Kelowna, BC – September 18, 2019 – GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Company”), a vertically integrated premium cannabis producer, announces that pursuant to a Purchase and Sale Agreement (the “PSA”) it had entered into with Canopy Growth Corp (TSX:WEED) (NYSE:CGC) on May 16th, 2019, as amended (see press release August 20th, 2019), GTEC will not proceed with the completion of the transaction.
Further to the terms of the PSA, GTEC is entitled to a refund of its $250,000 deposit.
GTEC Holdings is a Canadian cannabis company focused on cultivating premium quality cannabis in purpose-built indoor facilities.
GTEC holds multiple Cultivation, Processing and Sales licences, along with an Analytical Testing licence. The company’s operational cultivation facilities span across three provinces: British Columbia, Alberta and Ontario.
GTEC’s genetic portfolio is comprised of unique and exotic cultivars selected to generate sustainable competitive advantage. GTEC’s products are marketed and sold under its flagship trademarked brands: BLK MKT™, Tenzo™, GreenTec™, Cognōscente™ and Treehugger™.
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 learn more about the company or to request the most recent corporate presentation, please visit www.gtec.co
On behalf of the board,
Founder, Chairman & CEO
Co-Founder & Vice President
For additional information, please contact:
GTEC Holdings Ltd.
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 Company’s genetic portfolio will deliver a sustainable competitive advantage and provide favourable gross margins. 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.