Full Press Release Details
Lexaria Letter From the President
Kelowna, BC / February 24, 2015 / Lexaria, Corp. (OTCQB:LXRP)
(CSE:LXX) (the Company ) is pleased to provide a Letter From the President for
all its stakeholders.
Lexaria has posted at its website www.lexariaenergy.com a letter from the president,
outlining recent corporate activity and current and future business plans. The
complete Letter from the President is also being filed with regulators in the
USA and Canada, and sent directly to shareholders. A summary and excerpt from
I am pleased to offer this update on Lexaria Corp to all
stakeholders, following many changes in the Company during the past year.
It is a particularly exciting time in the Company s history.
2014 delivered the sharpest and most severe decline in oil prices in over 5
years, and one of the biggest declines of all time. In 2012 we quietly initiated
efforts to maximize value from our Belmont Lake oil field through any means
possible, including a complete asset sale.
The oil field was sold late in 2014. At a peak, we owed over
$1.7 million to various creditors, much of this to management and directors who
had provided significant loans to enable our operations. We are proud to have
paid all these loans down to a zero balance and that every creditor was paid in
At our annual general meeting in 2014, you responded
overwhelmingly in favor of our entry into the medical marijuana sector, and we
have responded with vigor. We now have a joint venture that has applied to
Health Canada, the governing body of the medical marijuana industry in Canada,
for a license to produce 10,000 kg (approx 22,000 pounds) of medical marijuana
per year. Lexaria owns 49% of that joint venture.
Meanwhile, we don t want to either bet the entire company on a
single license application; or ignore the much larger market for already-legal
agricultural hemp products. It s important to clearly understand our foray into
involved in the marijuana trade in any way, even in those states where it is
legal to do so under state law.
We are proud to help people in their quest for health and
wellness, and we have come to believe that CBD may play an integral role in
general good health. As a publicly traded company we believe this is not only
the more prudent path for our company to take on behalf of its investors, but also the more profitable one.
Having unveiled our www.vipova.com website and upon selling our first cup
of tea, we became a national company able to sell our CBD infused tea using
patent-pending technology - anywhere in the United States.
In order to attempt to generate sales revenue, and with them,
our expectations of eventual profits, we purchased 51% of PoViva Tea LLC and
launched the ViPovaTM brand of Cannabidiol (CBD) infused teas. Of all
the steps we ve taken in guiding Lexaria forward over recent years, we are
perhaps most excited about our entry into the CBD business. Lexaria is playing a
leading role in this brand new industry by delivering CBD through our unique and
distinctive lipid-infused process making it one of the most exciting emerging
companies in the business today.
2015 will be a very busy year for us we have a number of
goals and initiatives.
Primary among these is to establish ViPovaTM as a
widely recognized and trusted brand for delivering CBD using our patent pending
process that we believe is more effective and comforting. As brand recognition
grows we intend to broaden the brand with other products, such as flavored teas
and coffee. ViPovaTM sales and product introductions will constantly
be a focus during 2015.
We will also launch our second brand of products under the
Lexaria Energy brand, keeping a smile on our corporate face as we use our
original name for new purposes. Lexaria Energy will be launched in
the first 6 months of 2015 as a line of nutritional supplements for active
people, once again always using our patent pending technology to infuse CBD
inside for comfort and effectiveness.
We expect our first product to be a CBD/Protein bar of
exceptional quality and taste. We are hoping to make the Lexaria Energy Bar the
only bar in the world that is low on the glycemic index;
gluten-free; and incorporates CBD with our patent-pending technology. It is
currently under development.
2014/2015 is a period of change for your company. We know we
made the right move to back away from the oil and gas business, and the
economics in that business have deteriorated even more rapidly than we feared
they might. We have paid all our bills and debts so that the Company is not
burdened or placed at risk. We ve entered the medical marijuana business through
a license application in Canada. And we are launching two new brands in the USA
aimed at the exciting brand new fields of cannabidiol delivery.
Though there has been a lot of change, one thing in particular
remains constant: our thanks to you our shareholders for your loyalty and
steadfastness over the years. It is hard being a mouse among elephants but we ve tried our best to work hard for you
all the while we avoid being stepped on. Our commitment to you remains unchanged
and we will work honestly and tirelessly on your behalf.
President and CEO, Lexaria Corp .
Lexaria's shares are quoted in the USA with
symbol LXRP and in Canada with symbol LXX. The company searches for projects
that could provide potential above-market returns. www.lexarienergy.com
legal CBD oil extracts, grown from legal hemp in locations where it is legal to
do so, in ViPovaTM-branded tea. ViPovaTM uses its
patent-pending process to infuse concentrated amounts of CBD within lipids in
its tea, providing more bioactivity and comfort to the body during the
absorption process. Only ViPovaTM has this ground-breaking technology
for CBD/lipid infusion. www.vipova.com
FOR FURTHER INFORMATION PLEASE CONTACT:
FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements. Statements
which are not historical facts are forward-looking statements. The Company makes
forward-looking public statements concerning its expected future financial
position, results of operations, cash flows, financing plans, business strategy,
products and services, competitive positions, growth opportunities, plans and
objectives of management for future operations, including statements that
include words such as "anticipate," "if," "believe," "plan," "estimate,"
"expect," "intend," "may," "could," "should," "will," and other similar
expressions are forward-looking statements. Such forward-looking statements are
estimates reflecting the Company's best judgment based upon current information
and involve a number of risks and uncertainties, and there can be no assurance
that other factors will not affect the accuracy of such forward-looking