Breedit Corp (GREY:BRDT)

REHOVOT Israel, March 31, 2014 /PRNewswire/ --



BreedIT Corp (OTC: BRDT; "BreedIT" or the "Company"), 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 announced that as a part of the its business development efforts focused on emerging medicinal Cannabis markets worldwide, the Company has entered into a strategic partnership with an experienced Israeli medicinal cannabis grower "Sheifa Le'Haim" ("the Grower") to breed and own unique and hybrid cannabis seeds utilizing its advanced Intelligent Decision Support System (IDSS). The partnership is focused not only the breeding of cannabis seeds, but also on the future ownership of these unique and hybrid cannabis seeds, and the option to sell them in the market.

On March 30, 2014, BreedIT and Sheifa Le'Haim entered into a 50/50 joint venture agreement designed to develop and own new cannabis seeds. The development of these unique cannabis seeds will be done utilizing BreedIT's unique agro-breeding IDSS technology combined with the Grower providing needed oversight and guidance during the growth process. All development will be done in a dedicated area of Sheifa Le'Haim's facility. Each resulting cannabis seed will be owned by the joint venture.

Sheifa Le'Haim was founded and granted with a license from the Israel government's health ministry to grow cannabis for medical purposes in 2008. The name Sheifa Le'Haim in Hebrew has double meaning: "Sheifa" means breathing and/or ambition, while "Le'haim" means for life. Such license has been granted to only eight growers including  Sheifa Le'Haimin Israel, whom is the only Israeli grower with global GAP (Good Agriculture Practice). For more information on Shaifa Le'Haim please visit http://www.shaefa.co.il/

Commenting on the joint venture, Sheifa Le'Haim's Chief Executive Officer, Hagai Helman stated, "The breeding of unique and hybrid medicinal cannabis seeds is complex, requiring a team of breeding experts and technology. BreedIT's state-of-the-art IDSS technology and world class breeding team, combined with my experience in growing cannabis, provide the requisite scientific tools and expertise to make this partnership a success. We look forward to bringing this vision to fruition and being one of the top producers, owners and sellers of an array of unique and in-demand cannabis seeds."

Itschak Shrem, Chairman of BreedIT Corp, commented, "We are excited to partner with such an established and experienced cannabis grower for the production, ownership and sale of these unique cannabis seeds. This initiative has the potential to bring significant top-line revenue to our business once the seeds are ready. Eager to get started on this effort, we expect to begin the breeding process immediately."

Mr. Shrem continued, "The emerging cannabis seed market, recognized as one of the most profitable areas in global agriculture worldwide, is a leading market for our IDSS technology. As such, over the past few months, our business development efforts have been focused on penetrating this market and will continue to moving forward. Our Board of Directors is evaluating a few additional opportunities for same type of partnership in Israel and in other parts of the globe including North America. We will update the investment community on these developments as they occur." 

January 23, 2014

BreedIT Corp (OTC: BRDT; "BreedIT" or the "Company"), 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 issued a letter to shareholders commenting on progress made in 2013 and its business plan for 2014 and beyond.

The year ended December 31, 2013 was a significant year of change for the Company and its initiatives moving forward. During the second half of 2013, specifically, management and Board of Directors acknowledged the need to expand its technology capabilities, revenue streams and market opportunities to bring greater value to the Company and its shareholders.

BreedIT's agro-breeding technology, developed at The Robert H. Smith Faculty of Agriculture, Food & Environment of the Hebrew University of Jerusalem by a team led by Professor Haim Rabinowitch, was found to be suitable for integration with the company current technology. Designed by breeders for the purpose of optimizing their breeding procedures, BreedIT's state-of-the-art Intelligent Decision Support System (IDSS) for agro-breeding was identified as the most advanced technology solutions for plant breeders and researchers available in the market today.

As a result, BreedIT Corp acquired a 67% stake in BreedIT Ltd. in August 2013. BreedIT ltd. is an Israeli company that owns the exclusive worldwide license rights to the IDSS. The remaining 33% stake currently belongs to BreedIT Ltd. Founder and CEO Dr. Oded Sagee, an agronomist with significant business experience, a proven managerial track record, and a vested interest in ensuring the company's success.

Following the strategic acquisition of BreedIT Ltd. and appointment of key experienced executives, including the appointment of its CFO, Oded Gilboa, a certified CPA with finance and accounting experience in public companies in the U.S. and Israel, the Company pursued a name and ticker symbol change to reflect the technology, new direction of the business and to support the interests of the shareholders. On December 23, 2013, the name change to "BreedIT Corp" and ticker symbol change to "BRDT" officially became effective.

Thus far, 2014 has been marked with further improvements to BreedIT Corp's management team including the addition of Mr. Itschak Shrem, Yoel Yogev and Dr. Ben Zion Weiner as its new chairman, CEO and BOD member, respectively.

Itschak Shrem, Chairman of BreedIT Corp, commented, "2013 marked a significant year for the Company. During the year, we were able to build a foundation for growth for our shareholders that included becoming the exclusive license holder and distributor of BreedIT's agro-breeding technology and putting in place an experienced executive team for our subsidiary to help grow this company. On behalf of the executive team and Board of Directors, we believe we have the right team on board. We have complete trust and confidence in our subsidiary's management team led by CEO Dr. Oded Sagee, supported by Chief Scientist Consultant, Professor Haim Rabinowitch, Chief Technology Officer, Mr. Yahali Sherman, and Product Manager, Agr. Drora Balga, and their ability to execute on defined strategic growth objectives. It is our belief that this team can succeed in implementing Dr. Sagee's vision and business plan initiatives effectively. Initiatives include offering our technology to seed company breeders and researchers including recurrent revenues model for related services; leveraging our technological advantages to sign JV agreements in an effort to acquire seed rights; selling academic courses for professional breeding; becoming a leading player in the field of Medicinal Cannabis breeding "heal the world"; participating in "feed the world" global projects to improve agriculture in third world countries, and lastly, establishing a "high end" scientific advisory board to support all of our business initiatives."

He added, "Building shareholder value remains of utmost importance to the executive team and Board of Directors. We look forward to pursuing these various avenues of growth in the time ahead."

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