OTCQB-MKT: SLTK: US $1.39 +0.04 - +2.96%

News & Press

Items 1 to 10 of 11 total

per page

Solis Tek, Inc. Announces Second Quarter 2017 Results

Tuesday, August 22, 2017 12:08:49 PM America/Los_Angeles

Solis Tek, Inc. Announces Second Quarter 2017 Results

Introduction of Rare Nutrient Line for Terpene Enhancement to Fuel Growth Among Commercial Cannabis Growers

CARSON, CA--(Marketwired - August 14, 2017) - Solis Tek, Inc. (OTCQB: SLTK), a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in legal markets across the U.S., today reported financial results for the quarter ended June 30, 2017.

Financial Highlights

  • Revenues of $2.44 million; up 15% over the same period in 2016
  • Gross Profit of $920 thousand; up 15% over the same period in 2016
  • Gross Margin of 37.7%; consistent with comparable period in 2016

Business Highlights

  • Launched Solis Tek's TERPENE ENHANCING Nutrient Line, TERPENEZ™, which uses natural ingredients to increase yield, lower costs and grow healthier plants
  • Introduced new lighting controller at end of 2nd quarter to consumer marketplace, providing industry leading control capabilities to commercial and recreational growers

"We are pleased with our second quarter results, showing solid growth from our core operations, highlighted by 15% year-over-year Q2 revenue growth from our lighting equipment vertical. We believe demand trends centered around terpene profile and strain desirability based on terpene profiles will support the launch of our heavy-metal-free Nutrient Line, and are confident that initiatives recently undertaken to raise the Company's visibility among key target audiences will drive enhanced growth opportunities for Solis Tek," commented Dennis G. Forchic, Chief Executive Officer of Solis Tek.

"We are executing Solis Tek's strategy to provide a broad suite of products and services through our wholly owned subsidiaries, targeted at the commercial cannabis industry. We're excited about the feedback we have received from the grower community regarding our new terpene enhancing product TERPENEZ, and are confident that the product will emerge as a preferred choice among cannabis growers because it has been verified in independent third-party testing to be free of heavy metals and safe for all agriculture uses, while producing unrivaled results regarding terpene profiles.

"By leveraging the same client base as our existing lighting products, we expect the launch of the new nutrient division to drive significant revenue growth for Solis Tek, while expanding margins due to the increased efficiencies derived from utilizing existing sales and distribution channels. Solis Tek remains ideally positioned to capitalize on the rapidly expanding legalization of medical and adult-use cannabis, supported by these industry leading product platforms," concluded Mr. Forchic.

Second Quarter 2017 Results

For the second quarter of 2017, revenues were $2.44 million, representing a 15% increase over the same period in 2016, driven by increased market penetration among hydroponic customers and commercial facilities. Cost of revenues increased 15%, consistent with revenue growth. Thus, gross margins were consistent year-over-year at 37.7%.

Selling, general, and administrative expenses were $2.39 million in the second quarter of 2017, up 212% over the same period in 2016, due primarily to cash and stock-based compensation expenses to support a broad campaign to increase Solis Tek's industry and investment community visibility and, to a lesser extent, increased marketing and payroll related expenses.

Stock compensation expense was $1.19 million for the second quarter of 2017, compared with $25,000 in the same period in 2016. Research and development expenses were $82,500, 42% higher than the same period in 2016.

Net loss for the second quarter of 2017 was $1.59 million, or $0.04 per share, compared with a net loss of $35,157, or $0.00 per share for the same period in 2016, again due primarily to cash and stock-based compensation expenses.

As of June 30, 2017, the Company had $428,000 in cash, 55% higher than $276,000 at December 31, 2016, attributable to $300,000 received through the issuance of common stock to accredited investors.

To be added to the Solis Tek email distribution list, please email SLTK@kcsa.com with SLTK in the subject line.

