GTEC Extends Agreement to Facilitate Acquisition of Cannabis Genetics and Provides Updates on Other Corporate Matters
Kelowna, BC, Dec. 24, 2019 (GLOBE NEWSWIRE) — GTEC Holdings Ltd. (TSX-V:GTEC) (OTC:GGTTF) (FRA:1BUP) (“GTEC” or the “Company”) is pleased to announce that it has extended and revised its agreement with an Okanagan-based cannabis consulting firm (the “Consultant”) to facilitate acquisition and cultivation of cannabis genetics (“cultivars”), via its wholly owned subsidiary, Tumbleweed Farms Corp.Target 1 271,429 shares issued upon signing of the consulting agreementTarget 2 271,429 shares released from escrow upon achieving 1,000 KG in flower salesTarget 3 271,429 shares released from escrow upon achieving 5,000 KG in flower salesTarget 4 271,429 shares released from escrow upon achieving 10,000 KG in flower salesTarget 5 271,429 shares released from escrow upon achieving 15,000 KG in flower salesTarget 6 271,429 shares released from escrow upon achieving 20,000 KG in flower salesTarget 7 271,429 shares released from escrow upon achieving 25,000 KG in flower salesThis Amendment and issuance of Common Shares thereunder are subject to final approval of the TSX Venture Exchange (“TSXV”). The Common Shares will be issued at a deemed value of $0.21 per share and subject to a statutory hold period of four months and one day from the date of issuance thereof. Targets not achieved by the end of the Term will cause escrowed shares to be returned to GTEC for cancellation. The terms of escrow release act as a warranty for the cultivars provided by the Consultant and as security that the Consultant will comply with the exclusivity and right of first refusal provisions set out in the agreement.For additional information, please contact:
GTEC Holdings Ltd.