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CORRECTION: Agritek Holdings Inc. Announces Filing Extension and Delay in Form 10-Q Report With Full Intention of Remaining Fully Reporting and Uplisted On OTCQB
LOS ANGELES, CA, Aug. 16, 2018 (GLOBE NEWSWIRE) -- 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 an extension in order to properly file its 10Q Report for the period ending June 30, 2018.
On August 15, 2018, Agritek Holdings filed a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission requesting an extension to file Form 10-Q.
The Company attributes the additional delay to multiple new developments including recent debt consolidation and related financings for the clear benefit of the Company to increase asset value, requiring the implementation of GAAP compliance reporting measures. As a result of its recent decision to change auditors and other professionals involved in assisting Agritek Holdings with its filing process, the Company needs to assure proper reporting language of new debt consolidation and related financings for the clear benefit of the Company, new acquisition transactions and confirmation of multiple product inventories amongst new vendors.
“We have every intention of filing our 10Q Report, and have always remained fully reporting over the last several years and will complete our filing requirements to accomplish our uplisting back to the OTCQB. Management is working diligently with our auditors to comply with filing regulations, clarifying debt instrument language intended for the sole benefit of the Company, recent acquisition which may require predecessor/successor reporting and arbitration proceedings now extending over twelve months, awaiting judicial review and seeking dismissal thereof,” stated B. Michael Friedman, CEO of Agritek holdings Inc.
The Company intends to file the Form 10-Q as soon as reasonably practicable after completion of the 10Q review with full approval of its auditing firm and legal counsel.
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.
CONTACT: Contact: Agritek Holdings, Inc. www.AgritekHoldings.com 305.721.2727 email@example.com