About Solis Tek

Solis Tek is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

Solis Tek, Inc.
Condensed Consolidated Balance Sheets

    June 30, 2017     December 31, 2016  
    (Unaudited)        
ASSETS            
CURRENT ASSETS            
Cash   $ 427,580     $ 275,783  
Accounts Receivable, net of allowance for doubtful accounts of $398,168 and $359,395     1,221,349       628,691  
Inventories     1,550,761       2,880,804  
Prepaid expenses and other current assets     79,309       75,109  
Total current assets     3,278,999       3,860,387  
                 
Property and equipment, net     172,505       204,936  
Other assets     32,072       32,071  
TOTAL ASSETS   $ 3,483,576     $ 4,097,394  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY                
CURRENT LIABILITIES                
Accounts payable and accrued expenses   $ 672,283     $ 552,057  
Due to related party vendor     124,715       1,083,764  
Note payable - related parties     545,000       265,000  
Amount due to related parties     150,795       134,086  
Capital lease obligations, current portion     14,723       13,711  
Loans payable, current portion     8,102       8,262  
Total Current Liabilities     1,515,618       2,056,880  
                 
Capital lease obligations, net of current portion     1,883       9,665  
Loans payable, net of current portion     22,021       25,958  
Notes payable related parties, net of current portion     600,000       600,000  
Total liabilities     2,139,522       2,692,503  
                 
Commitments and contingencies                
                 
Shareholders' Equity                
Preferred stock, no par value, 20,000,000 shares authorized; no shares issued and outstanding     -       -  
Common stock, $0.001 par value, 100,000,000 shares authorized; 37,477,577 and 29,721,998 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively     37,472       29,722  
Additional paid-in-capital     8,067943       2,795,842  
Accumulated deficit     (6,761,361 )     (1,420,673 )
Total Shareholders' Equity     1,344,054       1,404,891  
                 
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $ 3,483,576     $ 4,097,394  

The accompanying notes are an integral part of these condensed consolidated financial statements.

Solis Tek, Inc.
Condensed Consolidated Statements of Operations

  Three months ended June 30,   Six months ended June 30,  
  2017   2016   2017   2016  
  (Unaudited)   (Unaudited)  
Sales $ 2,441,289   $ 2,125,830   $ 5,343,115   $ 4,710,498  
Cost of goods sold (1)   1,521,410     1,324,165     3,302,714     2,982,876  
Gross profit   919,879     801,665     2,040,401     1,727,622  
                         
Operating expenses                        
  Selling, general and administrative expenses   2,391,231     765,531     7,155,886     1,519,225  
  Research and development   82,500     58,000     165,270     115,000  
Total operating expenses   2,473,731     823,531     7,321,156     1,634,225  
                         
Income (loss) from operations   (1,553,852 )   (21,866 )   (5,280,755 )   93,397  
                         
Interest expense, net of interest income   (31,649 )   (23,620 )   (55,820 )   (50,394 )
Interest income   -     4,500     -     4,500  
Income (loss) before income taxes   (1,585,501 )   (40,986 )   (5,336,575 )   47,503  
                         
Provision (benefit) for income taxes   3,200     (5,829 )   4,113     37,700  
                         
NET INCOME (LOSS) $ (1,588,701 ) $ (35,157 ) $ (5,340,688 ) $ 9,803  
                         
BASIC AND DILUTED INCOME (LOSS) PER SHARE $ (0.04 ) $ (0.00 ) $ (0.15 ) $ 0.00  
                         
WEIGHTED - AVERAGE COMMON SHARES OUTSTANDING BASIC AND DILUTED   37,011,893     29,596,998     36,807,540     29,595,789  
                         
(1) Related party costs included in cost of goods sold $ 1,247,897   $ 1,003,379   $ 2,688,893   $ 2,400,764  

Investor Relations Contact:
Phil Carlson / Elizabeth Barker
KCSA Strategic Communications
SLTK@kcsa.com

Communications Contact:

Danielle DeVoren
KCSA Strategic Communications
212-896-1272
SolistekKCSA@kcsa.com

Copyright © 2017 Marketwired. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Read More
Posted By SolisTek Admin

SolisTek Virtual Investor Conference Presentation Now Available for On-Demand Viewing

Tuesday, August 8, 2017 1:45:36 PM America/Los_Angeles

Company invites individual and institutional investors as well as advisors to log-on to VirtualInvestorConferences.com to view presentation CARSON, Calif., Aug. 7, 2017

/PRNewswire/ -- Solis Tek (OTCQB:SLTK), a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in legal markets across the U.S., today announced that the August 3 presentation from Dennis G. Forchik, Chief Executive Officer and Alan Lien, Co-Founder and President, is now available for on-demand viewing at VirtualInvestorConferences.com.

