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Agritek Holdings, Inc. Announces Acquisition Of Performance Nutrition

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Agritek Holdings, Inc. Announces Acquisition Of Performance Nutrition California Retail Location With eBay And Amazon Online Stores Adding In Excess Of $500,000 In Additional Gross Revenue And Product Sales For Company

Published: Sept 20, 2017 8:30 a.m. ET
LOS ANGELES, CA, Sep 20, 2017 (Marketwired via COMTEX) -- LOS ANGELES, CA--(Marketwired - Sep 20, 2017) - Agritek Holdings, Inc. (otcqb:AGTK), a fully integrated, active real estate investor for the medicinal sector and branding consultant today announced that the Company has executed an Asset Purchase Agreement for the acquisition of Performance Nutrition Center, located in South Orange County, California. The Asset Purchase Agreement includes a high traffic bricks and mortar retail location within Laguna Hills, California, exclusive supplement product lines, online eBay and Amazon stores and a continuous years of product revenues as a track record of at least five-hundred thousand dollars ($500,000) in sales approaching $600,000 in product sales for 2017.
"Our reasoning for this recent asset purchase and acquisition of an established 15 year nutrition and supplement company with a strong retail location and high traffic online stores with eBay and Amazon was two-fold. First, an additional revenue stream of close to $600,000 in product sales within the supplement and wellness space will greatly increase our balance sheet as it relates to inventory and product sale based revenue. Second, a long time established relationship with online store fronts including arguably the largest online partners in the world Amazon and eBay creates an incredible opportunity as a gateway for launch of our new wellness products and brands. The online store is in conjunction with eBay store "performancesupps" and Amazon store of the same name. With an established retail location since 2001, and built in consumer base, these new retail and online e-commerce assets soon to be within Agritek Holdings provides a much anticipated subsidiary for immediate and meaningful revenue and channel for the proprietary wellness products within the legal jurisdiction of California" stated B. Michael Friedman, CEO of Agritek Holdings Inc.
The closing of the asset purchase is expected to take place within the month of October 2017 subject to final due diligence.
"Additionally, I would like to take this opportunity to wish all the people of Puerto Rico a safe and speedy recovery from hurricane Maria. Our hopes and prayers are with all those on the island, and with our employees and partners 1919 Clinic of San Juan. We are dedicated to bringing our new state of the art cultivation and manufacturing facility located in San Juan into full operation as soon as possible once the storm damage in Puerto Rico is determined", further stated Friedman
About Agritek Holdings, Inc. Agritek Holdings, Inc., ( a pioneer within the medicinal marijuana space, provides innovative technology and agricultural solutions for both the medicinal and recreational cannabis industry. Agritek Holdings, Inc. presently owns or manages property in Colorado, Washington State, Puerto Rico and Canada and has licenses with permitted facilities in California approved for cultivation as well as manufacturing capabilities. The company owns several Hemp and cannabis brands for distribution including "Hemp Pops", Hemp oil wellness products and "California Premiums". 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, nor does it intend to do so in the future.

FORWARD-LOOKING DISCLAIMER: 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.

Contact: Agritek Holdings Inc. 305.721.2727

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