Agritek Holdings Inc. Announces Cease and Desist to Vape Holdings Inc. and Pending Law Suit for Intellectual Property Infringement and Employment Agreement Violations Against Former CEO Justin Braune
LOS ANGELES, CA--(April 20, 2016) - Agritek Holdings, Inc. (OTC PINK: AGTK) (http://www.Agritekholdings.com), a leader in Compassionate Care Technology and agricultural solutions for the recreational cannabis industry, today announced that the Company has sent a Cease and Desist Letter To Vape Holdings Inc. and its CEO Mr. Justin Braune. Agritek Holdings is preparing a law suit against Vape Holdings and Mr. Braune for intellectual property infringement and violation of Mr. Braune's employment agreement under non-compete clauses. The cease and desist contends that the present vaporizer device and cartridge being sold as Vape Holding's "Revival Vape's" product line was designed and developed during Mr. Braune's tenure as Chief Executive Officer of Agritek Holdings under the Company's wholly owned subsidiary Prohibition Products Inc. with Mr. Braune as President of Prohibition Products. The same exact device was developed and sold under the Company's www.ProhibitionLife.com website and brand.
The complete product video for Agritek and Prohibition Life may be seen here:
The Company plans to outline in its suit for monetary damages and attachment of the Revivalvapes.com site revenues on the basis that all design, prototypes, marketing materials, eCommerce web site and roll out strategy were blatantly taken and reproduced under a different name upon Mr. Braune's unexpected resignation from Agritek Holdings. The Company will additionally show that Mr. Braune and Agritek management had previously negotiated an asset purchase of the Prohibition device through Letters of Intent and purchase agreements drafted by Vape Holdings counsel entitling Agritek to royalties and equity payments on each device sold. The company further has all correspondence from the development of the device, original prototypes and cartridges as well as a signed employment agreement clearly stating that any property designed or released during Mr. Braune's term as an officer of Agritek Holdings shall remain the property of the Company.
"Agritek will be seeking the complete attachment of our device from Vape Holdings and all monies due to our company with regards to the Revival Vape products being sold by Vape Holdings. We believe that the evidence is overwhelming against Mr. Braune, including signed Letters of Intent and Asset purchase agreements for the purchase of our vaporizer along with his actions of resigning from the Company and leaving Agritek nonreporting for the first time in our history without a board and moving to Vape as their new CEO with our technology. In my opinion, what we will show as evidence will prove to be damaging to himself and Vape Holdings. We plan to pursue this to the full extent of the law and seek back all monies paid to Mr. Braune and the development of the vaporizer device," stated B. Michael Friedman, CEO of Agritek Holdings Inc.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.Agritekholdings.com), a pioneer within the medicinal marijuana space, provides innovative patient and agricultural solutions and for the recreational cannabis industry. Agritek Holdings provides real estate management and health and wellness product lines to licensed dispensaries and cultivators in legal jurisdictions. 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.
Agritek Holdings, Inc.