Complex that will include a training center, a conference center, a care center clinic, coffee shops, and a museum.
Our mission is to become a leading worldwide production & innovation ecosystem and research center dedicated to promoting production as well as scientific research and commercial collaboration amongst emerging technologies, and market leaders and companies, from Israel and around the world.
The planned built area of the Green Vision Center will include ~5,500 square meters, with the following divisions:
The unique shape of the Center, designed by Mr. Avner Sher, one of Israel's most respected architects and artists, has a recognizable leaf-shape, and the Company intends to have this design as an internationally recognizable brand for the Center buildings in Israel and worldwide. The Center is to be built in accordance with ecological green principles of saving energy and including solar panels.
Reference is made to the current report on Form 8-K filed by the Company on February 10, 2022, for additional information.
About Citrine Global Corp.
Citrine Global's business activity is primarily comprised of developing wellness and pharma solutions focusing on botanical products such as medicinal herbal plants, medical cannabis, medicinal mushrooms, and other natural solutions to improve the quality of life of people around the world
Citrine Global's headquarters and senior management are based in Israel, where the company operates via its 100%-owned-subsidiary CTGL Citrine Global Israel Ltd. and 60%-owned Cannovation Center Israel Ltd.
Citrine Global team has a strong foothold in Israel with leading universities, researchers, labs, industry leaders, companies and entrepreneurs and views Israeli technologies as a source of innovation for global markets.
Recent important milestones include the following:
Citrine Global's vision is to become a leading global company for wellness and pharma technologies and solutions targeting to improve people's quality of life worldwide.
You are invited to visit our website: http://www.citrine-global.com
For inquiries and further information, please contact: info@citrine-global.com
Safe Harbor Statement
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. For example, Citrine Global is using forward-looking statements when it discusses that Cannovation Center Israel Ltd. will create an eco-system that will attract partners, market leaders, companies, and technologies, and will turn Cannovation Center Israel Ltd. into a global center in these fields. These forward-looking statements and their implications are based on the current expectations of the management of Citrine Global and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this communication include but are not limited to trends in target markets; effects of competition in the Company's main markets; ability to establish and maintain strategic relationships in its major businesses, market acceptance of Cannovation's Green Product Line, sufficient capital resources to realize our business plan, profitability of the growth strategy; and changes in global, political, economic, business, competitive, market and regulatory forces. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.
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