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GTEC Holdings Finalizes Agreement with F-20 to Develop 194,000 sq. ft. Indoor Cultivation Facility
GTEC Holdings Finalizes Agreement with F-20 to Develop 194,000 sq. ft. Indoor Cultivation ...
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[{"type":"text","content":"\n\n\n\n\nGTEC Holdings Finalizes Agreement with F-20 to Develop 194,000 sq. ft. Indoor Cultivation Facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nKELOWNA, BC, Oct. 25, 2018\n\n\n\nKELOWNA, BC, Oct. 25, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) (OTC: GGTTF) (\"GTEC\" or the \"Company\") is pleased to announce that it has entered into a Definitive Agreement with F-20 Developments Corp. (\"F-20\") (the \"Agreement\") pursuant to the terms of the previously announced binding letter of intent dated July 10, 2018. \n\n \n \n\n \nIn connection with the transaction, the Parties have established a joint venture company 3PL Ventures Inc. (\"3PL\"), where pursuant to the shareholders' agreement, F-20 shall own 51% of the issued and outstanding Common Shares on a fully diluted basis, whereas GTEC shall own 49% of 3PL. \nGTEC, through a wholly owned operational subsidiary will apply for, and transfer to 3PL, such licenses to allow 3PL to become a Health Canada Licensed Producer (the \"Production Facility\"). 3PL will also make an application for a Dealer's License under the Narcotics Control Act or such other license to enable 3PL to import and export cannabis and cannabis products to and from Canada. Upon GTEC successfully completing a License Transfer Agreement, F-20 shall be obligated to sell to GTEC an additional 1% of 3PL.\n\"Canada's cannabis supply shortage has been caused by an uptick in demand that can be attributed to legalization last week. The shortages experienced in Provinces across Canada create an opportunity for GTEC and our partners,\" said Norton Singhavon, Chairman and CEO of GTEC. \"With this joint venture, GTEC will be operating over 120,000 sq ft. of cultivation space once construction is completed. Initial feedback from consumers and Provincial supply chains is validating the demand for premium craft cannabis in Canada and internationally – a demand that this increased capacity will allow us to serve.\" \nOn July 11th, 2018 the Parties had announced the Production Facility would have an initial phase operation size of 60...