CEN Biotech, GrowLife and RXNB Mutually Extend the Date for Closing of their Strategic Partnership

MADISON HEIGHTS, MI / ACCESSWIRE / March 24, 2014 / Creative Edge Nutrition, Inc. (PINKSHEETS: FITX), in addition to GrowLife, Inc. together with Organic Growth International, LLC ("OGI"), its joint venture with CANX USA, LLC, extended the date for completion of due diligence and closing the transaction with RXNB Inc. ("RXNB") to April 4, 2014.   Under the agreement, GrowLife will sell and distribute RXNB proprietary technologies globally, and share profits related to technology licensing, subject to the approval of the GrowLife Board of Directors.  GrowLife currently has a 45% ownership interest in OGI, with conditions under which it can gain majority interest.

Bill Chaaban President & CEO stated, “all parties have the desire and will to work together. We work individually and collectively in the best interest of our shareholders.  The magnitude and complexity of this deal required an extension of the due diligence period. We are at the dawn of a new era.”

RXNB is an investment company with holdings in drug formulation, manufacturing, and distribution.   The company represents a recent roll-up of several independent companies in the pharmaceutical and nutraceutical market. RXNB has numerous pending patents in the field of THC research and development.

According to RXNB executive Dr. Sam Alaweih, “We are very pleased to have reached a mutually agreeable go-forward plan with GrowLife and OGI management.  RXNB has agreed to withdraw its contemplated litigation, without prejudice.”

“I am pleased to join Sam Alaweih and Bill Chaaban in our renewed dedication to completing the exciting partnership with RXNB,” commented GrowLife CEO and OGI member Sterling Scott.  “We have agreed to complete the deal by April 4, 2014, and are confident in both parties’ ability to achieve consensus by that time.  Given the complexities of this transaction, and the number of different parties involved, additional time was necessary.”

A full 8-K detailing the Agreement was released January 30, 2014.