Kelowna, BC, Aug. 20, 2019 (GLOBE NEWSWIRE) -- GTEC Holdings Ltd. (GTEC.V) (GGTTF) (FRA:1BUP) (“GTEC” or the “Company”) is pleased to provide an update to its plans to acquire a cultivation facility located in Kelowna, British Columbia.
On July 22, 2019 GTEC issued a news release regarding its plans to acquire a Kelowna cultivation facility from Canopy Growth Corporation (“Canopy Growth”) (WEED.TO) (CGC). This facility is purpose-built to produce premium cannabis, near completion, and will have estimated annual output of 4,000 KG when complete. Please refer to the original news release for further information regarding the transaction.
GTEC and Canopy Growth have entered into an Amending Agreement that extends the Purchaser’s Condition Waiver Date to September 16, 2019. This extension provides GTEC with additional time to pursue satisfactory financing options in order to complete the transaction.
GTEC would also like to confirm that based on current market conditions, it does not intend to finance this acquisition by issuing equity or convertible equity/debt instruments at an issuance price less than its most recent financing which closed on March 21, 2019. The Company is currently exploring alternative financing options, including commercial debt and/or divesting of certain non-core non-operational assets. If the Company is unable to obtain financing that is satisfactory to its Board of Directors; then it will not proceed with the transaction and be entitled to a full refund of its $250,000 deposit, without any further liabilities, penalties or obligations.
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 currently holds the following licences issued by Health Canada pursuant to the Cannabis Act and Regulations; three Standard Cultivation licences estimated to produce 4,000 kg of indoor flower annually, two Standard Processing licences (for adult-use sales into the Provincial supply chains), two Medical Sales licences (for direct to medical patients), Standard Processing (for extraction), and Analytical Testing.
The management team is comprised of a diverse skill set sourced from leading global food & beverage, CPG and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis. GTEC’s retail division is pursuing licensing for recreational cannabis stores across Western Canada.
GTEC’s genetic portfolio is comprised of over 30 unique cultivars that have been developed through a comprehensive phenotyping process, which is expected to deliver a sustainable competitive advantage and provide favourable gross margins. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT™, Tenzo™, GreenTec™, Cognōscente™ and Treehugger™.
GTEC 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,
Founder, Chairman & CEO
Co-Founder & Vice President
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.
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. For instance, there can be no assurance that the Company’s overall annual production will increase to 4,000 kg of flower. 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.