Agritek Holdings, Inc. Announces $1,000,000 Capital Infusion With Institutional Investor And Eliminates First $200,000 Of Existing Toxic Convertible Debt With Final $500,000 In Convertible Debt To Be Paid By Year End
LOS ANGELES, CA - (NewMediaWire) - December 27, 2017 - Agritek Holdings, Inc. (OTCQB: AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor for the cannabis sector and consultant for multiple cannabis brands, today announced that the Company has received an additional $1,000,000 dollars as a capital infusion from institutional investors to the Company. As previously stated in an effort to stop dilution of its common stock and continue to stabilize the share price of the Company, Agritek Holdings has paid off the first $200,000 in toxic convertible notes and plans to pay the majority of the remaining $500,000 before the year ending 2017. The single institutional investor has agreed to provide capital exceeding $1,000,000 to the Company in both equity and new terms to pay off close to $700,000 in toxic debt to the Company’s various convertible note-holders.
B. Michael Friedman, CEO of Agritek Holdings, Inc., stated: “The elimination of troubling convertible toxic-type debt from our balance sheet and move to an equity blend of financing has already had a positive effect to help strengthen the value of our company and our common share market price, almost tripling our market cap in the last two weeks. The buyout plan of our current toxic, convertible debt which has consistently put extreme pressure on our common stock price through conversions of millions of shares will be completed before 2018. We hope to continue to reward our shareholders and new investors of Agritek Holdings by organic growth through our increase in common stock price and expanding our revenue streams through new acquisitions of real estate and brands within the cannabis sector to be announced in 2018.
“The first airing of our Fox Business News special segment next week in my opinion will immediately validate our higher standing within the cannabis sector as we continue to gain national attention of our business strategy as one of the more stable, innovative fully reporting Companies in our industry,” further stated Friedman.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), a pioneer within the medicinal marijuana space, provides innovative technology and agricultural solutions for both the medicinal and recreational cannabis industry. Agritek Holdings, Inc. presently owns or manages property in Colorado, Washington State, Puerto Rico, and Canada, and has agreements with permitted facilities in California approved for cultivation as well as manufacturing capabilities. The company owns several Hemp and cannabis brands for distribution including California Premiums, MD Strips, and Hemp oil wellness products. Agritek Holdings Inc. does not directly grow, harvest, 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.
Contact: Agritek Holdings, Inc. www.AgritekHoldings.com 305.721.2727 firstname.lastname@example.org