LOS ANGELES, CA, May 06, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Agritek Holdings, Inc. (AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor and white label provider for popular hemp brands, announced today that the Company’s Institutional accredited investor, Oasis Capital (“Oasis”), has agreed to provide in excess of $500,000 in additional funding as the Company moves toward its new corporate strategy as an eSports gaming Company under the name “iBet Gaming Corporation.” Oasis Capital has additionally signed an agreement with the Company to provide a five-million-dollar ($5,000,000) equity line once the Company’s filings are approved by OTC Markets for uplisting to the OTCQB as regulatory agencies approve the name change along with S-1 registration filings for the “spin-off” of the Company’s cannabis assets.
The Company has recently filed and received first comments on its 14C information statement which outlines the board action to change the name of the company to “iBet Gaming Corporation” and to amend the corporate articles. Further details of the proposed amendments are included in the 14-C filing. The complete filing may be seen at OTCMarkets.com at the following link:
https://www.otcmarkets.com/filing/html?id=14082663&guid=WBGHUFPiooYYzZh
“Our recent acquisition of Full Spectrum Biosciences Inc. as a wholly owned subsidiary will hold all of our current cannabis assets and brands, and will serve as a spin-off vehicle and separate public company. All shareholders will receive a dividend share once the S-1 registration statement is filed. A record date is expected to be announced once the name change is approved by regulators from Agritek Holdings, Inc. to “iBet Gaming Corporation,” stated B. Michael Friedman, CEO of Agritek Holdings, Inc.
"The additional $500,000 capital infusion by our institutional investor and $5,000,000 equity facility to be registered, will allow the Company to secure a successful transition and long-term equity commitment for our move into the emerging eSports entertainment sector. The Company will seek to use this commitment to discontinue its past reliance on convertible debentures, as a far more favorable corporate financing for the Company and its shareholders in an effort to restore the Company’s stock price back to more attractive levels as we have seen in recent weeks,” Friedman added.
According to Statista, worldwide revenue for eSports will top $1 billion in 2019, continue to grow rapidly in the coming years and by 2022, 650 million people are expected to be watching eSports online.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor of white label brands in the legal cannabis sector. Specifically, Agritek Holdings provides strategic capital and functional expertise to accelerate the commercialization of its diversified portfolio of cannabis related real estate holdings. Agritek Holdings recently acquired Full Spectrum Biosciences as a wholly owned subsidiary which manufactures and distributes its hemp-derived CBD products under the Rehab Rx, MD Vapes, Hemp Pops and Higher Society trademarked brands. Full Spectrum brands are currently sold online (www.RehabRx.com) as well as approved for sale on Amazon (www.Amazon.com) currently being sold in the United States and parts of Canada. Agritek Holdings, Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate or contravene United States law or the Controlled Substances Act.
About Full Spectrum Biosciences
Full Spectrum Biosciences (FSB) is a wholly owned subsidiary of Agritek Holdings, which manufactures and distributes its hemp-derived CBD products under the RehabRx, MD Vapes, Hemp Pops and Higher Society trademarked brands. Full Spectrum brands are currently sold online (www.RehabRx.com) Instagram @getrehabrx as well as approved for sale on Amazon (www.Amazon.com) being sold in the United States and parts of Canada. Post spin-off, Full Spectrum Biosciences will continue to invest in the growth of these brands while also seeking to acquire and develop additional brands as intellectual property under the “FSB” banner.
About iBet Gaming Corporation
iBet Gaming Corporation, is a licensed gaming company through its partners, with a focus on eSports Entertainment, fantasy, and in video game wagering. The Company offers real-time wagering software on eSports events through the Company’s licensed, regulated, and secure platform to the global eSports community. In addition, iBet intends to offer users in legal jurisdictions throughout the world the ability to participate in eSports entertainment and video game tournaments for cash and prizes. The eSports entertainment market is expected to grow exponentially because of various driving factors, such as increasing popularity of video games and growing awareness about eSports. iBet Gaming Corporation management will consist of a team of industry professionals and technical experts from the online and regulated gaming industries, with a new focus eSports. The Company, through its partners, holds licenses in Curacao and Malta to conduct online gaming tournaments and take wagers for 18+ gaming in the EU and multiple countries.
About OTC Markets Group Inc.
OTC Markets Group Inc. operates the OTCQX® Best Market, the OTCQB® Venture Market, and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, the company connects a diverse network of broker-dealers that provide liquidity and execution services. It enables investors to easily trade through the broker of their choice and empowers companies to improve the quality of information available for investors.
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.
Contact:
Agritek Holdings, Inc.
www.AgritekHoldings.com
305.721.2727