VANCOUVER, Jan. 15, 2019 /CNW/ - INVICTUS MD
STRATEGIES CORP. ("Invictus" or the "Company") (TSXV: GENE; OTCQX:
IVITF; FRA: 8IS1) announced that pursuant to the terms of
a non-binding letter of intent (the "LOI") entered into with GTEC
Holdings Ltd. (TSXV: GTEC; OTC:GGTTF) ("GTEC"), as announced on
November 16, 2018, the parties have
mutually agreed to terminate the LOI and not proceed with the
merger, with a preference for increased strategic collaboration in
building out the route to adult consumer retail side.
GTEC and Invictus maintain a strong working relationship based
on its previously announced definitive agreement dated August 30, 2018 whereby:
- GTEC has entered into a $2m
convertible loan facility with Invictus, at an interest rate of
prime plus 5%. The loan facility is convertible at $1.50 per common share of GTEC and is due on the
date that is two years following the date of the first draw. As of
the date hereof, GTEC has drawn-down the facility.
- As additional consideration, GTEC has provided Invictus with a
right of first refusal to fill up to 30% of any cannabis purchase
order domestically and internationally (whether for flower or oil)
that GTEC, or its wholly-owned subsidiaries are seeking to purchase
from third party Licensed Producers for a period of two years.
"Invictus is continually aiming to realize its vision of
building a global cannabis company anchored on its Western
Canadian roots, with a focus on satisfying patients' and consumer's
needs in the medical and recreational markets, respectively" said
George E. Kveton, President and CEO of Invictus. "We look forward
to maintaining and further increasing our strong, strategic
partnerships with companies like GTEC to support our five pillars
of distribution including medical, recreational, international,
Licensed Producer to Licensed Producer, and retail."
"We look forward to continuing down the path of GTEC becoming
one of Canada's leading premium
focused and vertically integrated cannabis companies, while
maintaining a strong working relationship with the Invictus team"
said Norton Singhavon, Founder, Chairman & CEO. "2019 will
prove to be an instrumental year for GTEC as we continue to execute
on our vision and strategy within the premium cannabis market in
Canada."
For more information, please visit www.invictus-md.com.
On Behalf of the Board,
George E. Kveton
Chief Executive Officer and Director
Jessica Martin
Vice President, Public Relations and Regulatory Affairs
(833) 879-4363
About Invictus
Invictus is a global cannabis company offering a selection of
products under a wide range of brands. Our integrated sales
approach is defined by five pillars of distribution including
medical, adult-use, international, Licensed Producer to Licensed
Producer and retail stores.
Invictus has partnered with business leaders to convey our
corporate vision, including KISS music legend and business mogul
Gene Simmons as our Chief Evangelist
Officer. To meet growing demand, Invictus is expanding its
cultivation footprint, with three cannabis production facilities
licensed under the Cannabis Act and Cannabis Regulations in
Canada. To accommodate
international sales, Invictus' wholly-owned subsidiary, Acreage
Pharms Ltd. ("Acreage Pharms"), has designed and is currently
building its Phase 3 purpose-built cultivation facility to be
European Union Good Manufacturing Practices ("EU-GMP") compliant.
The Company is targeting up to 50 percent of production to medical
cannabis. To ensure consistency in quality and supply, Invictus
maintains all aspects of the growing process through its
subsidiary, Future Harvest Development Ltd. ("Future Harvest"), a
high-quality fertilizer and nutrients manufacturer. Invictus drives
sustainable long-term shareholder value through a diversified
product portfolio with over 70 Health Canada approved strains and a
multifaceted distribution strategy including medical, adult-use,
international, Licensed Producer to Licensed Producer and retail
stores. For more information visit www.invictus-md.com.
Neither the Canadian Securities Exchange nor its Regulation
Services Provider accepts responsibility for the adequacy or
accuracy of this release.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/invictus-and-gtec-holdings-announce-formal-termination-of-merger-plans-and-maintain-existing-working-relationship-300778934.html
SOURCE Invictus MD Strategies