Kelowna, BC – April 6, 2020 – GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Company”), a premium indoor cannabis company, would like to provide the following update on the business impact of the COVID-19 Coronavirus.
The COVID-19 virus has had a dramatic adverse impact on the economy, markets and lives of many people. Accordingly, it is incumbent upon businesses and individuals to take all reasonable and practical measures to mitigate its impact. In light of these considerations, the Company would like to provide the following update:
- All four of the Company’s licenced cultivation and analytical testing facilities continue to be fully operational.
- The Company’s business continuity has been enhanced by various Provincial government announcements, supporting cannabis as an ‘essential service’ that will continue to operate during COVID-19 related shutdowns of non-essential businesses.
- The Company has implemented various measures to minimize any potential employee and business impact from COVID-19. This includes segregated shifts, mandatory masks and enhanced sanitization processes within all cultivation and processing areas.
- The Company currently has no reported cases of COVID-19 within the organization.
- The Company is achieving significant yield improvements at its three cultivation facilities: Tumbleweed Farms in British Columbia; Alberta Craft Cannabis in Alberta; and Grey Bruce Farms in Ontario (based on a comparison of initial Q2 2020 harvests to average Q1 2020 harvests).
- The Company is currently selling recreational cannabis in multiple provincial markets, and has not experienced any COVID-19 related challenges to continue selling through these channels.
- The Company intends to report its financial statements for its First Quarter of fiscal 2020 (3 months ended February 29, 2020) no later than April 29, 2020.
“As we navigate through these unprecedented times, the support of our Provincial governments is allowing us to continue operations and sustain our growth trajectory,” said Norton Singhavon, Founder and CEO of GTEC. “We would like to express our heartfelt support to all those individuals and families who have been adversely impacted by the current outbreak.”
GTEC Holdings Ltd. is a specialized cannabis company which produces and distributes ultra-premium cannabis products in Canada. The Company has four licensed and operational assets and is currently distributing cannabis through medical and recreational sales channels.
GTEC’s exclusive cultivar collection includes rare and unique phenotypes, which are not currently available from other Licenced Producers. GTEC’s premium and ultra-premium product portfolio includes; BLK MKT, TM Tenzo TM, GreenTec TM, Cognōscente TM and Treehugger TM.
The Company wholly owns operations in BC, Alberta and Ontario, and is licensed by Health Canada for the following: sales into recreational supply chains, direct sales to medical patients, bulk sales to other Licenced Producers, extraction, and analytical testing.
GTEC is a publicly traded corporation, listed on the TSX Venture Exchange (GTEC), OTCQB Venture Market (GGTTF) and Frankfurt Stock Exchange (1BUP). The Company’s headquarters is located 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
For additional information, please contact:
GTEC Holdings Ltd.
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; the state of the capital markets; and the COVID-19 Coronavirus pandemic. There can be no assurance that forward-looking 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.