Agritek Holdings, Inc. Provides Shareholder Update and Announces Return of Industry Veteran CEO With Fiscal Plan for 2020
Los Angeles, CA - (NewMediaWire) - January 24, 2020 - Agritek Holdings, Inc. (AGTK) --
Dear Agritek Holdings Shareholders,
The management and founding shareholders of Agritek Holdings, since our inception, have always had the sole intention to spend every day focused on building an ever increasingly strong and profitable business within the cannabis sector, all serving to enhance shareholder value. Given the rapid pace of change within the cannabis industry and its challenges, Agritek Holdings is one of the first publically traded cannabis companies and pioneer within the sector. As the Company’s founder and CEO over 10 years ago, I thought it important to provide an update to all of our shareholders in light of yesterday’s events.
“I wanted to inform every one of our shareholders, investors and financial partners that I will once again provide leadership and bring in experienced management to the best of my ability along with a viable business model that will include extreme focus and resolved commitment, despite the recent downturn of our common stock and the termination of our proposed acquisition of Apex Extractions, Inc. abruptly cancelled yesterday. This decision was due to unforeseen events beyond our control, but I believe in the long term was the right decision based on discovery during the due diligence period, and will enable us to pursue a far superior business model benefiting our shareholders over the near term. I will be making several announcements over the coming weeks which will describe in more detail the current state of the business and our future plans for the balance of Fiscal 2020 which I believe will initiate positive change in our marketplace," stated CEO, B. Michael Friedman.
KEY BUSINESS OBJECTIVES
Given recent developments in the Cannabis industry and seeing the strongest business models in which we already have a foothold, we have aligned our focus on a few key objectives. We will be accelerating our efforts in 1) immediately expanding our zoned property real estate portfolio; 2) Complete key property acquisitions with minimal dilution and short term revenue streams 3) build a viable real estate portfolio within the sector with long term licensed operators through sales leaseback transactions and 4) continue to eye potentially valuable and strategic partnerships which will provide further upside revenue.
By responding quickly to potential pitfalls within our marketplace, I will now continue to stabilize the business and position Agritek for growth in the near future. Already, we have confirmed our banking relationships with my position as CEO securing a five million dollar ($5,000,000) credit and equity line to be filed on behalf of the Company in the near term.
My priorities for early 2020 are filing the S-1 registration with the SEC for immediate equity funding eliminating convertible debt, closing pending real estate properties in Colorado, California and Florida and completing our uplisting to the OTCQB as a Real Estate Investment Trust.
Our primary business model will be to provide capital to top cannabis operators via real estate sale-leasebacks transactions across retail and industrial property assets. Numerous cannabis operations have begun to sell their real estate assets as a way to generate capital, and with much experience in this business model, I believe this as the most positive way forward.
We compete in a very young and in many ways immature industry. But despite the downturn in the sector capital markets, I thought it important for you to know that Agritek Holdings is responding by focusing on our business plans and growth priorities for the remainder of Fiscal 2020. I will work diligently to gain momentum on various fronts and remain confident in my ability to achieve our revenue and profit commitments through our purchase and leaseback of zoned properties model of which I have achieved much success in the past.
Most in our industry are dealing with many of the same obstacles with new legislation. We should expect further peaks and valleys in the days and months ahead as the industry continues to grow and mature. I remain optimistic about Agritek’s future and I am excited about the challenges and opportunities that lie ahead. You can be assured that I will put a team in place that will be taking an offensive approach and diligently working to build on our growth potential within the sector. We will demonstrate through solid financial performance and a focus on ethical business practices that we are moving in the right direction and adding value to our investors, shareholders and business partners.
B. Michael Friedman
Interim CEO, Agritek Holdings Inc.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor 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 holdings. Currently, the Company is focused on three high-value segments of the cannabis market, including real estate investment, intellectual property/brands, and infrastructure, with operations within the U.S. States and 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.
This news release contains "forward-looking statements" as that term is defined in Section 27(a) of the United States Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, estimates of services and equipment markets, release of corporate apps, growth of platform, target markets, product releases, product demand and, business strategy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also consider that any investment in securities is at risk.
Agritek Holdings, Inc.