LINK: https://tinyurl.com/0803postpr

Solis Tek's presentation will be available 24/7 for 90 days. Investors and advisors may download shareholder materials from the "virtual trade booth" for the next three weeks. Recent Company Highlights In July 2017, Solis Tek announced that controlled third-party independent testing efforts have yielded results reflecting no heavy metals in Terpenez ™, the company's new terpene profile enhancer, verifying the product's safety profile for all agriculture uses.

In June 2017, Solis Tek announced the launch of its Nutrient Line, which uses natural ingredients to help growers increase yield, enhanced aroma, and ultimately grow healthier plants. Learn more about the event at www.VirtualInvestorConferences.com. To be added to the distribution list, please email SLTK@kcsa.com with "SLTK" in the subject line. About Solis Tek Solis Tek is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and adult use space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's digital lighting solutions to increase yield and lower costs and grow better.

The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information please visit our website www.solis-tek.com. About VirtualInvestorConferences.com Since 2010, VirtualInvestorConferences.com, created by BetterInvesting (NAIC) and PRNewswire, has been the only monthly virtual investor conference series that provides an interactive forum for presenting companies to meet directly with investors using a graphically-enhanced online platform. Designed to replicate the look and feel of location-based investor conferences, Virtual Investor Conferences unites PR Newswire's leading-edge online conferencing and investor communications capabilities with BetterInvesting's extensive retail investor audience network. SOURCE Solis Tek Related Links http://www.solis-tek.com

