AGROTECH PROVIDES AN UPDATE TO ITS REACTIVATION
Vancouver, B.C. November 4, 2009 - Agrotech Greenhouses Inc. (TSXV:AGV.H) (the “Company”) wishes to provide an update regarding its Reactivation on the TSX Venture Exchange (the “Exchange”) first announced in its news release dated July 27, 2009.
PrivateCo Placement
PrivateCo has closed completely its private placement with the aggregate issuance of 10,000,000 units at $0.30 per unit raising gross proceeds of Cdn$3,000,000, which will be more than sufficient to make the US$2 million payment due on the closing of the Property acquisition referred to below. Cash finder’s fees have been paid in respect of most of the placement.
PrivateCo Oil and Gas Property Acquisition in Texas
The closing of PrivateCo’s acquisition of an undivided 75% working interest in certain oil and gas leases located in the Sugg Ranch Field in Irion County, Texas (the “Property”) has been further delayed pending the resolution to PrivateCo’s satisfaction of certain outstanding issues between Maxwell Operating, Inc., the company PrivateCo is acquiring the Property from, and the holder of an underlying oil and gas lease. While Management remains confident that these issues will be resolved in due course, Management has advised Maxwell that it is now reviewing other oil and gas properties, and, if it enters into an agreement to acquire another oil and gas asset, PrivateCo may not proceed with the Maxwell acquisition.
Cautionary Statements
Completion of the Reactivation is subject to a number of conditions, including Exchange acceptance and Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Filing Statement being prepared in connection with the transaction, any information released or received with respect to the Reactivation may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this news release
ON BEHALF OF AGROTECH GREENHOUSES INC.
“Colin Bowkett”Director
For further information contact:
Suite 880, 609 Granville Street, Vancouver, British Columbia, V7Y 1G5, Canada
Tel: (604) 683 - 7588 Fax: (604) 683 - 7589
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.