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Agritek Holdings Inc (OTCMKTS:AGTK) Reports Deal With Institutional Investor

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Agritek Holdings Inc (OTCMKTS:AGTK) reported that the firm in an attempt to stop dilution of its stock and stabilize the share price is now closing an agreement with an institutional investor to soon commence paying off toxic debt close to $700,000 the firm’s various convertible note-holders.

The details

Over the imminent month going into 2018, the management of Agritek anticipates to immediately achieve the long-term goal of paying-off all preceding outstanding convertible notes and obtain new investment capital with a long-term, strategic financing association. B. Michael Friedman, the CEO, expressed that the remarkable decline of worrying convertible toxic-type debt from their balance sheet has always remained of major importance to solidify the value of their firm and its balance sheet.

The buyout strategy of their current convertible debt, which has put immense pressure on their common stock price via conversions of shares at a discount has by now affected their marketplace positively through their recent upward trend. In addition, future investments by the same associate under more promising terms now being discussed, will allow Agritek to grow through their surge in common stock price and extend revenue sources through immediate acquisitions and opportunities of brands and real estate within the cannabis division.

The CEO of Agritek added that they are extremely delighted with this new financing associate, and consider the closure of existing convertible notes of around $1 million will be advantageous to the firm, its investors and shareholders almost immediately. The terms of their new funding program over the next year is planned to send a message to the industry that Agritek will soon be fiscally robust and ready for a growth within the segment as California approves recreational next year as well as Canada’s move to legalize in the imminent months, both jurisdictions where they intend to have a robust presence.

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