Read More
Posted By SolisTek Admin
Independent Lab Results Report Solis Tek’s New Terpene Enhancer, Terpenez™, Is Free of All Heavy Metals Carson, CA – July 19, 2017 – Solis Tek, Inc. (OTCQB: SLTK), announced today that controlled third-party independent testing efforts have yielded results reflecting no heavy metals in Terpenez ™, the company’s new terpene profile enhancer. Terpenez, the first product in the company’s expansion into the approximately $32 Billion nutrient/additive sector, leads a new class of horticultural products aimed at enhancing the cannabis aromatic experience and intensity. Terpenez does not contain cannabis derived terpenes within; instead it is made from the finest natural components available and is specifically formulated to assist the cannabis plant with processes associated with oil and resin production and is intended to naturally enhance the cannabis plant’s terpene profile. Terpenez formula provides essential oil-bearing plants with both precursors (i.e. metabolic building blocks, trace elements, etc.) and readily available bio-identical plant compounds which aim to increase overall essential oil production and intensity. “Terpenez is a true breakthrough in its formulation of botanical derivatives and essential oils and the way it delivers the contents,” said Dennis G. Forchic, Chief Executive Officer of Solis Tek. “We have been testing the product with our cultivating customers and they have never had such strong results with a fully plant derived 0-0-0 (Nitrogen, Phosphate, and Potassium free) product.” The laboratory analysis of Terpenez was conducted by A & L Western Agricultural Laboratories, Inc., an independent bioanalytical testing and research laboratory providing services to the agriculture industry. The focus of the analysis was to ensure product safety and efficacy. The laboratory analysis determined the level of heavy metals in Terpenez to be below the EPA’s detection limit (BDL). The heavy metals tested include arsenic, cadmium, cobalt, lead, molybdenum, nickel, selenium, zinc, mercury, copper and chromium. Unlike previous industry efforts to increase the aromatic experience and volatile oils that may have resulted in heavy metal transference into the flower, the A & L Western Agricultural Laboratories testing confirms that with no heavy metals, Terpenez will not pose those risks. Mr. Forchic continued, “The testing results confirmed the absence of heavy metals thus making it safe for all agriculture uses. Terpenez was developed to provide cannabis growers with a product which uses natural ingredients to help growers not only increase yield and terpene profiles, but ultimately grow healthier plants.” “We have used Terpenez to increase the value of our cannabis crop through the intensification of oil production, which has resulted in a significant improvement in flavor and aroma,” said Kevin Kuethe of GB Sciences, Inc. (OTCQB: GBLX). “We have been a Solis Tek lighting customer for years and added the Terpenez product to our grow process because we always recognized their focus on innovation specific to cannabis.” To be added to the Solis Tek, Inc. email distribution list, please email SLTK@kcsa.com with ‘SLTK’ in the subject line. About Solis Tek Solis Tek is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com. Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Communications Contact: Danielle DeVoren KCSA Strategic Communications 212-896-1272 SolistekKCSA@kcsa.com Investor Relations Contact: Phil Carlson / Elizabeth Barker SLTK@kcsa.comRead More
Posted By SolisTek Admin
Solis Tek, Inc. Introduces Nutrient Line Designed Specifically for Commercial Cannabis Growers to Enhance Terpene Profiles Terpenez™ Offers Organic Solution to Increase Terpene Production and Ensure Optimal Plant Health Carson, CA – June 15, 2017 – Solis Tek (OTCQB: SLTK), a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in legal markets across the U.S., announced today the launch of its Nutrient Line, which uses natural ingredients to help growers increase yield, lower costs and ultimately grow healthier plants. This is part of the Company’s overall strategy to provide a broad suite of products and services targeted at the commercial cannabis industry. Terpenez ™, the first product in the Nutrient Line, is an organically derived, commercial grade essential oil intensifier blended in California. It is designed to naturally increase the terpene profile of the cannabis plant and enhance the aromatic experience associated with gardening. Terpenez™ identifies the plant’s terpene profile and uses natural ingredients to increase the terpene levels, thus enhancing the plant’s innate characteristics. “Since our founding, Solis Tek has exclusively focused on providing the best lighting solutions in the market. During this time we have built a team of experts in the cannabis sector and we are leveraging that expertise, our robust distribution channels and large-scale manufacturing know-how to develop new products and services to help commercial growers grow better. As we continue to mature, we will roll out other products to serve the cannabis market including the expansion of our Nutrient Line,” said Dennis G. Forchic, Chief Executive Officer of Solis Tek. Over 100 commercial growers have done controlled and non-controlled side-by-side testing with Terpenez™ and have seen significant results. The vast majority of users have experienced very favorable results which were not only more intense than they expected but far more pervasive than they could have hoped. Terpenez™ is so revolutionary in its formulation – comprised of all organic derivatives and essential oils – and the way it delivers the contents, multiple state agricultural/regulatory agencies have approved the product but had trouble classifying it within existing categories. One state in particular has held special meetings just to determine what type of category to classify the product or, if a new category should be created specifically for this product. “As a long-time customer of Solis Tek’s lighting products, we were eager to try new products from the company,” said Kevin Kuethe from Cultivation Labs. “Terpenez™ has enabled us to increase the flavor, oil production and ultimately the value of our crop. We look forward to adding additional nutrient products from the nutrient line to our grow process.” Terpenez™ is specifically formulated for the cannabis plant to assist the plant with processes associated with oil and resin production. It is scientifically formulated to provide essential oil bearing plants with both precursors (i.e. metabolic building blocks, trace elements, etc.), as well as readily available bio-identical organic plant compounds with the objectives of increased overall essential oil production and intensity. Terpenez™ is made from all organic and natural compounds and contains no heavy metals. About Solis Tek Solis Tek is a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in both the medical and recreational space in legal markets across the U.S. For nearly a decade, growers have used Solis Tek's lighting solutions to increase yield, lower costs and grow better to maximize their return on investment. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information, please visit our website, www.solis-tek.com. Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Communications Contact: Danielle DeVoren KCSA Strategic Communications 212-896-1272 ddevoren@kcsa.comRead More
Posted By SolisTek Admin

What are Terpenes and Why Should You Care?

