GRNH News GreenGro Technologies Expands to Northern California
2012-04-03 11:16 ET - News Release
IRVINE, CA -- (Marketwire) -- 04/03/12
GreenGro Technologies, Inc. (PINKSHEETS: GRNH) announced today the first expansion of its distribution channel by signing Northern California Retailer Vertical Hydrogarden Inc., to resell the company's products. The agreement also gives GreenGro the option to buy the Roseville, CA retail operation within 12 months.
Vertical Hydrogarden Inc.'s wholesale business and vertical wall patent was acquired by GreenGro Technologies last year. According to GreenGro President Don Smith, "We surveyed the market carefully and realized it was a smart decision to enlist the retail side of Vertical Hydrogarden to sell GreenGro products and solutions. We know the people and their capabilities to create revenue so we decided if they would make a stronger commitment, we would too."
Under the terms of the agreement, VHI will sell at least $250,000 of GreenGro products in the next year. In turn GreenGro secured the option to buy the business within 12 months for an undisclosed sum. According to John Taylor, President of Vertical Hydrogarden Inc., "We are pleased with the recent developments at GreenGro Technologies which made us comfortable making this large sales commitment to their product line. Our success will increase VHI Retail's value while increasing GreenGro's sales. Smith and the others at GreenGro understand value so they pushed for the right to buy the business and we made a deal. We sell many different product lines, but GreenGro Technologies has some unique products we cannot get anywhere else. That combined with the opportunity to leverage our work by rolling into their growing business is a deal I could not get from any other manufacturer."
