Kelowna, BC, June 10, 2019 (GLOBE NEWSWIRE) -- GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Company”), a vertically integrated premium cannabis producer, is pleased to announce that it has appointed Jurgen Schreiber, the former CEO of Shoppers Drug Mart and former Chairman of ALDO, to its Board of Directors as of June 10, 2019.



Mr. Schreiber joins the Board of GTEC following an extensive and successful career building large multinational retail organizations primarily focused on health & wellness. Mr. Schreiber brings significant expertise and business acumen from various industries to assist in the growth of GTEC. His current and previous roles include the following:





Chief Executive Officer at Katz Group (current)

Chief Executive Officer at Shoppers Drug Mart

Chairman of the Board at ALDO Group

Chief Executive Officer at Rexall Health

Chief Executive Officer at Health and Beauty Europe (A.S. Watson)

Independent Non-Executive Director at Thomas Cook Group (current)

“The management team and Board of Directors at GTEC are extremely excited to have Jurgen join the organization,” said Norton Singhavon, GTEC Founder, Chairman and CEO. “Jurgen’s operational experience and driving force behind large Canadian and international organizations will add significant value, guidance and leadership as we continue to execute on our plans to produce, market and distribute ultra-premium cannabis and its derivatives in Canada.”



“I am extremely delighted to join the Board of Directors of GTEC and work together with the management team to make this inspiring company even stronger,” said Jurgen Schreiber. “The alignment with the vision and strategy made this decision easy. We want to build this company together, into a strong force for our customers and all our stakeholders.”



Effective immediately, the Board of Directors at GTEC will be comprised of the following members:



Norton Singhavon

Founder, Chairman and CEO at GTEC

Chairman of the Board



Michael Blady

Co-Founder, Vice President at GTEC

Director



Jurgen Schreiber

CEO at Katz Group

Independent non-executive director



Aaron Dow

Partner at Farris, Vaughan, Wills & Murphy LLP

Independent non-executive director

Chair of the Compensation Committee



Derek Sanders CA, CBV, CFA

Partner at SVG Capital Group

Independent non-executive director

Chair of the Audit Committee





Mr. Schreiber is a highly accomplished executive with deep experience in the global retail pharmacy, health, beauty sectors and Fast-Moving Consumer Goods (FMCG) business. He has significant experience in the FMCG and multinational retail industry, including several senior leadership positions with Reckitt Benckiser, CEO of Health and Beauty Europe, at A.S. Watson where he was responsible for 4000 stores in 23 countries, CEO and President of Shoppers Drug Mart (Pharmaprix in Quebec), CEO and President of Rexall Health, and most recently as CEO at Katz Group. He also served as the Chairman of the Board and Member at ALDO Group from 2017 to 2019, and previous to that, lead the Advisory Board from 2013 to 2017.





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, Standard Processing 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.



The Company has two additional facilities coming on stream in the latter half of 2019, which will increase annual capacity from 4,000 kg to 14,000 kg. GTEC’s retail division is pursuing licensing for over 35 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™, Treehugger™, and FN™.



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.

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