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KELOWNA, BC, Aug. 24, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) (OTC: GGTTF) ("GTEC" or the "Company") is pleased to announce that it has retained MariCom Inc. ("MariCom") and First Canadian Capital Corp. ("FCC") to provide investor relations services to the Company in compliance with regulatory guidelines and also announces issuances of common shares in the capital of the Company in exchange for services provided by its Chief Executive Officer, Norton Singhavon, and separately by a consultant to the Company, Matthew Fraser.
GTEC Engages MariCom
MariCom is a Montreal-based communications firm focused on providing fully bilingual investor relations services to build and create awareness for companies in all stages of development in every key network. The firm brings unique expertise in the cannabis sector and will be providing a range of services, including presenting GTEC's business and milestones to its network of investment advisors, analysts and institutional fund managers.
MariCom will work closely with GTEC to develop and deploy a comprehensive capital markets strategy and campaign. Activities will include developing precise messaging, distributing that message cost-effectively and optimizing the Company's branding, website and social media presence bilingually with MariCom's graph design and social media team.
Under the terms of engagement, MariCom has been retained for a 12-month period at $2,000 per month with either party having the right to terminate the agreement by providing 30 days written notice. The Company has also granted 200,000 stock options to MariCom at an exercise price of $0.95, expiring August 23, 2021. The options will vest in four equal tranches on a quarterly basis and will vest in full on August 23, 2019. This agreement is subject to the approval of the TSX Venture Exchange.
GTEC Engages FCC
FCC is a Toronto-based communications firm which develops strategic platforms for North American corporations that are utilized to gain exposure and recognition to the capital markets. FCC's core competencies are found in identifying quality assets and undervalued companies with high growth potential.
Under the terms of engagement, FCC has been retained for a six-month period at $6,000 per month and following the initial six-month period, either party will have the right to terminate the agreement by providing 30 days written notice. The Company has also granted 350,000 stock options to FCC at an exercise price of $0.93, expiring August 23, 2021. The options will vest in four equal tranches on a bi-annual basis and will vest in full on February 23, 2020. This agreement is subject to the approval of the TSX Venture Exchange.
GTEC Issues Shares to Founder and Consultant
GTEC is pleased to announce that due to the Company's successful retail initiatives in Alberta and Saskatchewan, as well as properties identified and secured in British Columbia, it is issuing an aggregate of 165,000 shares for services provided in accordance with a consulting agreement entered into between the Company and Matthew Fraser on February 8, 2018. Mr. Fraser has successfully achieved the milestones set out in his consulting agreement. Following the completion of these milestones, the term of the consulting arrangement with Mr. Fraser was terminated. Mr. Fraser will no longer serve as Director of Retail Development at GTEC, and will remain as an advisor to the Company's national retail strategy.
GTEC is also announcing due to the Company's successful grant of its Dealer's License under the Narcotic Control Regulations (Canada) on July 13, 2018, as previously announced in a press release on July 16, 2018, it is issuing payment in the amount of 571,959 shares to the Company's Chief Executive Officer in accordance with a Share Purchase Agreement entered into between, among others, the Zenalytic Laboratories Ltd. and Mr. Singhavon on November 15, 2017, as amended on November 17, 2017. Zenalytic Laboratories Ltd. is now authorized to perform analytical testing on cannabis and specific cannabinoids.
MariCom is a Montreal-based communications firm focused on providing fully bilingual investor relations services to build and create awareness for companies in all stages of development in every key network.
Based in Toronto and celebrating its 20th year, FCC develops strategic platforms for North American corporations that are utilized to gain exposure and recognition to the capital markets. FCC's core competencies are found in identifying quality assets and undervalued companies with high growth potential.
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. GreenTec currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc. and Tumbleweed Farms Corp.
To view more about the company or to request our most recent corporate presentation, please visit our website at www.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 contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that GTEC anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations and future actions of the Company. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of GTEC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to GTEC, including information obtained from third-party industry analysts and other third party sources, and are based on management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement.