GTEC Holdings Announces OTCQB Listing and DTC Eligibility
KELOWNA, BC, Dec. 12, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) (OTCQB: GGTTF) ("GTEC" or the "Company"), a specialized and vertically integrated premium cannabis company, is pleased to announce that its common shares have been approved for up-listing of trading onto the OTCQB Venture Market ("OTCQB Venture"), a US trading platform that is operated by the OTC Markets Group in New York. Effective immediately, the Company will commence trading on the OTCQB under the symbol "GGTTF". The Company's common shares will continue to trade on the TSX Venture Exchange under the symbol "GTEC". In addition, the Company is pleased to announce that it has received DTC eligibility by The Depository Trust Company ("DTC") for electronic settlement and transfer of its common shares in the United States.
GTEC Holdings Ltd. (CNW Group/GreenTec Holdings)
The OTCQB is the premier marketplace for entrepreneurial and development stage US and international companies that are committed to providing a high-quality trading and information experience for their US investors. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process. The OTCQB quality standards provide a strong baseline of transparency, as well as the technology and regulation to improve the information and trading experience for investors. The ability to have the Company's shares electronically transferred between brokerages in the US is significantly more convenient and reduces the costs incurred in trading shares. When shares are able to trade electronically, existing investors benefit from greater liquidity and execution speeds, while opening the door to new investors that may have been previously restricted from the Company's shares.
The DTC is a subsidiary of the Depository Trust & Clearing Corporation ("DTCC"), and manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through the DTC are considered "DTC eligible." This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers reducing transactional costs for participating brokerage firms, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements.
GTEC Holdings is a specialized craft cannabis company dedicated to cultivating premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and holds Cultivation, Extraction and Analytical testing licenses. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC's retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC's premium indoor cannabis will be marketed and sold under its flagship trademarked brands; BLK MKT TM; Tenzo TM, GreenTec TM, cognoscente TM, FN TM, and Treehugger TM. The Company is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange and the OTCQB Venture Market. The Company is headquartered in Kelowna, British Columbia.
To view more about the company or to request our most recent corporate presentation, please visit our website at www.gtec.co.
TSX Venture – Symbol: GTEC
OTCQB Venture – Symbol: GGTTF