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Agritek Holdings, Inc. Announces Filing Of Form 10-Q Report With Return To Fully Reporting Status On OTCQB And Update To Shareholders
LOS ANGELES, CA, Sept. 18, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings, Inc. (OTCQB: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector in the United States and Canada, today announced that the company has filed its 10Q Report for the period ending June 30, 2018 including reporting financials for the second quarter (Q2) for 2018. The Q2 filing will now allow AGTK to return to fully reporting status and uplisting back to the OTCQB.
B. Michael Friedman, CEO of Agritek Holdings, Inc., stated, "As most companies within the cannabis sector understand, growth consumes cash, so we are always facing the tough decision of how to best apply the limited resources we have. Overall, we believe we are heading in the right direction and will continue striving to increase our shareholder value over the near term."
The Company as part of its debt consolidation plan initiated before December 2017 reduced derivative liabilities by 100% from 5.4 million to 2.3 million (approx.) an estimated $3M referred to as "toxic notes" by management. "There are two methods to remedy this negative position—one is to bring in new and friendlier capital sources, and the other is to continue growing our revenue and assets. By eliminating multiple lenders and notes with one favorable lender we create less pressure on our common stock price. At the same time, by increasing assets and making substantial investments in our partner properties and licensees through debt consolidation financings, as well as increasing products and inventory for future revenue, we remain steadfast in our commitment to executing both of these strategies simultaneously,” further stated Friedman. The Company also increased net revenue to 1.2M (aprox.)
Agritek Holdings invites all shareholders and the investment community at large to view its filings at https://www.otcmarkets.com/filing/conv_pdf?id=12966562&guid=QhlZUpUTl8S0kyh and to subscribe to its mailing list on its corporate website, www.AgritekHoldings.com, to remain apprised of all relevant news and updates.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active investor and operator in the legal cannabis sector. Specifically, Agritek Holdings provides strategic capital and functional expertise to accelerate the commercialization of its diversified portfolio of cannabis related holdings. Currently, the Company is focused on three high-value segments of the cannabis market, including real estate investment, intellectual property/brands, and infrastructure, with operations in three U.S. States, Canada and Puerto Rico. Agritek Holdings, Inc. presently owns or manages property in Colorado, Washington State, Puerto Rico and Canada and has licenses with permitted facilities in California approved for cultivation as well as manufacturing capabilities. The company owns several Hemp and cannabis brands for distribution including "Hemp Pops", Hemp oil wellness products and "California Premiums". Agritek Holdings, Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate or contravene United States law or the Controlled Substances Act, nor does it intend to do so in the future.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Agritek Holdings, Inc. to be materially different from the statements made herein. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," or "will" or the negative of these terms or other comparable terminology and include statements regarding expected timing of the filing of the Annual Report on Form 10-Q for the quarter ended June 30, 2018. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to timely file our requisite filings with the Securities and Exchange Commission, our ability to meet the continued listing requirements of the OTC MKT, our ability to expand leadership activities in support of our sales, our ability to continue to grow, our ability to integrate the entities that we have acquired, our ability to strengthen our internal controls and the other risks outlined under "Risk Factors" in our Annual Report on Form 10-K for our fiscal year ended December 31, 2017 and our other filings with the SEC, including subsequent reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Agritek Holdings, Inc.