Agritek Holdings, Inc. Announces Private Placement for Up to $1,500,000 of Common Stock for Maxx eSports Inc. Subsidiary

LOS ANGELES, CA, July 30, 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 that subject to regulatory approval and formal documentation, the Company is offering a non-brokered, private placement financing (“Private Placement”) for gross proceeds of up to $1,500,000 for its new wholly owned subsidiary Maxx eSports Inc. The Private Placement will be for up to 6,000,000 Units at a price of $0.25 per unit. Each Unit will be comprised of one Common Share in the capital stock of Maxx eSports Inc. and a one Share Purchase Warrant (“Warrant”). One Warrant will entitle the holder to purchase one Common Share at an exercise price of $0.50 per share, which is exercisable for a period of two (2) years from the date of closing.

Agritek Holdings recently 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.

The proceeds of this Private Placement will be used for current eSports team tournaments, live streaming technology platform, activities, and current general working capital purposes. None of the proceeds of the Private Placement will be payable to non-arm’s length parties, except for general corporate purposes in the ordinary course of business.

The common stock and warrants to be sold in this private placement have been offered only to certain institutional and accredited investors affiliated with the Company in reliance upon an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). Neither the common stock nor the warrants have been registered under the Securities Act or any state or other securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of the Securities Act and applicable state securities laws. The Securities and Exchange Commission has not passed upon the merits of or given its approval to the common stock and warrants, the terms of the private placement, or the accuracy or completeness of any private placement materials.  The common stock and the warrants sold in the private placement are subject to legal and contractual restrictions on transfer.