GTEC Appoints Kendra Blackford as Interim CFO

GTEC Holdings Ltd. (TSXV:GTEC, OTCQB:GGTTF, FRA:1BUP) (“GTEC” or the “Company”) would like to announce that effective immediately, Mr. Jeremy Wright will step down as Chief Financial Officer to pursue other opportunities. Mr. Wright will remain a consultant to GTEC on its corporate finance initiatives. The Company will commence a review process internally and externally to identify a permanent Chief Financial Officer.

Effective immediately, the Company has appointed Ms. Kendra Blackford as Interim Chief Financial Officer. Ms. Blackford has been working with GTEC in a financial consulting capacity over the last 18 months and has played a vital role in the development and implementation of the accounting and financial reporting practices and systems at the Company.

Ms. Blackford is a corporate finance executive with over 10 years of experience in accounting and financial management, including all aspects of corporate administration, financing and strategic initiatives.  She has extensive experience within the retail and distribution sector, as she was previously a Corporate Controller of a large family-owned winery with operations in Canada, the United States and international wine importing and distribution of estate-grown wines. Ms. Blackford is a designated Chartered Professional Accountant, Chartered Accountant and holds a Bachelor of Business Administration degree from the University of British Columbia.

The Board of Directors would like to thank Mr. Wright for his service to the Company and wishes him well in his future endeavours.

Incentive Stock Option Grant
Pursuant to the Company Stock Option Plan (the “SOP”), Director Jurgen Schreiber, will be granted 1,500,000 incentive stock options at an exercise price of $0.34, which will vest as follows: 10% immediately, with 10% every 4 months after the grant date over a 36 month period. Such options are exercisable for a period of 5 years from the date of grant.

In addition, the Company will grant 750,000 stock options to employees and consultants of GTEC, including Ms. Blackford, at an exercise price of $0.34, which will vest as follows: 25% immediately, with 25% every 6 months after the grant date over an 18 month period.  Such options are exercisable for a period of 5 years from the date of grant.

All options are subject to the terms of the SOP and the requirements of the TSX Venture Exchange.

About GTEC
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for Standard Cultivation at two facilities, Standard Processing (extraction), Standard Processing (provincial sales), medical sales and Analytical testing. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis.

GTEC’s retail division is pursuing licensing for recreational cannabis stores across Western Canada. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT™, Tenzo™, GreenTec™, Cognōscente™ and Treehugger™.

GTEC 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, OTCQB Venture Market and Frankfurt Stock Exchange. 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.

On behalf of the board,
Norton Singhavon
Founder, Chairman & CEO

Michael Blady
Co-Founder & Vice President

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.

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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Source: www.globenewswire.com