KELOWNA, BC, Nov. 16, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV:
GTEC) (OTC: GGTTF) ("GTEC" or the "Company") is
pleased to announce that is has executed an agreement to facilitate
acquisition of cannabis genetics, via its wholly owned subsidiary,
Tumbleweed Farms Corp. ("Tumbleweed").
Tumbleweed signed an agreement with 1183279 B.C. Ltd., an Okanagan-based cannabis
consulting firm (the "Consultant"), dated October 19, 2018, in order to facilitate
acquisition of cannabis genetics when it acquires its cultivation
license. This process is being done in accordance with the
provisions of the Cannabis Act, and its associated
regulations.
The Consultant will assist Tumbleweed both in acquiring and
cultivating premium quality cannabis cultivars. In return for
these services, the Company will provide the Consultant with
200,000 GTEC shares (for specific cultivars) and a two-year royalty
payment (for other cultivars).
"Superior genetics are the cornerstone of premium quality
cannabis," said Norton Singhavon, Chairman & CEO of GTEC.
"This agreement represents a key element of our plan to become
Canada's leading vertically
integrated craft cannabis company."
The agreement between GTEC and 1183279
B.C. Ltd. remains subject to final approval of the TSX
Venture Exchange.
About GTEC
GTEC was founded in 2017 to capitalize on opportunities in the
nascent and rapidly growing legal cannabis industry. GTEC is a
public corporation listed on the TSX Venture Exchange and based in
Kelowna, British Columbia. GTEC is
focused on growing premium quality craft cannabis in purpose-built
indoor facilities. GTEC currently holds a 100% interest in GreenTec
Bio-Pharmaceuticals Corp., Alberta Craft Cannabis Inc. Grey Bruce
Farms Inc., Tumbleweed Farms Corp., Zenalytic Laboratories Ltd.,
and Spectre Labs Inc.
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 la
SOURCE GreenTec Holdings
