ProTek Capital/ Luxuriant Holdings Announce Cancelation of the Reverse Stock Split, Appointment of New Board of Director, & a...
ProTek Capital/ Luxuriant Holdings Announce Cancelation of the
Reverse Stock Split, Appointment of New Board of Director, and a JV
DALLAS, TX--(Marketwired - Feb 25, 2014) - ProTek Capital, Inc.
/Luxuriant Holdings, (OTC Pink: PRPM) ("the Company") announces the
indefinite suspension of the scheduled reverse stock split, the
appointment of Davyd Field to the Board of Directors, and a JV
agreement with Vortex Water Pipes.
The management re examined the current share structure of the
company and determined that the reverse split is unnecessary at
this time. Several factors that helped with this opinion are;
expanded interest in the company's market cap, comparison to other
companies in the sector with comparative or larger share
structures, and ultimately current shareholders best interest. The
company's continued negotiations with Hedge Funds and Investment
Groups will determine the future of the market cap and share
structure. As revenue increases, the company is planning to
implement repurchase of common shares and is in negotiations with
several large shareholders and owners of preferred shares to retire
their blocks of stock to the treasury. We believe this is the most
prudent path to follow for our company and our current and future
Luxuriant Holdings, and its CEO Luther Jeffries, are proud to
welcome Davyd Field to the Board of Directors of Luxuriant
Holdings. Mr. Field is the current CEO of Vortex Waterpipes
(www.vortexwaterpipes.com), a smoking device manufacturing and
privately held counter culture company. With more than a decade of
knowledge and experience in the 420 Industry, Mr. Field will be an
important part of this company's future.
Mr. Field is a graduate of Claremont McKenna College (politics,
philosophy and economics) and has lived and worked in California
and Amsterdam. Mr. Field's resume includes everything from working
for a Congresswoman in the US House of Representatives; to opening
a successful Hookah Lounge in Long Beach, California. After
finishing school, Mr. Field worked as a real-estate consultant
providing due diligence reports to national homebuilders and
Vortex Waterpipes is best known for its patented product, the
'Gravity Vortex', which won the High Times Cannabis Cup's Gold
Medal in 2006. The company's other products include a freezable
glycerin coil condenser and a Glowing LED glass pipes. The company
has sold over 100,000 units, and has grossed over a million dollars
in wholesale sales of its core product line. Vortex has been
successful by creating innovation, running efficiently, keeping
overhead costs low, and mass networking and marketing. Vortex
Waterpipes have been featured in the popular television series
Weeds and Wilfred. Mr. Field has vast knowledge of Internet
marketing and distribution. Mr. Field and his team have presented
at over 30 tradeshows, and is comfortable speaking in front of
large crowds and events. His network of retailers, distributors and
media contacts will be an immediate asset to Luxuriant Holdings. He
will also assist in evaluating the company's future acquisitions
within the 420 Industry.
Luxuriant Holdings is also excited to announce a partnership
with Vortex for the creation of its next generation of LED glass
water pipes. The Company will assist in 'Research and Development'
of this exciting new product line and share in the revenues from
future sales of Vortex's GLOW product. While details are still
being finalized for product manufacturing, the Vortex team will
immediately assist in Luxuriant's marketing efforts. Vortex has
existing relationships with many magazines, tradeshows and online
media within the MMJ community. Vortex has begun working on the
renovation of the Luxuriant Holdings brand. This week will see the
release of the company's new logo's and graphic design. "We
appreciate investors' patience as the company continues to develop
and implement its business plan. Our goal is to become an industry
leader in this market space."
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About ProTek Capital, Inc.
ProTek Capital, Inc. has historically concentrated on acquiring
a portfolio of unique and promising, high-growth potential
Forward-Looking Statements: The information posted in this
release may contain forward- looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. You can
identify these statements by use of the words "may," "will,"
"should," "plans," "expects," "anticipates," "continue,"
"estimate," "project," "intend," and similar expressions.
Forward-looking statements involve risks and uncertainties
that could cause actual results to differ materially from those
projected or anticipated. These risks and uncertainties include,
but are not limited to, general economic and business conditions,
effects of continued geopolitical unrest and regional conflicts,
competition, changes in technology and methods of marketing, delays
in completing various engineering and manufacturing programs,
changes in customer order patterns, changes in product mix,
continued success in technological advances and delivering
technological innovations, shortages in components, production
delays due to performance quality issues with outsourced
components, and various other factors beyond the Company's
For more information: Luther Jeffries CEO ProTek/Luxuriant