Wednesday, July 26, 2017 12:22:02 PM America/Los_Angeles

What are Terpenes and Why Should You Care? Posted by christalcann on Wednesday Jul 5, 2017 (Sniff, sniff.) Is that cannabis I smell? Actually it’s terpenes. Terpenes are what give cannabis plants their unique aroma. They are the fragrant oils the plant produces in the same glands where they produce THC and CBD. Until recently, terpenes have not received much attention from growers or medical researchers who have been focused on THC and CBD, which means knowledge about terpenes and their function isn’t too widely spread. Only recently has it come to light that terpenes play a major role when it comes to the unique effects of marijuana. Growers can use terpenes to directly impact their cannabis strains’ high and alter it as they wish. Medical researchers can assess the effects of different combinations of terpenes on THC and CBD to treat patients. In our daily lives, we interact with a wide variety of plants that are known to produce terpenes or terpenoid compounds. It is postulated that many of the plants known to produce these compounds do so in hopes of deterring would be pests, as these compounds often have a very strong aromatic signature. Think of it like your mosquito spray when you go out to a BBQ. In cannabis, however, these terpenes and terpenoids serve multiple purposes including acting synergistically with the more widely known THC and CBD molecules. This unique interaction is often referred to as the entourage effect and are what many leaders in the field believe is what imparts cannabis with its panacea-like effectiveness. Terpenes are the compounds responsible for the unique signature of the user's experience. If we were only to consume THC or CBD, the effect would be planar, or one dimensional; and although some therapeutic effect would likely be realized, the cumulative effect of the therapy would be dramatically muted when compared to one in which a full terpene profile therapy is administered. It is for this reason that it is critical to select and cultivate cannabis varieties with strong terpene potential as these varieties will undoubtedly become favorites both medically and recreationally due to their markedly stronger overall effect on the user. This perceived increase in "potency" is a result of the compounds (THC, CBD and collateral terpenes) acting in concert via multiple identified pathways versus so-called targeted therapy in which a single molecule (CBD, THC, etc.) or compound is isolated and administered. Humans have evolved alongside plants for nearly 1.5 million years and, as a result, our Endocannabinoid system has been shaped by this continuous and complex relationship. The result of this ongoing refinement is a biologic system that responds like a key to a lock. Without the appropriate bumps and grooves, a key cannot fully actuate its purpose not unlike a cannabis product without the appropriate terpenes present. With this relatively new understanding, research in terpenes and similar compounds (triterpenes, terpenoids and isoprenoids) has exploded. Industry researchers and formulators have identified the value of this research and have begun manufacturing products aimed at increasing oil and terpene production. Many of these products rely on molecular level stressors such as heavy metals, hormones or trace pesticides to elicit the desired response. Basically, these methods stress the plant so they grow more or better oils to protect themselves. While these methods may increase the overall oil production, it may be at the cost of yield and consumer safety, as many of the compounds used are not designed for human consumption. Long term effects of using these products are not known, and with the understanding of terpene profiles still being relatively new commercially, it’s always a better idea to choose wisely and use natural products. Solis-Tek’s nutrient division identified that using additives containing heavy metals, hormones or pesticides even in trace amounts, may pose an ongoing health risk to everyone who consumes plant material cultivated with those additives. In response, the company created Terpenez™, which represents a major breakthrough in natural terpene enhancement. The formulation employs a multi-faceted approach and is a diametric departure from what was previously available to growers. Terpenez works by providing the plant with all natural precursors coupled with organic, bio-identical, plant derived terpenes. This combination allows the plant to boost terpene production without sacrificing yield or safety. Terpenez helps growers produce plants with a full-terpene profile, which has benefits for both recreational and therapeutic uses. It accomplishes this naturally, without hormones, pesticides or trace heavy metals. Terpenez works in all systems and can be used up to the day of harvest. It is versatile in its application, has a 0-0-0 NPK and will not conflict with any known commercial feed program. Simply add this product on top of a grower’s current recipe, either with a continuous model feeding through the flower cycle, or try it just through flush, and watch the plant’s terpenes transform. It will become critical that growers educate themselves on terpenes and their effects on plant production. It won’t be long before consumers are asking about the terpene profile of the cannabis strain they purchase. Alan Lien, Co-Founder, Chairman, and President of Solis Tek, leads the manufacturing, development, and sourcing of Solis Tek products while also managing the Company’s sales and operational strategies. Matt Geschke, CTO of Solis Tek, is responsible for the design improvement and development of emerging new and novel technologies and techniques derived from natural inspiration for the manufacture of materials and systems used primarily within the confines of agriculture. To learn more about Solis Tek’s Terpenez, visit: growsolutions.com Source: https://cannabis.net/blog/how-to/terpenes-what-are-they-and-why-should-growers-be-paying-attentionRead More
Posted By SolisTek Admin

Carson, CA – June 15, 2017 – Solis Tek (OTCQB: SLTK), a vertically integrated technology innovator, developer, manufacturer and distributor focused on bringing products and solutions to commercial cannabis growers in legal markets across the U.S., announced today the launch of its Nutrient Line, which uses natural ingredients to help growers increase yield, lower costs and ultimately grow healthier plants. This is part of the Company’s overall strategy to provide a broad suite of products and services targeted at the commercial cannabis industry.

