Agritek Holdings Inc. Announces Completion of Transaction of New eSports Subsidiary Maxx eSports Inc. and Provides Update on Spin Off, Audited Financials
Los Angeles, CA - (NewMediaWire) - July 29, 2020 - Agritek Holdings, Inc. (AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor and white label provider for popular hemp brands, today announced that the Company has formed a new, majority owned subsidiary Maxx eSports Inc., in preparation for the spin off and S-1 registration statement of the Company’s present eSports assets. Maxx eSports Inc. has negotiated management contracts and live streaming tournament events with four Tier One eSports Teams based in Europe and Asian markets. Maxx eSports will focus on team management, live streaming events, and has negotiated national venues for eSports tournaments in regulated gaming jurisdictions around the world.
"Based on the delay of our corporate name change of our parent company by regulatory agencies, we were faced with the decision to continue to wait for a decision after almost three months and keep our shareholders and investors in limbo or postpone the corporate action until a later date. Management has decided to cancel the name change of the parent Company, and instead, create a subsidiary for our eSports assets within Maxx eSports and iBET Gaming as a separate division, and file the S-1 registration statement. We intend to spin off our eSports company with no legacy issues as a pure IPO for eSports and separate public company on behalf of our shareholders,” stated B. Michael Friedman, CEO of Agritek Holdings.
All shareholders of Agritek Holdings will receive a dividend share of Maxx eSports on the dividend record date when announced upon the S-1 filing expected to be filed in August 2020. “We believe that this spin off will give our shareholders two bites at the apple including being a shareholder of two emerging growth sectors within the microcap markets today, eSports and the cannabis sector. Through this new approach and corporate action, we have been advised by corporate counsel that the spinoff is less of a regulatory issue and will move quickly, creating two separate public companies, rather than changing the name and structure of the parent,” further stated Friedman.
Agritek Holdings is in final review of its financial reports including its 10K Annual Report for December 31, 2019 and first quarter 10Q for 2020 with its registered auditing firm. The Company as reported earlier this month expects to file the reports within the next week and renew its application and uplisting to the OTCQB exchange.
About Agritek Holdings, Inc.
Agritek Holdings, Inc. (www.AgritekHoldings.com), is a fully integrated, active real estate investor and advisor of white label brands in the legal cannabis sector. Specifically, Agritek Holdings provides strategic capital and functional expertise to accelerate the commercialization of its diversified portfolio of cannabis related real estate holdings. Agritek Holdings recently acquired Full Spectrum Biosciences as a wholly owned subsidiary which manufactures and distributes its hemp-derived CBD products under the Rehab Rx, MD Vapes, Hemp Pops and Higher Society trademarked brands. Full Spectrum brands are currently sold online (www.RehabRx.com) as well as approved for sale on Amazon (www.Amazon.com) currently being sold in the United States and parts of Canada. Agritek Holdings Inc. does not directly grow, harvest, or distribute or sell cannabis or any substances that violate or contravene United States law or the Controlled Substances Act.
About Maxx eSports and iBet Gaming Corporation
Maxx eSports and iBet Gaming Corporation intends to offer users in legal jurisdictions throughout the world the ability to participate in eSports entertainment and video game tournaments via live streaming events. The eSports market is expected to grow exponentially because of various driving factors, such as increasing popularity of video games and growing awareness about eSports.
Maxx eSports and its division iBet Gaming Corporation is led by a team of industry professionals and technical experts from the online and regulated gaming industries, with a new focus eSports. According to Statista, worldwide revenue for eSports will top $1 billion in 2019, continue to grow rapidly in the coming years and by 2022, 650 million people are expected to be watching eSports online.
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Agritek Holdings, Inc. to be materially different from the statements made herein.
Agritek Holdings, Inc.