GTEC Announces Satisfaction of Tumbleweed Milestone
05 April 2019 - 8:00AM
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 GTECGTEC 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.coOn behalf of the
board,Norton SinghavonFounder, Chairman &
CEOns@gtec.coMichael BladyCo-Founder & Vice
Presidentmb@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.
For additional information please contact:
GTEC Holdings Ltd.
1-800-351-6358
contact@gtec.co
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