LOS ANGELES, CA, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Agritek Holdings, Inc. (OTCQB: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector and consultant for multiple cannabis brands, today announced that the Company in an effort to stop dilution of its common stock and stabilize the AGTK share price is now completing a deal with an institutional investor to soon begin paying off close to $700,000 in toxic debt to the Company’s various convertible note-holders.
Over the next month going into 2018, management of Agritek Holdings expects to immediately accomplish the long-term objective of paying-off all previous outstanding convertible notes and receive new investment capital with a friendly, long-term, strategic financing partnership.
B. Michael Friedman, CEO of Agritek Holdings, Inc., stated: “The tremendous reduction of troubling convertible toxic-type debt from our balance sheet has always been of major importance to strengthen the value of our company and its balance sheet. The buyout plan of our current toxic, convertible debt which has put extreme pressure on our common stock price through conversions of millions of shares at a discount has already affected our marketplace favorably through our recent upward trend. Additionally, future capital investments by the same financial partner under more favorable terms now being negotiated, will allow Agritek Holdings to grow through our increase in common stock price and expand revenue streams through immediate opportunities and acquisitions of real estate and brands within the cannabis sector.“
“We are extremely pleased with this new financing partner, and believe the elimination of existing convertible notes of almost $1,000,000 will be beneficial to the Company, its shareholders and investors almost immediately. The terms of our new funding plan over the next year is intended to send a message to the market that Agritek Holdings will soon be fiscally strong and ready for an acceleration within the sector as California turns recreational in 2018 as well as Canada’s move to decriminalize in the coming months, both jurisdictions where we plan to have a strong presence. We remain committed and are presently evaluating several acquisitions to bring into our holdings for benefit of not only for Agritek Holdings and our shareholders, but also to those in the cannabis industry which desperately needs innovative solutions to meet patient care and consumer demand through compliance, consistency of brands and technology.” further stated Friedman.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), a pioneer within the medicinal marijuana space, provides innovative technology and agricultural solutions for both the medicinal and recreational cannabis industry. Agritek Holdings, Inc. presently owns or manages property in Colorado, Washington State, Puerto Rico, and Canada, and has agreements with permitted facilities in California approved for cultivation as well as manufacturing capabilities. The company owns several Hemp and cannabis brands for distribution including California Premiums, MD Strips, and Hemp oil wellness products. Agritek Holdings Inc. does not directly grow, harvest, distribute, or sell cannabis or any substances that violate or contravene United States law or the Controlled Substances Act, nor does it intend to do so in the future.
FORWARD-LOOKING DISCLAIMER:
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Agritek Holdings, Inc. to be materially different from the statements made herein.