Kelowna, BC, July 09, 2021 (GLOBE NEWSWIRE) — GTEC Holdings Ltd. (TSXV: GTEC) (OTCQB: GGTTF) (FRA: 1BUP) (the “Company”, “GTEC” or “GTEC Cannabis Co.”) a multi-licensed producer of handcrafted, high quality cannabis products, is pleased to announce that it has received approval from the OTCQX® Best Markets (“OTCQX”), to graduate from the OTCQB Venture Markets (“OTCQB”), to the OTCQX. Concurrent with the graduation, the Company also expects to change its name to “Avant Brands Inc.”
As reported on July 8, 2021, GTEC is expected to rebrand to Avant Brands Inc (“Before Brands”) at market open on July 12, 2021. Management believes that the rebrand will further align and strengthen the Company’s identity as it continues its pursuit to be a North American leader in handcrafted and highly sought-after cannabis brands. The Avant Brands website is anticipated to be live at www.avantbrands.ca when markets open on July 12, 2021.
“Graduating to the OTCQX is a major step in our growth, as we continue to be recognized globally for our ability to consistently produce high quality products,” said Norton Singhavon, Founder and CEO of the Company. “The graduation demonstrates our commitment to continuously improve the Company’s reporting and governance. We believe that the graduation will also provide our existing shareholders with increased liquidity, while expanding our exposure in the United States.”
In the United States, the Company’s common shares will commence trading on the OTCQX under the trading symbol “AVNTF”, effective at the opening of the markets on July 12, 2021. In conjunction with listing on OTCQX, the common shares will be voluntarily delisted from the OTCQB effective upon commencement of trading on the OTCQX. The Company’s shares will remain DTC eligible in order to provide investors access and liquidity in all jurisdictions.
The OTCQX® Best Market offers transparent and efficient trading of established, investor-focused U.S. and global companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, and have a professional third-party sponsor introduction. Penny stocks, shells and companies in bankruptcy cannot qualify for OTCQX. The companies found on OTCQX are distinguished by the integrity of their operations and diligence with which they convey their qualifications.
OTCQX is a U.S. market for companies already listed on a qualified international stock exchange. OTCQX enables global companies to better access support U.S. investors and distribute information in the U.S. public markets without the complexity and cost of an U.S. exchange listing.
About GTEC Cannabis Co.
GTEC Cannabis Co. cultivates, markets, and distributes handcrafted, high quality cannabis products. The Company has three fully licensed and operational facilities and is currently distributing cannabis through medical and recreational sales channels.
GTEC’s premium quality recreational cannabis brands includes; BLK MKT™, Tenzo™, Cognōscente™ and Treehugger™, which are crafted from unique cultivars, and sold in British Columbia, Ontario, Saskatchewan, Manitoba and Yukon. The Company’s medical cannabis brand, GreenTec™, is distributed nationwide to qualified patients through its GreenTec Medical website and various licensed partners.
GTEC is a publicly traded corporation, listed on the TSXV (GTEC), OTCQB Venture Market (GGTTF) and Frankfurt Stock Exchange (1BUP). The Company’s headquarters is located in Kelowna, British Columbia and has operations in British Columbia, Alberta and Ontario.
To learn more about the Company or to access the most recent Corporate Presentation, please visit our website at www.gtec.co
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking information” as defined under applicable Canadian securities legislation, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding: the trading of the common shares on the OTCQX; the delisting of the common shares from the OTCQB; the anticipated name change of the Company; the impact of the listing on the OTCQX; and expectations for other economic, business, and/or competitive factors. Forward-looking information is 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 information. Examples include statements that the Company will operate in a fiscally disciplined manner; build long-term shareholder value; reduce operational expenses; or increase its revenue and gross margins.
Investors are cautioned that forward-looking information is not based on historical fact but instead reflects management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: regulatory and licensing risks; changes in the timing and process for delisting the common shares from the OTCQB and listing on the OTCQX; the actual impact of the listing on the OTCQX; changes in consumer demand and preferences; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; compliance with extensive government regulation; public opinion and perception of the cannabis industry; the impact of COVID-19; and the risk factors set out in the Company’s annual information form dated March 16, 2021, filed with Canadian securities regulators and available on the Company’s profile on SEDAR at www.sedar.com.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information, which speak only as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.