ProTek Capital/ Luxuriant Holdings Announce Cancelation of the Reverse Stock Split, Appointment of New Board of Director, and a JV Agreement.
February 25, 2014 --
DALLAS, TX -- (Marketwired) -- 02/25/14 -- ProTek Capital, Inc. /Luxuriant Holdings, (OTC Pink: PRPM) ("the Company") announces the indefinite suspension of the scheduled reverse stock split, the appointment of Davyd Field to the Board of Directors, and a JV agreement with Vortex Water Pipes.
The management re examined the current share structure of the company and determined that the reverse split is unnecessary at this time. Several factors that helped with this opinion are; expanded interest in the company's market cap, comparison to other companies in the sector with comparative or larger share structures, and ultimately current shareholders best interest. The company's continued negotiations with Hedge Funds and Investment Groups will determine the future of the market cap and share structure. As revenue increases, the company is planning to implement repurchase of common shares and is in negotiations with several large shareholders and owners of preferred shares to retire their blocks of stock to the treasury. We believe this is the most prudent path to follow for our company and our current and future shareholders.
Luxuriant Holdings, and its CEO Luther Jeffries, are proud to welcome Davyd Field to the Board of Directors of Luxuriant Holdings. Mr. Field is the current CEO of Vortex Waterpipes (www.vortexwaterpipes.com), a smoking device manufacturing and privately held counter culture company. With more than a decade of knowledge and experience in the 420 Industry, Mr. Field will be an important part of this company's future.
Mr. Field is a graduate of Claremont McKenna College (politics, philosophy and economics) and has lived and worked in California and Amsterdam. Mr. Field's resume includes everything from working for a Congresswoman in the US House of Representatives; to opening a successful Hookah Lounge in Long Beach, California. After finishing school, Mr. Field worked as a real-estate consultant providing due diligence reports to national homebuilders and developers.
Vortex Waterpipes is best known for its patented product, the 'Gravity Vortex', which won the High Times Cannabis Cup's Gold Medal in 2006. The company's other products include a freezable glycerin coil condenser and a Glowing LED glass pipes. The company has sold over 100,000 units, and has grossed over a million dollars in wholesale sales of its core product line. Vortex has been successful by creating innovation, running efficiently, keeping overhead costs low, and mass networking and marketing. Vortex Waterpipes have been featured in the popular television series Weeds and Wilfred. Mr. Field has vast knowledge of Internet marketing and distribution. Mr. Field and his team have presented at over 30 tradeshows, and is comfortable speaking in front of large crowds and events. His network of retailers, distributors and media contacts will be an immediate asset to Luxuriant Holdings. He will also assist in evaluating the company's future acquisitions within the 420 Industry.
Luxuriant Holdings is also excited to announce a partnership with Vortex for the creation of its next generation of LED glass water pipes. The Company will assist in 'Research and Development' of this exciting new product line and share in the revenues from future sales of Vortex's GLOW product. While details are still being finalized for product manufacturing, the Vortex team will immediately assist in Luxuriant's marketing efforts. Vortex has existing relationships with many magazines, tradeshows and online media within the MMJ community. Vortex has begun working on the renovation of the Luxuriant Holdings brand. This week will see the release of the company's new logo's and graphic design. "We appreciate investors' patience as the company continues to develop and implement its business plan. Our goal is to become an industry leader in this market space."
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About ProTek Capital, Inc.
ProTek Capital, Inc. has historically concentrated on acquiring a portfolio of unique and promising, high-growth potential companies.
Forward-Looking Statements: The information posted in this release may contain forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions.
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. These risks and uncertainties include, but are not limited to, general economic and business conditions, effects of continued geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in completing various engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, shortages in components, production delays due to performance quality issues with outsourced components, and various other factors beyond the Company's control.
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