Kelowna, BC, March 22, 2019 (GLOBE NEWSWIRE) -- GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Company”) is pleased to provide the following updates on its retail store initiatives, further to its November 7, 2018 press release:
- GTEC has completed its due diligence of a private British Columbia corporation (“AssetCo”) and is negotiating the terms of the definitive asset purchase agreement with AssetCo (the “Definitive Agreement”). Pursuant to the Definitive Agreement, GreenTec Retail Ventures Inc., a wholly owned subsidiary of GTEC, will acquire the assets of AssetCo, including two retail cannabis locations in Vancouver, BC.
- GTEC is negotiating the terms of an asset purchase agreement with a society created pursuant to the laws of British Columbia (“SocietyCo”), pursuant to which, GTEC will acquire all the assets of SocietyCo, including a retail cannabis location and cannabis consulting clinic located in Vancouver, BC.
Both acquisitions remain subject to approval from the TSX Venture Exchange.
Tumbleweed Farms Milestone Payment
The Company announces that it has issued $2,250,000 of common shares of GTEC (the “Common Shares”) at a deemed value of approximately $0.60 per share to the Vendors of Tumbleweed Farms, in connection with Tumbleweed Farms’ submission of its Affirmation of Readiness and Video Evidence Package to Health Canada, as previously announced on March 13, 2019. Accordingly, the Company issued 3,759,319 Common Shares.
The Common Shares are subject to a statutory hold period lasting four months and one day from the date of issuance.
About GTEC
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for Standard Cultivation, Standard Processing and Analytical testing. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis. The Company has two additional facilities coming on stream in the latter half of 2019, which will increase annual capacity from 4,000kg to 14,000kg. GTEC’s retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT™, Tenzo™, GreenTec™, Cognōscente™, Treehugger™, and FN™. The Company is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange, OTCQB Venture Market and Frankfurt Stock Exchange. The Company is headquartered in Kelowna, British Columbia.
To view more about the company or to request our most recent corporate presentation, please visit our website at www.gtec.co
On behalf of the board,
Norton Singhavon
Founder, Chairman & CEO
ns@gtec.co
Michael Blady
Co-Founder & Vice President
mb@gtec.co
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals, where applicable and the state of the capital markets. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.