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KELOWNA, BC, Sept. 7, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV:
GTEC) ("GTEC" or the "Company") is pleased to announce that its
wholly owned subsidiary, Zenalytic Laboratories ("Zen Labs")
received an approval from Health Canada expanding the scope of its
Dealers License effective September 6,
2018.
The Dealers License was issued pursuant to the provisions of the
Controlled Drugs and Substances Act and its Regulations on
July 20, 2018. This
provided the Company with approval to perform analytical testing on
cannabis and specific cannabinoids. The Company subsequently
applied to expand the scope of its license to include authorization
to process cannabis flower into cannabis oil. Health
Canada approved this request effective September 6, 2018.
"Given the recent surge of interest in our industry from global
alcoholic beverage companies, we are very excited to now be
licensed to produce cannabis oils and expand our own value add
product offerings. Furthermore, the amendments to the Dealers
License illustrate successful execution of GTEC's vertical
integration strategy", said Norton Singhavon, Chairman & CEO of
GTEC Holdings. "This development improves GTEC's ability to
capitalize on opportunities associated with cannabis oil, and the
down stream products derived from it."
Mr. Singhavon further commented, "The receipt of the amended
Dealers License is a significant milestone in GTEC's development as
it, together with the Company's many other initiatives within the
cannabis vertical supply chain, will support revenue generation as
early as Q4-2018 or Q1-2019. The Company will continue to provide
updates as we get closer to a definitive on-line date".
About Zen Labs
Zen Labs is a full-service chemical and microbiological
diagnostics laboratory for soil, water, and cannabis. Zen Labs will
analyze cannabinoid profiles, moisture content, heavy metals,
microbials, aflatoxins, pesticides and other contaminants as per
the regulations set out by Health Canada's ACMPR, for Licensed
Producers, Production for Own Medical Purposes, Production by a
Designated Person, and individuals who are authorized for personal
medical consumption. Zen Labs also intends to conduct full
analytical testing on terpene profiling and residual solvents for
authorized clients.
About GTEC
GTEC was founded in 2017 to capitalize on opportunities in the
nascent and rapidly growing legal cannabis industry. GTEC is
focused on growing premium quality craft cannabis in purpose-built
indoor facilities. The Company also has a number of retail
cannabis initiatives in Western
Canada. GTEC currently holds a 100% interest in
GreenTec Bio-Pharmaceuticals Corp., Tumbleweed Farms Corp., Falcon
Ridge Naturals Ltd., Alberta Craft Cannabis Inc., Grey Bruce Farms
Inc., Zenalytic Laboratories Ltd. and Spectre Labs Inc. GTEC is a
publicly-traded corporation based in Kelowna, British Columbia. The Company's
shares are listed on the TSX Venture Exchange and OTC Pink
Sheets.
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
778-760-8288
ns@gtec.co
Michael Blady
Co-Founder & Vice President
604-720-3474
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.
The securities of the Company have not been and will not be
registered under the United States Securities Act of 1933, as
amended and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirement. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
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