Agritek Holdings, Inc. cancelled the acquisition of Substantially all of the assets of Apex Solutions Inc.
January 21, 2020
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Agritek Holdings, Inc. (OTCPK:AGTK) entered into a binding letter of intent to acquire Substantially all of the assets of Apex Solutions Inc. on August 8, 2019. It is anticipated that Agritek Holdings will pay consideration consisting of both equity and cash as outlined within the share exchange and definitive agreements expected to be completed by the parties by the end of the month. The agreements are expected to include virtually all of the tangible and intangible assets of the Business of Apex. The transaction, which will comprise of equity and financing of minimal $2 million in funding to Apex Extractions as per the definitive agreement to be executed by the parties. After the close of acquisition, the Apex Solutions team will be integrated into the Agritek Holdings team and into a new Board of Directors. Suneil Singh Mundie will resign as Chief Executive Officer of Agritek Holdings with Scott Benson, Chief Executive Officer of Apex, coming on as Agritek’s new Chief Executive Officer. The acquisition is subject to the completion of standard due diligence and majority shareholder approval,the definitive agreement and asset acquisition is subject to the standard due diligence process and compliance for transactions approved for trading by OTC Markets. As of January 22, 2020, the transaction is expected to close in February 2020.
Agritek Holdings, Inc. (OTCPK:AGTK) cancelled the acquisition of Substantially all of the assets of Apex Solutions Inc. on January 22, 2020. Agritek was unable to come to definitive terms regarding financing the Apex distribution division requested by Benson to support debt on the books of the Agritek for a complete acquisition.
Agritek Holdings, Inc. is an investor and operator in the legal cannabis sector. Its business focus is primarily to hold, develop and manage real property. It is focused on three segments of the cannabis market, including real estate investment, intellectual property brands, and infrastructure, with operations in United States, including Florida, Colorado, and California. It invests its capital via real estate holdings, licensing agreements, royalties, and equity in acquisition operations. Its business focus is primarily to hold, develop and manage real property. It produces, brands, and distributes hemp-based products. Its product categories include human ingestible (tinctures, capsules, and gummies), topicals, and pet products. Its products are distributed through its e-commerce Websites www.RehabRx.com, Hemppops.com and third-party ecommerce websites. It provides services to the legal cannabis sectors including dispensary and retail solutions and consumer product solutions.