Kelowna, BC, April 12, 2021 (GLOBE NEWSWIRE) -- GTEC Holdings Ltd. (TSXV:GTEC) (OTCQB: GGTTF) (FRA: 1BUP) (“GTEC”, the “Company” or “GTEC Cannabis Co.”) a multi-licensed producer of handcrafted, high quality cannabis, is pleased to announce that it has repaid its two Senior Secured Promissory Notes (the “Notes”) with NFS Leasing Canada Ltd. (“NFS”) in full.
The Notes, which carried an aggregate principal balance of approximately $6 million, were fully repaid on April 9, 2021. The complete elimination of the Company’s debt, including the repayment of the Invictus Promissory Note (as announced on March 1, 2021), will deliver over $1 million in interest savings over the next 12-months.
The Company is now free of all debt liabilities, with all security interests removed and the Company’s assets fully unencumbered. Accordingly, the Company now has a strong working capital position and balance sheet, with a current cash balance of approximately $19 million.
“We would like to thank the team at NFS for supporting our vision as we navigated through a key phase of the growth of our emerging business,” said Norton Singhavon, Founder and CEO at GTEC. “We are extremely pleased to become one of the few debt free Companies within the sector, as we continue on our mission to become a leading producer of high-quality cannabis products in North America and globally.”
The Company would like to reiterate its dedication to operate in a fiscally disciplined manner while building long-term shareholder value. The Company will continue evaluating opportunities to reduce operational expenses, while striving to increase its revenue and gross margins.
About GTEC Cannabis Co
GTEC Cannabis Co. cultivates, markets, and distributes handcrafted, high quality cannabis products. The Company has three fully licensed and operational facilities and is currently distributing cannabis through medical and recreational sales channels.
GTEC’s premium quality recreational cannabis brands includes; BLK MKT™, Tenzo™, Cognōscente™ and Treehugger™, which are crafted from unique cultivars, and sold in British Columbia, Ontario, Saskatchewan, Manitoba and Yukon. The Company’s medical cannabis brand, GreenTec™, is distributed nationwide to qualified patients through its GreenTec Medical website and various licensed partners.
GTEC is a publicly traded corporation, listed on the TSXV (GTEC), OTCQB Venture Market (GGTTF) and Frankfurt Stock Exchange (1BUP). The Company’s headquarters is located in Kelowna, British Columbia and has operations in British Columbia, Alberta and Ontario.
To learn more about the Company or to access the most recent Corporate Presentation, please visit our website at www.gtec.co
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking information” as defined under applicable Canadian securities legislation. Forward-looking information is 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 information. Examples include statements that the Company will operate in a fiscally disciplined manner, build long-term shareholder value, reduce operational expenses, or increase its revenue and gross margins.
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. For instance and among other things, such risks include that the Company will maintain adequate capital resources and liquidity, including but not limited to, availability of sufficient cash flow, to execute the Company’s business plan (either within the expected timeframe or at all); there can be no assurances regarding potential effects of judicial or other proceedings on the Company’s business, financial condition, results of operations and cash flows; volatility in and/or degradation of general economic, market, industry or business conditions; compliance with applicable environmental, economic, health and safety, energy and other policies and regulations and in particular health concerns with respect to the use of cannabis; the anticipated effects of actions of third parties such as competitors, activist investors or federal, provincial, territorial or local regulatory authorities, self-regulatory organizations, plaintiffs in litigation or persons threatening litigation; changes in regulatory requirements in relation to the Company’s business and products; 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.
Accordingly, readers should not place undue reliance on forward-looking information, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.