CRYM - CryoMass Announces Sale of First Production Model to be deployed in Canada | Benzinga
DENVER, May 14, 2024 (GLOBE NEWSWIRE) -- CryoMass Technologies Inc. (the "Company" or "CryoMass") (OTCQB:CRYM), a pioneering leader in cryogenic systems for refinement of trichome-rich crops, today announced the sale of its first production model. As previously announced in January of this year, CryoMass entered into an agreement to sell up to five CryoSift Separators™ ("Units"). The transaction we are announcing today is the first of such Unit sales for CAD$1.62 million, which will be deployed in Canada, marking a significant milestone in the Company's growth trajectory.
Facilitated by a multi-year, multi-party Equipment Lease and Non-Exclusive Patent License agreement between CryoMass, a Special Purpose Vehicle (the buyer) and a Canadian cannabis and hemp operator (the lessee), this transaction enables CryoMass to actively introduce its patented biomass reduction and trichome refinement method and unique benefits to an established market. In addition to the revenue received from the sale of the Unit, CryoMass will receive a recurring revenue stream from processing fees for the life of the agreements. The buyer has 60 days to pay the amount due for the purchase of the Unit.
"Our strategic expansion into Canada's maturing cannabis ecosystem marks the launch of our innovative Equipment Leasing and Patent Licensing Program," said Christian Noël, CEO of CryoMass. "We are thrilled to unveil our CryoSift Separator™ production model and showcase its remarkable capabilities in driving cost savings, generating additional revenue, and delivering unparalleled operational efficiencies. This deployment represents a pivotal opportunity to demonstrate the transformative impact of our disruptive technology to additional customers in Canada who have eagerly awaited its integration into their businesses."
First Two-Skid CryoSift Separator™ Production Model
Building on eight years of extensive research and development, and over two years of rigorous testing, CryoMass has engineered a modular production model that enhances performance and versatility. Key enhancements include:
- A sectional shaft configuration for ...