Agritek Holdings Inc. Announces Elimination Of Over $500,000 In Convertible Notes And Toxic Debt From Company's Balance Sheet
LOS ANGELES, CA--(January 05, 2016) - Agritek Holdings, Inc. (OTCQB: AGTK)(AGTK)(http://www.Agritekholdings.com), a leader in Compassionate Care Technology and agricultural solutions for the recreational cannabis industry, today announced that the Company's CEO has negotiated and eliminated through negotiation over five hundred thousand dollars ($500,000) in convertible notes and toxic debt from the balance sheet.
"There is no doubt that the long term effects of these convertible notes in excess of one million dollars at one point, has had a detrimental effect on the price of our common stock through multiple conversions and substantial dilution to our shareholders over the last several months. The remaining $300,000 in this "toxic" type convertible debt is presently being negotiated, and we expect to pay the balance of the existing facilities in their entirety over the next three months," stated B. Michael Friedman, CEO of Agritek Holdings Inc. We are presently working with an investment firm to purchase the remaining $300,000 as well as provide additional working capital to the Company for the launch and licensing of our new CBD product lines to be soon announced along with new new land leases and operations in Colorado expected to begin by March 2016.
This new capital raise and partner which we believe will prove to be far more favorable to the Company and its shareholders will allow Agritek Holdings to eliminate the troubling convertible toxic-type notes that were previously issued. Working through the holidays, management believes this tremendous reduction of toxic debt from the balance sheet of over $500,000 will allow Agritek the opportunity to get back on track with its plans for growth and revenue streams through immediate opportunities within its marketplace of the recreational wellness sector. Further, the company is presently working with its new auditing firm to once again become fully reporting and will be expanding its board of directors now that the majority of toxic debt has been removed from the balance sheet and with funding commitments in place to provide positive impact on behalf of its shareholders and common stock.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.Agritekholdings.com), a pioneer within the medicinal marijuana space, provides innovative patient and agricultural solutions and seeks to be the leader in Compassionate Care Technology for the medicinal marijuana industry. Agritek Holdings provides real estate management and health and wellness product lines including through its wholly owned subsidiary Agritek Venture Holdings Inc. Agritek 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.