Agritek Holdings, Inc. Announces Approval of Name Change, Corporate Update and Letter to Shareholders

LOS ANGELES, CA, April 09, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Agritek Holdings, Inc. (AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor and white label provider for popular hemp brands, today announced the following corporate update and Letter to Shareholders.

Dear Shareholders,

Agritek Holdings, through its many years as one of the first public companies within the cannabis sector, has been operating every day focused on seeking to build an ever increasingly strong and profitable business model, all serving to enhance shareholder value. Given the recent wave of change within the cannabis sector and its challenges, we have witnessed even the largest cannabis companies in the US and Canada struggling to maintain operations and their listings on higher exchanges including NYSE: Aurora Cannabis: trading at .85, Curaleaf, Aphria Inc., The Green Organic Dutchman Holdings trading at .19 and MedMen closing at .20, all suffering massive layoffs and consolidation while burning through millions of dollars in infrastructure costs.

The Company thought it necessary at this time to provide an important update to all shareholders on Agritek Holdings’ focus and resolved commitment, despite the current market events of the global COVID-19 pandemic over the past few months.  Under the advice of counsel and our corporate advisors on behalf of what is best for our shareholders moving forward, the majority shareholders of the Company voted on April 3rd, 2020, to approve a corporate name change and spin-off the cannabis assets of the parent Agritek Holdings, Inc. The newly approved name will be "iBet Gaming Corporation", with a majority focus on the eSports and legal video game wagering sector. The Company will seek to have all cannabis assets transferred to its wholly owned subsidiary, Full Spectrum Biosciences, Inc, and then initiate a “spin-off” doing a dividend to current Agritek Holdings shareholders. Following the official name change to iBet Gaming Corporation, we will file an S-1 registration statement for our subsidiary Full Spectrum Biosciences, Inc., (FSB) becoming a completely separate public company traded on the OTCQB exchange. Significant shareholder support for both the name change and change of business was received with approximately 70% of the majority shareholders voting in favor of these board resolutions.