InvestorsHub Logo
Followers 4
Posts 151
Boards Moderated 0
Alias Born 12/06/2015

Re: None

Wednesday, 04/20/2016 9:53:33 AM

Wednesday, April 20, 2016 9:53:33 AM

Post# of 32302
www.Agritekholdings.com), a leader in Compassionate Care Technology and agricultural solutions for the recreational cannabis industry, today announced that the Company has sent a Cease and Desist Letter To Vape Holdings Inc. and its CEO Mr. Justin Braune. Agritek Holdings is preparing a law suit against Vape Holdings and Mr. Braune for intellectual property infringement and violation of Mr. Braune's employment agreement under non-compete clauses. The cease and desist contends that the present vaporizer device and cartridge being sold as Vape Holding's "Revival Vape's" product line was designed and developed during Mr. Braune's tenure as Chief Executive Officer of Agritek Holdings under the Company's wholly owned subsidiary Prohibition Products Inc. with Mr. Braune as President of Prohibition Products. The same exact device was developed and sold under the Company's www.ProhibitionLife.com website and brand. The complete product video for Agritek and Prohibition Life may be seen here: http://www.cannabisfn.com/cfnvideo/?id=nhB7NUv6 The Company plans to outline in its suit for monetary damages and attachment of the Revivalvapes.com site revenues on the basis that all design, prototypes, marketing materials, eCommerce web site and roll out strategy were blatantly taken and reproduced under a different name upon Mr. Braune's unexpected resignation from Agritek Holdings. The Company will additionally show that Mr. Braune and Agritek management had previously negotiated an asset purchase of the Prohibition device through Letters of Intent and purchase agreements drafted by Vape Holdings counsel entitling Agritek to royalties and equity payments on each device sold. The company further has all correspondence from the development of the device, original prototypes and cartridges as well as a signed employment agreement clearly stating that any property designed or released during Mr. Braune's term as an officer of Agritek Holdings shall remain the property of the Company. "Agritek will be seeking the complete attachment of our device from Vape Holdings and all monies due to our company with regards to the Revival Vape products being sold by Vape Holdings. We believe that the evidence is overwhelming against Mr. Braune, including signed Letters of Intent and Asset purchase agreements for the purchase of our vaporizer along with his actions of resigning from the Company and leaving Agritek nonreporting for the first time in our history without a board and moving to Vape as their new CEO with our technology. In my opinion, what we will show as evidence will prove to be damaging to himself and Vape Holdings. We plan to pursue this to the full extent of the law and seek back all monies paid to Mr. Braune and the development of the vaporizer device," stated B. Michael Friedman, CEO of Agritek Holdings Inc. About Agritek Holdings, Inc. Agritek Holdings, Inc.

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.