Agritek Holdings, Inc. announced that the Company has terminated its respective agreements to acquire Apex Extractions Inc. as a subsidiary as previously announced yesterday. There are no other payments by Agritek Holdings Inc. associated with terminating the agreement. Earlier January 23, 2020, the Company was made aware of another announcement by a public Company stating the acquisition of Apex Extractions Inc., with Mr. Benson agreeing to act as its CEO.

Agritek Holdings Inc. at no time had prior knowledge, was informed or was made aware by its acting CEO Mr. Benson, that there was any pending negotiations, agreement, or announcement being made regarding a second proposed acquisition of the Company by a separate party during the due diligence period. The Company has been in negotiations and due diligence with Mr. Benson as CEO and his Company, Apex Extractions, since September of 2019. All press announcements made by Agritek Holdings stated that the final closing was at all times subject to a final due diligence period and acceptance by both parties and majority shareholders.

Mr. Benson did not notify the Company of any such undisclosed negotiations or agreement. Prior to leaving the Company, Mr. Benson appointed B. Michael Friedman as Interim CEO and sole director via a Board Resolution. Agritek Holdings was specifically directed to explain the acquisition of Apex Extractions distribution division as a wholly owned subsidiary for distribution of multiple brands by Agritek Holdings including the new “Higher Society” brand owned by Agritek Holdings to be manufactured and distributed by Apex Solutions as previously announced by the Company and management.