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Agritek Holdings, Inc. Announces Deal with Institutional Investor To Eliminate Existing Toxic Convertible Debt Of Approximately $700,000 And Provide Favorable Capital Infusion
Agritek Holdings, Inc. Announces Deal with Institutional Investor To Eliminate Existing Toxic Convertible Debt Of Approximately $700,000 And Provide Favorable Capital Infusion.
About this update from Agritek Hldgs Inc
[{"type":"text","content":"\n\n LOS ANGELES, CA, Dec. 14, 2017 (GLOBE NEWSWIRE) -- 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 in an effort to stop dilution of its common stock and stabilize the AGTK share price is now completing a deal with an institutional investor to soon begin paying off close to $700,000 in toxic debt to the Company’s various convertible note-holders.\n Over the next month going into 2018, management of Agritek Holdings expects to immediately accomplish the long-term objective of paying-off all previous outstanding convertible notes and receive new investment capital with a friendly, long-term, strategic financing partnership. B. Michael Friedman, CEO of Agritek Holdings, Inc., stated: “The tremendous reduction of troubling convertible toxic-type debt from our balance sheet has always been of major importance to strengthen the value of our company and its balance sheet. The buyout plan of our current toxic, convertible debt which has put extreme pressure on our common stock price through conversions of millions of shares at a discount has already affected our marketplace favorably through our recent upward trend.  Additionally, future capital investments by the same financial partner under more favorable terms now being negotiated, will allow Agritek Holdings to grow through our increase in common stock price and expand revenue streams through immediate opportunities and acquisitions of real estate and brands within the cannabis sector.“ “We are extremely pleased with this new financing partner, and believe the elimination of existing convertible notes of almost $1,000,000 will be beneficial to the Company, its shareholders and investors almost immediately. The terms of our new funding plan over the next year is intended to send a message to the market that Agritek Holdings will soon be fiscally strong and ready for an acceleration within the sector as California turns recreational in 2018 as well as Canada’s move to decriminalize in the coming months, both jurisdictions where we plan to have a strong presence. We remain committed and are presently evaluating several acquisitions to bring into our holdings for bene...