KELOWNA, BC, Nov. 5, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV:
GTEC) (OTC:GGTTF) ("GTEC") is pleased to announce that it
has entered into a cannabis extraction services agreement (the
"Agreement") with Valens GroWorks Corp. (CSE: VGW)
("Valens").
Under the Agreement, GTEC will ship bulk quantities of dried
cannabis to Valens for conversion into cannabis oil and value-added
products. Valens will process the cannabis on a fee-for-service
basis into crude, distillate or other cannabis oil derivatives.
"In mature cannabis markets, derivative products such as vape
pens, edibles and infused beverages account for over half of all
products sold at the consumer level. Over the coming years, we
anticipate that the Canadian market will evolve to reflect a
similar product mix," said Norton Singhavon, Chairman & CEO of
GTEC Holdings. "This partnership provides GTEC with the ability to
utilize Valens' IP, technology and expertise to immediately develop
value added products as it builds out Spectre Labs. We are excited
to commence this partnership, given our respective core
competencies and the geographic proximity to our facilities, we
view this as a well-suited and synergistic relationship."
"We are excited to announce another material agreement to
support a great Canadian and local Okanagan industry peer in
bringing high quality, cannabis derivatives to the
market. This Agreement shows the start of a shift where
companies are beginning to understand the demand and supply
shortage for oils and Valens' strategic position in that shift. We
have been working diligently to ramp up our processing capacity to
156,000 kg per year by December of 2018 to support new Agreements
such as this," says Tyler Robson,
CEO of Valens.
About Valens GroWorks
Valens GroWorks Corp. is a research-driven, vertically
integrated provider of Canadian cannabis company focused on
downstream secondary extraction methodology, distillation and
cannabinoid isolation and purification, with three wholly-owned
subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech ("VAL") holds a license to
cultivate and produce oil as a Licensed Producer ("LP") under the
ACMPR, and a Dealer's License under Health Canada. VAL also
has a supply agreement with Canopy Growth Corporation under their
extensive CraftGrow distribution network. Subsidiary Valens Labs is a Health Canada licensed ISO
17025 accredited cannabis testing lab providing sector-leading
analytical services and has partnered with Thermo Fisher Scientific
to develop a Centre of Excellence in Plant Based Science.
Subsidiary Valens Farms is in the process of becoming a
purpose-built facility in compliance with European Union (EU) Good
Manufacturing Practices (GMP) standards, ensuring the product from
this facility can be exported anywhere in the world where Cannabis
is nationally legal for medical or adult usage purposes. For more
information, please visit http://valensgroworks.com. The Company's
investor deck can be found specifically at
http://valensgroworks.com/investors/
About GTEC
GTEC was founded in 2017 to capitalize on opportunities in the
nascent and rapidly growing legal cannabis industry. GTEC is a
public corporation listed on the TSX Venture Exchange and based in
Kelowna, British Columbia. GTEC is
focused on growing premium quality craft cannabis in purpose-built
indoor facilities. GTEC currently holds a 100% interest in GreenTec
Bio-Pharmaceuticals Corp., Alberta Craft Cannabis Inc. Grey Bruce
Farms Inc., Tumbleweed Farms Corp., Zenalytic Laboratories Ltd.,
and Spectre Labs Inc.
To view more about the company or to request our most recent
corporate presentation, please visit our website
at www.gtec.co.
On behalf of the board,
Norton Singhavon
Founder, Chairman & CEO
ns@gtec.co
Michael Blady
Co-Founder & Vice President
mb@gtec.co
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: general business,
economic, competitive, political and social uncertainties; delay or
failure to receive board, shareholder or regulatory approvals,
where applicable and the state of the capital markets. There can be
no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE GreenTec Holdings