Terpenez, the first product in the Nutrient Line, is an organically derived, commercial grade essential oil intensifier blended in California. It is designed to naturally increase the terpene profile of the cannabis plant and enhance the aromatic experience associated with gardening. Terpene identifies the plant’s terpene profile and uses natural ingredients to increase the terpene levels, thus enhancing the plant’s innate characteristics.

“Since our founding, Solis Tek has exclusively focused on providing the best lighting solutions in the market. During this time we have built a team of experts in the cannabis sector and we are leveraging that expertise, our robust distribution channels and large-scale manufacturing know-how to develop new products and services to help commercial growers grow better. As we continue to mature, we will roll out other products to serve the cannabis market including the expansion of our Nutrient Line,” said Dennis G. Forchic, Chief Executive Officer of Solis Tek.

Over 100 commercial growers have done controlled and non-controlled side-by-side testing with Terpenez and have seen significant results. The vast majority of users have experienced very favorable results which were not only more intense than they expected but far more pervasive than they could have hoped. Terpenez™ is comprised of all organic derivatives and essential oils – and the way it delivers the contents, multiple state agricultural/regulatory agencies have approved the product but had trouble classifying it within existing categories.

“As a long-time customer of Solis Tek’s lighting products, we were eager to try new products from the company,” said Kevin Kuethe from Cultivation Labs. “Terpenez has enabled us to increase the flavor, oil production and ultimately the value of our crop. We look forward to adding additional nutrient products from the nutrient line to our grow process.”

Terpenez is specifically formulated for the cannabis plant to assist the plant with processes associated with oil and resin production. It is scientifically formulated to provide essential oil bearing plants with both precursors (i.e. metabolic building blocks, trace elements, etc.), as well as readily available bio-identical organic plant compounds with the objectives of increased overall essential oil production and intensity. Terpenez is made from all organic and natural compounds and contains no heavy metals.

Source: http://www.cannabisbusinesstimes.com/article/solis-tek-nutrient-line-terpenez/

Read More
Posted By SolisTek Admin

Solis Tek Inc. Announces Record Revenues for Year End 2016

Friday, March 31, 2017 3:08:17 PM America/Los_Angeles


CARSON, CA
--(Marketwired - March 30, 2017) - Solis Tek Inc. (SLTK), a leading provider of digital lighting equipment for hydroponic cannabis cultivation, reported record revenues for the year ended December 31, 2016 of $8,563,751 compared to revenue of $7,713,456 in 2015. This represents an 11% increase in revenue over 2015. Gross profit for the years ended December 31, 2016 and 2015, was $3,123,859 and $2,719,036, respectively. The gross profit increase of $404,823 or 15% was primarily due to the increase in revenue.

Business and Financial Highlights for 2016

  • - Company had revenues of $8,563,751 for 2016; up 11% from full year 2015;
  • - Gross Profit of $3,123,859 for fiscal 2016; up 15% from full year 2015;
  • - Gross Margins increased to 36.5% up from 35.3% in 2015;
  • - Cash balances increased 159% year over year;
  • - Won Dope Magazine's 2016 Best Lighting Company Award

Newly appointed CEO and Board member Dennis G. Forchic (co)-founded five start-up entities over the last 25 years. His experience includes leading multiple early stage growth companies to top line revenues in the mid-to-upper eight figure range prior to exiting through successful sales transactions to the investment communities. One of the transactions, an east coast manufacturing company, had an annual run rate approaching nine figures and 400+ employees at the time of his exit. Mr. Forchic brings national and international business experience and full spectrum business acumen along with experienced leadership skills to the Solis Tek management team. Over the last 15 months Mr. Forchic has acted as senior advisor to Solis Tek's Chief Executive Officer, and integrated himself into the agri-grow, hydroponic, and cannabis industry. Mr. Forchic obtained a BBA in Finance in 1988 from the University of Miami. Mr. Lien, co-founder of Solis Tek, Inc., took the additional title of Chairman in addition to his President duties and will focus his efforts on his greatest competencies in sales, commercial customer development, and new product/technology innovations.

