Kelowna, BC, April 04, 2019 (GLOBE NEWSWIRE) -- GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Company”) announces that further to the press release dated January 30, 2019, in which the GTEC announced that Tumbleweed Farms (“Tumbleweed”) completed construction of a Health Canada approved cannabis production facility (the “Tumbleweed Facility”), the completion of the Tumbleweed Facility has resulted in the satisfaction of a milestone pursuant to the share purchase agreement dated November 22, 2017 among GreenTec Holdings Ltd. (“GreenTec”), Norton Singhavon (“Mr. Singhavon”) and Michael Blady (“Mr. Blady” and together with Mr. Singhavon, the “Vendors”) and the assignment and assumption agreement dated June 11, 2018 between GTEC, GreenTec and the Vendors.
As a result of the foregoing, GTEC is to issue $250,000 worth of common shares of the Company (the “Common Shares”) to Mr. Singhavon, Chairman and Chief Executive Officer of the Company and Mr. Blady, Director and Vice President of the Company, upon completion of construction of the Tumbleweed Facility. Accordingly, GTEC intends to issue an aggregate 367,647 Common Shares to the Vendors at a deemed price of $0.68 per share. Mr. Singhavon will receive 257, 353 Common Shares and Mr. Blady will receive 110,294 Common Shares.
The Common Shares will be subject to a statutory hold period of four months and one day from the date of issuance thereof and the issuances remains subject to the approval of the TSX Venture Exchange.
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 4,000 kg to 14,000 kg. 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.