Los Angeles, CA - (NewMediaWire) - April 16, 2020 - Agritek Holdings, Inc. (AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor and white label provide for popular hemp brands, today announced that it has initiated its strategy to upgrade its position in the public markets and increase its visibility to a wider range of investors through the process of uplisting from the OTC Pink Open Market to the OTCQB Exchange. The company has submitted the OTCQB application materials to OTC Markets Group, operator of OTCMarkets.com, yesterday after the trading session. The listing of the Company's common shares on the OTCQB remains subject to the approval of the OTCQB and the satisfaction of applicable listing requirements.
The company has already previously been traded on the higher exchange, and presently meets OTCQB Market compliance requirements by filing audited annual financials prepared in accordance with U.S. GAAP which have been audited by a PCAOB auditor and maintains a Verified Company Profile at OTCMarkets.com. The Company believes that returning and being listed on the OTCQB exchange will expand the Company's presence in the U.S. and provide current and future shareholders with greater access to, and ease of trading in the company’s shares both now and after the name change to iBet gaming Corporation and entry into the eSports and gaming sector expected to become effective next month.
On April 3rd, 2020 the majority shareholders and Board of directors voted to approve a corporate name change and spin-off the cannabis assets of the parent Agritek Holdings, through filing an S-1 registration statement of its wholly-owned subsidiary Full Spectrum Biosciences Inc. Significant shareholder support for both the name change and change of business was received with approximately 70% of the majority shareholders voting in favor of these board resolutions.
On April 9th the Company announced within a national press release the newly approved name as "iBet Gaming Corporation" with a majority focus on the eSports and legal video game wagering sector. The transaction, once completed, will result in two separate public companies benefiting from separating their respective corporate strategies and capital allocation priorities. Accordingly, the Company will establish a record date for the spin-off of all cannabis related assets at such time that all conditions have been met and expect to declare a spin-off dividend to all shareholders of record. All registered shareholders of Agritek Holdings (AGTK) will receive a pro-rata dividend or ownership of Full Spectrum Biosciences as the separate public company once cleared for trading, at the record date to be determined in the near future. The Company is presently working with an M&A advisory firm speaking with at least one public company within the cannabis sector for “FSB” to be considered as an acquisition candidate. Full Spectrum Biosciences will be pursuing a private round of financing, and post-spin-off, it will take the necessary steps toward listing its shares on the OTCQB exchange if a proposed acquisition is not completed before the process.
“Uplisting and returning to OTCQB exchange is an important milestone in management’s plan to grow the company under our new business model and entry into the eSports sector. This move will solidify our legitimacy and position within the public markets simply through being qualified for and trading through a higher exchange listing. We believe that trading on the OTCQB will increase visibility to the investment community, particularly to institutional investors, as we continue to solidify our position within the eSports sector. Already, we have seen a tremendously positive response resulting in an approximate three-hundred percent gain (300%) in our common stock price and improved to a 3X market cap by announcing our move to the eSports and gaming sector. We look forward to communicating to our shareholders and new investors our new announcements, achievements and partnerships within the eSports sector as we move forward with these proactive corporate actions,” stated CEO, B. Michael Friedman.
About iBet Gaming Corporation
iBet Gaming Corporation is a licensed gaming company with a focus on eSports, fantasy, and video game wagering. The Company offers real-time wagering lines on eSports events through the Company’s licensed, regulated and secure platform to the global eSports community through the soon to be released portal www.ibetgaming.com. In addition, iBet intends to offer users in legal jurisdictions throughout the world the ability to participate in eSports entertainment and video game tournaments for cash and prizes. The eSports market is expected to grow exponentially because of various driving factors, such as increasing popularity of video games and growing awareness about eSports.
iBet Gaming Corporation is led by a team of industry professionals and technical experts from the online and regulated gaming industries, with a new focus on eSports. According to Statista, worldwide revenue for eSports will top $1 billion in 2019, continue to grow rapidly in the coming years and by 2022, 650 million people are expected to be watching eSports online. The Company, through its partners, holds licenses in Curacao and Malta to conduct online gaming tournaments and take wagers for 18+ gaming in the EU and multiple countries.
About OTC Markets Group Inc.
OTC Markets Group Inc.operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, the company connects a diverse network of broker-dealers that provide liquidity and execution services. It enables investors to easily trade through the broker of their choice and empowers companies to improve the quality of information available for investors.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor of white label brands 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 real estate holdings. Agritek Holdings recently acquired Full Spectrum Biosciences as a wholly-owned subsidiary, which manufactures and distributes its hemp-derived CBD products under the Rehab Rx, MD Vapes, Hemp Pops and Higher Society trademarked brands. Full Spectrum brands are currently sold online (www.RehabRx.com) as well as approved for sale on Amazon (www.Amazon.com) currently being sold in the United States and parts of Canada. 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.
About Full Spectrum Biosciences
Full Spectrum Biosciences (FSB) is a wholly-owned subsidiary of Agritek Holdings, which manufactures and distributes its hemp-derived CBD products under the RehabRx, MD Vapes, Hemp Pops and Higher Society trademarked brands. Full Spectrum brands are currently sold online (www.RehabRx.com) as well as approved for sale on Amazon (www.Amazon.com) being sold in the United States and parts of Canada. Post spin-off, Full Spectrum Biosciences will continue to invest in the growth of these brands while also seeking to acquire and develop additional brands as intellectual property under the “FSB” banner.
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.