Cannabix Technologies Welcomes Dr. Phillip Olla to the Board of Directors

VANCOUVER, British Columbia, April 02, 2024 (GLOBE NEWSWIRE) -- Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF) (the “Company or Cannabix”) developer of marijuana and alcohol breath testing devices is pleased to report that Dr. Phillip Olla (Ph.D.) has joined the board of directors. Dr. Olla is an expert in breath technologies, breathomics, healthcare innovation, artificial and medical informatics. Dr. Olla has served as the CEO of Audacia Bioscience, a health informatics company who performed substantial work in cannabis breath research and development. Dr. Olla is one of only a handful of scientists globally who has ever conducted delta-9 THC analysis in blood and breath. Dr. Olla is an associate professor at University of Detroit Mercy in Michigan and is the Vice Chair of the MedHealth Consortium.

Dr. Olla has established himself as a sought-after global speaker. He has authored seven books and more than 60 scholarly publications, showcasing his expertise in technology innovation and healthcare. He worked in the telecom and technology sectors for over a decade, working for British Telecom and O2 and Oracle. His contributions within the digital health arena have been acknowledged internationally, exemplified by his invitation to speak at a United Nations conference and World Health Organization. Notably, his professional journey includes collaborations with companies like IBM, Roche Diagnostics and Morgan Stanley. Dr. Olla holds a Ph.D. in Management Information Systems (MIS) from Brunel University, United Kingdom.

Dr. Olla's contributions to “breathomics” are particularly noteworthy. His published research in this domain has established him as a leader in understanding the complex interplay of breath components and their potential applications in medical diagnostics.

Rav Mlait, CEO, stated, “Dr. Olla's expertise in multi-modal breath analysis will aid in advancing Cannabix’s marijuana and alcohol breathalyzer technologies in the U.S. and Europe. Dr. Olla has amassed a considerable network of industry professionals and experience that will help Cannabix move to commercialization. Dr. Olla will also help explore additional applications and market opportunities for Cannabix’s novel breath testing technologies.”

Stock Options

The Company reports the cancellation of 1,500,000 stock options as follows: 450,000 exercisable at $0.80, 375,000 exercisable at $0.50, 500,000 exercisable at $0.55, 175,000 exercisable at $0.35.

The Company is granting a total of 2.7M incentive stock options to directors and consultants of the Company. 2,225,000 options will be exercisable at $0.25 per share for five years. 475,000 stock options will be exercisable at $0.25 per share for 2 years, and subject to vesting provisions.

About Cannabix Technologies Inc.
Cannabix Technologies Inc. is a developer of marijuana and alcohol breathalyzer technologies for law enforcement, workplaces and laboratories. Cannabix is working to develop delta-9 THC and alcohol screening devices. Delta-9 THC is the psychoactive component of marijuana that causes impairment. Breath testing for delta-9 THC would allow employers and law enforcement to identify recent marijuana use. Cannabix is the developer of contactless breath alcohol detection devices for employers and a host of other settings.

We seek Safe Harbor.

On behalf of the Board of Directors

“Rav Mlait”

CEO
Cannabix Technologies Inc.

For further information, contact the Company at [email protected]

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company, such as final development of a commercial or prototype product(s), successful trial or pilot of company technologies, no assurance that commercial sales of any kind actually materialize; no assurance the Company will have sufficient funds to complete product development. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks regarding protection of proprietary technology; (iii) the ability of the Company to complete financings; (iv) the ability of the Company to develop and market its future product; and (v) risks regarding government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings. There is no assurance that its development of breathalyzer technologies will provide any benefit to the Company, and no assurance that any proposed new products will be built, will be successful in beta testing or clinical trials. There is no assurance that the Company will enter into any partnerships to advance any of its corporate initiatives or technologies. There is no assurance that any “patent pending” or “provisional patents” technologies licensed by the Company or owned by the Company will receive patent status by regulatory authorities. The Company is not currently selling commercial breathalyzers. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.