Incoming CEO, Dennis G. Forchic, commented "Throughout 2016, Solis Tek's revenues reached record levels as more states embraced legalized cannabis sales, driving commercial demand for indoor lighting equipment for cannabis cultivation. In addition to securing repeat sales from existing clients, we were pleased to sign new sales agreements with leading industry players such as DNA Genetics, a cultivator of diverse cannabis strains which has won 150 plus industry awards, and GrowBlox Sciences, Inc., a pioneer in the research and development of pharmaceutical-grade, cannabinoid therapies. GrowBlox Sciences, Inc. adheres to strict regulatory and safety standards to support its clinical trials and securing them as a client highlights our credentials as the industry-leading supplier of high quality, premium lighting products for cannabis cultivation. Our reputation for developing highly differentiated lighting products supported by unique and advanced technologies was further demonstrated when we won the DOPE Industry Awards for Best Lighting Company. We expect the ongoing evolution of the legal cannabis market to mobilize a growing network of credible producers of regulated, high quality cannabis which will continue to drive demand for our diverse range of ballasts, lamps and other lighting equipment throughout 2017."

To be added to the Solis Tek email distribution list, please email SLTK@kcsa.com with SLTK in the subject line.

About Solis Tek:

Solis Tek Inc. is an importer, distributor and marketer of digital lighting equipment for the hydroponics industry with specific focus on the research, design, development and manufacturing of advanced, energy efficient indoor/greenhouse horticulture lighting and ancillary equipment. Using its proprietary technologies, the Company provides innovative aptitudes with its ballast, reflector and lamp products. The company's vision is to apply the latest advances in high efficiency lighting and controls technology as well as advanced manufacturing techniques to deliver highly differentiated products with clear benefits at competitive prices to the greenhouse and indoor horticulture markets. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information please visit our website www.solis-tek.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: http://finance.yahoo.com/news/solis-tek-inc-announces-record-235720795.html

Posted By Admin

Solis Tek Wins Award for Dope Magazine 2016 Best Lighting Company

Thursday, April 28, 2016 10:17:57 AM America/Los_Angeles

CARSON, CA--(Marketwired - Apr 20, 2016) - Solis Tek Inc. (OTCQB: SLTK) ("Solis Tek" or the "Company"), a leading provider of indoor grow light equipment for the hydroponics industry has been announced as the winner of the DOPE Industry Awards for Best Lighting Company.

Solis Tek has had great success in providing top quality lighting equipment in the cannabis industry's transition of recreationally and medically legal markets. Solis Tek's lighting products are currently being outfitted into many legal commercial facilities throughout the nation. The company has been able to distinguish itself from the competition by not only offering a broad range of different lighting technologies, but also by establishing itself as the premium brand of lighting products for the cannabis industry. The Chief Executive Officer of Solis Tek, Alan Lien, commented, "We are very thankful for the award that recognizes us as the best lighting company in the hydroponics/cannabis industry. This award was voted by majority industry insiders and it really means a lot to us. This not only validates our efforts and the products we provide, but also encourages us to keep progressing in developing better and more innovative products to keep this industry moving in the right direction."

About Solis-Tek:

Solis Tek Inc. is an importer, distributor and marketer of digital lighting equipment for the hydroponics industry with specific focus on the research, design, development and manufacturing of advanced, energy efficient indoor/greenhouse horticulture lighting and ancillary equipment. Using its proprietary technologies, the Company provides innovative aptitudes with its ballast, reflector and lamp products. The company's vision is to apply the latest advances in high efficiency lighting and controls technology as well as effective manufacturing techniques to deliver highly differentiated products with clear benefits at competitive prices to the greenhouse and indoor horticulture markets. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information please visit our website www.solis-tek.com.

About Dope Magazine:

DOPE Magazine is a lifestyle publication dedicated to bringing an intelligent and creative approach to the many facets of the cannabis movement. From breaking news to celebrity features, and strain reviews to daily blogs, our coverage is aimed to live up to our mission: Defending Our Plant Everywhere.

