LOS ANGELES, CA, May 03, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Agritek Holdings, Inc. (OTC: AGTK) www.AgritekHoldings.com, a fully integrated, active cannabis real estate investor and brand licensor for the cannabis sector in the United States and Canada, today announced that the Company’s 10K annual report is expected to be filed within the next three trading days. The Company’s first quarter report ending March 31st for 2019 is also expected to be timely filed by May 15th. The extension of time was due to unanticipated delays in compiling financial reports and other data that were deemed necessary in preparing and completing the financial statements. These delays are related to the additional procedures and processes that the Company is undertaking to ensure that its financial statements are fairly and accurately presented after its recapitalization of the Company on March 26, 2019.
Agritek Holdings CEO Neil Mundie, the Company’s Principal Executive Officer, commented: “I am pleased to announce the filing of our annual report for 2018 within the next few days followed by our first quarter results for 2019. The Company ran into significant headwinds that caused it to be late with its annual report for last year, including the appointment of our new board of directors and CFO team at the start of the audit process, our corporate restructure, as well as the resulting difficulties arising from the settlement of arbitration and further consolidation and computation of our debt holder’s financings. Although this process took more time than anyone wanted or expected, I believe the end result will be more streamlined and efficient accounting process for future filings.”
“The audit is substantially completed, but our auditor requires additional time to complete their final review procedures and deliver their audit opinion. The Company does not expect to disclose any material weaknesses with regard to 2018 when its 10-K is filed. Further, we plan to begin the application process immediately to return back to the OTCQB once compliant with our filings in order to raise favorable capital for the future expansion and success of our existing operations in Colorado, California and Puerto Rico,” further stated Mundie.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active investor and operator 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 in three U.S. States, Canada and Puerto Rico. Agritek Holdings, Inc. presently owns or manages property in Colorado, Puerto Rico and Canada and has licenses with permitted facilities in California approved for cultivation as well as manufacturing capabilities. The company owns several Hemp and cannabis brands for distribution including “MD Vapes”, “Hemp Pops”, Hemp oil wellness products and “California Premiums”. 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, 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. All statements other than statements of historical fact contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” or “will” or the negative of these terms or other comparable terminology and include statements regarding expected timing of the filing of the Annual Report on Form 10-Q for the quarter ended June 30, 2018. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, our ability to timely file our requisite filings with the Securities and Exchange Commission, our ability to meet the continued listing requirements of the OTC Market, our ability to expand leadership activities in support of our sales, our ability to continue to grow, our ability to integrate the entities that we have acquired, our ability to strengthen our internal controls and the other risks outlined under “Risk Factors” in our Annual Report on Form 10-K for our fiscal year ended December 31, 2017 and our other filings with the SEC, including subsequent reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
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