spin-off NewsJuly 29, 2020 10:40 ET | Source: Agritek Holdings, Inc. LOS ANGELES, CA, July 29, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Agritek Holdings, Inc. (AGTK) www.AgritekHoldings.com, a fully integrated, active real estate investor and white label provider for popular hemp brands, today announced that the Company has formed a new, majority owned subsidiary Maxx eSports Inc., in preparation for the spin off and S-1 registration statement of the Companys present eSports assets. Maxx eSports Inc. has negotiated management contracts and live streaming tournament events with four Tier One eSports Teams based in Europe and Asian markets. Maxx eSports will focus on team management, live streaming events, and has negotiated national venues for eSports tournaments in regulated gaming jurisdictions around the world. "Based on the delay of our corporate name change of our parent company by regulatory agencies, we were faced with the decision to continue to wait for a decision after almost three months and keep our shareholders and investors in limbo or postpone the corporate action until a later date. Management has decided to cancel the name change of the parent Company, and instead, create a subsidiary for our eSports assets within Maxx eSports and iBET Gaming as a separate division, and file the S-1 registration statement. We intend to spin off our eSports company with no legacy issues as a pure IPO for eSports and separate public company on behalf of our shareholders, stated B. Michael Friedman, CEO of Agritek Holdings. All shareholders of Agritek Holdings will receive a dividend share of Maxx eSports on the dividend record date when announced upon the S-1 filing expected to be filed in August 2020. We believe that this spin off will give our shareholders two bites at the apple including being a shareholder of two emerging growth sectors within the microcap markets today, eSports and the cannabis sector. Through this new approach and corporate action, we have been advised by corporate counsel that the spinoff is less of a regulatory issue and will move quickly, creating two separate public companies, rather than changing the name and structure of the parent, further stated Friedman. Agritek Holdings is in final review of its financial reports including its 10K Annual Report for December 31, 2019 and first quarter 10Q for 2020 with its registered auditing firm. The Company as reported earlier this month expects to file the reports within the next week and renew its application and uplisting to the OTCQB exchange.