GTEC Announces Increasing Demand for its Premium Cannabis and Provides 2019 Sales Projections

Kelowna, BC, April 24, 2019 (GLOBE NEWSWIRE) -- GTEC Holdings Ltd. (TSX-V:GTEC) (OTC:GGTTF) (FRA:1BUP) (“GTEC” or the “Company”) is pleased to announce that it has been receiving significant demand for its premium cannabis, and provides insight into its current sales initiatives and projections.

Summary of sales:

• $5.86 average selling price of flower shipped in bulk to wholesale buyers
• Products are re-packaged by certain buyers and sold under GTEC’s flagship medical brand, GreenTec™
• $1.11 per gram current estimated cash cost of production (for B2B wholesale - excluding depreciation and amortization)
• 81% estimated gross margin on products sold (excluding depreciation and amortization)
• Secured agreements with confident forward sales outlook for all 2019 production output
• Estimating to produce and sell approximately 2.5 million grams of flower in 2019
• Estimating $12.5 million in 2019 sales
• Estimating to produce and sell 14 million grams of flower in 2020
• GreenTec™ continues to be the #1 selling product on CannMart, year to date
• Unprecedented strain-specific THC content up to 24.3% on its indoor flower (for Cold Creek Kush)
• Currently producing premium quality indoor flower, with ultra-premium flower to commence harvesting in Q3 2019
• In supply negotiations with several of the “Top 5” Canadian publicly traded LP’s

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals, where applicable and the state of the capital markets. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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For additional information please contact:
GTEC Holdings Ltd.
1-800-351-6358
contact@gtec.co