DOPE Magazine is distributed nationally and free to our readership. Our website features not only the vast variety of print content being generated in states with legal cannabis content, but also latest happenings, behind the scenes coverage, nug galleries and more. Basically, we are a collaboration of all things DOPE.

 Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:

Solis Tek Inc.
Alan Lien
CEO
ir@solis-tek.com
Phone: (888) 998-8881
 
Posted By SolisTek Admin

CARSON, CA--(Marketwired - Apr 13, 2016) - SolisTek Inc. (OTCQB: SLTK) Solis Tek Inc., a leading provider of digital lighting equipment for the hydroponic industry, reported record revenue from sales for the year ended December 31, 2015 of $7,713,456 compared to revenue of $6,155,379 in 2014. This represents a 25% increase in revenue over 2014. Gross profit for the years ended December 31, 2015 and 2014, was $2,719,036 and $1,516,630, respectively. The gross profit increase of $1,202,406 was primarily due to the increase in revenue, but the Company's gross profit margin also increased from 25% during 2014 to 35% during 2015. The increase in profit margin related to greater operating efficiencies coupled with sales of higher margin products during the 2015 period, primarily lamp products.

For additional financial information on the company please visit the following link: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11306652

CEO Alan Lien commented "We are pleased that we were able to achieve record revenues from sales in 2015 as we expect to increase revenues in 2016. We are very excited about the growth in our industry and feel that the company is well positioned to take advantage of increased demand for hydroponic equipment."

About Solis-Tek:
Solis Tek Inc. is an importer, distributor and marketer of digital lighting equipment for the hydroponics industry with specific focus on the research, design, development and manufacturing of advanced, energy efficient indoor/greenhouse horticulture lighting and ancillary equipment. Using its proprietary technologies, the Company provides innovative aptitudes with its ballast, reflector and lamp products. The company's vision is to apply the latest advances in high efficiency lighting and controls technology as well as advanced manufacturing techniques to deliver highly differentiated products with clear benefits at competitive prices to the greenhouse and indoor horticulture markets. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information please visit our website www.solis-tek.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Source: http://www.marketwired.com/press-release/solis-tek-inc-records-revenues-7713456-gross-profit-2719036-2015-year-end-financials-otcqb-sltk-2114670.htm

Posted By SolisTek Admin

Solis Tek to Attend the Maximum Yield Indoor Gardening Expo in Boston

Wednesday, November 11, 2015 3:29:57 PM America/Los_Angeles

CARSON, CA--(Marketwired - Oct 22, 2015) -

Solis Tek Inc. (OTCQB: SLTK) has announced that it will be attending the Maximum Yield Indoor Gardening Expo on Saturday October 24 from Noon-6:00PM and Sunday October 25 from Noon-5:00 PM in Boston, Massachusetts at the Hynes Convention Center located at 900 Boylston Street. All attendees are welcome; visit us at our Booth #s 319 & 321. The CEO of Solis Tek, Alan Lien, commented, "We are looking forward to attending our first conference as a publicly traded company. The Hydroponics/Cannabis industry continues to grow significantly as legislation continues to change in various states. Our equipment sales have increased significantly over the past several years and we expect to continue to capitalize on this growing market."

Please see conference details at the following website: www.indoorgardenexpo.com

About Solis-Tek:

Solis Tek Inc. is an importer, distributor and marketer of digital lighting equipment for the hydroponics industry with specific focus on the research, design, development and manufacturing of advanced, energy efficient indoor/greenhouse horticulture lighting and ancillary equipment. Using its proprietary technologies, the Company provides innovative aptitudes with its ballast, reflector and lamp products. Our vision is to apply the latest advances in high efficiency lighting and controls technology as well as effective manufacturing techniques to deliver highly differentiated products with clear benefits at competitive prices to the greenhouse and indoor horticulture markets. The Company's customers include retail stores, distributors and commercial growers in the United States and abroad. For more information please visit our website www.solis-tek.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company's current plans and expectations, as well as future results of operations and financial condition. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Posted By SolisTek Admin

Items 1 to 10 of 11 total

per page