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BRIEF-GTEC Subsidiary Cannabis Cowboy Announces The Sale Of Certain Assets

Published 2019-09-04, 06:22 a/m
© Reuters.  BRIEF-GTEC Subsidiary Cannabis Cowboy Announces The Sale Of Certain Assets

Sept 4 (Reuters) - GTEC Holdings Ltd GTEC.V :

* PRESS RELEASE - GTEC SUBSIDIARY CANNABIS COWBOY ANNOUNCES THE SALE OF CERTAIN ASSETS AND $4 MILLION DEBT REPAYMENT TO GTEC

* GTEC HOLDINGS - UNIT HAS SIGNED A DEFINITIVE AGREEMENT TO SELL ASSETS RELATING TO 8 OF ITS NON-OPERATIONAL RETAIL STORE LOCATIONS TO FIRE & FLOWER INC.

* GTEC HOLDINGS - ITS 25% OWNED UNIT, CANNABIS COWBO HAS SIGNED A DEFINITIVE AGREEMENT TO SELL ASSETS RELATING TO 8 OF ITS NON-OPERATIONAL RETAIL STORE LOCATIONS

* GTEC HOLDINGS LTD - DEAL FOR $5.7 MILLION WITH $4.5 MILLION PAYABLE IN CASH AND, $1.1 MILLION PAYABLE IN COMMON SHARES OF FFHC

* GTEC HOLDINGS LTD - UPON CLOSING OF TRANSACTION, CCI WILL IMMEDIATELY SETTLE ITS OUTSTANDING DEBT TO GTEC IN SUM OF $4 MILLION DOLLARS

* GTEC HOLDINGS LTD - GTEC WILL RETAIN ITS 25% EQUITY STAKE IN CCI, WHICH UPON CLOSING OF TRANSACTION

* GTEC HOLDINGS LTD - GTEC WILL HAVE 16 LOCATIONS REMAINING WITH MUNICIPAL DEVELOPMENT PERMITS ISSUED IN PROVINCE OF ALBERTA

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