News for $TRTC - (Terra Tech Corp.: Issues Corporate Update on GroRite and NB Plants Merger and Recent Financing)
IRVINE, Calif., Mar 27, 2013 (BUSINESS WIRE) -- Terra Tech Corp. (OTCBB: TRTC),
a leader in sustainable agricultural products, releases merger update with both
GroRite Garden Centers and NB Plants/ Edible Garden and discusses their recent
$825,000 financing.
Terra Tech recently announced signing LOI's to
acquire two companies, GroRite Garden Center and NB Plants/ Edible Garden brand.
Upon a successful merger these two acquisitions will push annual revenue for
Terra Tech to over $10 million. Both companies are cash flow and net income
positive. Currently the Edible Garden brand can be found at Shoprite, Food
Emporium in over 280 retailers throughout New Jersey, New York, Connecticut,
Delaware, Maryland, and Pennsylvania. GroRite is a gardening superstore with
retail shopping situated on over 8 acres in Lincoln Park, NJ.
As we have previously stated the company is currently working towards definitive
documents to close the transaction and determined it was important to make
investors aware of the progress and details. To date Terra Tech has finished
negotiating terms with both entities and are finalizing the documents and the
structure of the transaction. Both NB Plants and GroRite have working capital
lines of credit amounting to $1.8 million in place. The lines had certain
covenants that wouldn't transfer over to the new
merged entity. Presently Terra Tech and the
VandeVrede's are refinancing these instruments, which
has caused a delay for closing the merger. Both parties are confident the new
lines will be set up within a few weeks.
"As you navigate through the process of closing a deal
of this magnitude you uncover additional variables that need to be addressed, it
is important for us to close this within the second quarter as this is a
significant fiscal period for us," said Ken
VandeVrede COO of Terra Tech and President of GroRite.
"Closing this merger is the priority for Terra Tech as
well as my family. We have aggressive growth plans for the next 24 months that
include expansion into additional markets."
Terra Tech announced yesterday the completion of the sale of $825,000 of
convertible debentures. Aegis Capital Corp. acted as placement agent for the
offering. The proceeds of the offering are critical for management to execute on
its growth strategy. Terra Tech and NB Plants have recently announced they are
purchasing and constructing an additional five acres of greenhouse on the
Belvidere property. This round of funding allows the company to finalize the
purchase and begin construction of a new facility, which we anticipate will
produce significant revenues for the company. The anticipated time for
construction is 9 months.
"I have a background in finance and understand that
investors generally see financings as dilutive, however if the company is
creating accretive events such as building additional space to produce
additional revenue, cash flow and earnings then it is necessary if shareholders
want to see the company grow," said Derek Peterson
CEO of Terra Tech. "Myself and the officers of the
company haven't taken a salary since inception and we
intend to utilize all forms of funding to make the company
stronger."
Terra Tech will continue to keep investors aware and informed of the progress.
The company is also working towards meeting the qualifications for listing on
the NASDAQ Capital Markets within 24 months. This merger is a significant step
in that direction. Additionally the company plans to strengthen
it's board of directors as well as the advisory board
with industry veterans that can help facilitate the companies overall growth
strategy.
"We have never been more excited about the future of
the company, we have identified additional growth opportunities for the company
and plan to execute as aggressively as possible in the coming
months," said Derek Peterson, Terra Tech CEO.
For more information about Terra Tech Corp visit: www.terratechcorp.com
Visit us on Facebook @ http://www.facebook.com/terratechcorp
Follow us on Twitter @terratechcorp
For more information about GroRite Visit: http://www.grorite.com
Visit GroRite on Facebook @ http://www.facebook.com/groritegc
For more information about NB Plants/ Edible Garden visit:
http://www.eatherbs.com
About Edible Gardens:
The Edible Garden brand provides fresh, locally grown herbs and leafy greens to
major supermarket chains and restaurants. Their process utilizes time tested,
classic Dutch hydroponic farming methods to grow vegetables in a safe, healthy,
100% natural environment, free of contaminants and pesticides. We maximize the
use of the latest technology, to exceed competitors'
products often imported from outside the U.S. and Edible Garden exclusively
grows, packs and ships their own products, allowing them to monitor and
guarantee the safety, quality, and freshness of our produce from seed to
delivery.
About Terra Tech:
Through its wholly-owned subsidiary GrowOp Technology, Terra Tech Corp.
specializes in controlled environment agricultural technologies. The company
integrates best-of-breed hydroponic equipment with proprietary software and
hardware to provide sustainable solutions for indoor agriculture enterprises and
home practitioners. We work closely with expert horticulturists, engineers, and
plant scientists to develop and manufacture advanced proprietary products for
the fast-growing urban agricultural industry as well as individual hobbyists.
Large companies, small urban farmers, home enthusiasts, and traditional
greenhouse growers utilize our products. Our complete product line is available
at specialty retailers throughout the United States, and via our website. Terra
Tech Corp. was incorporated in July 2008 in the State of Nevada; its subsidiary
GrowOp Technology was founded March 2010, in Oakland, California.
Statements in this press release may be
"forward-looking
statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Words such as
"anticipate",
"believe",
"estimate",
"expect",
"intend" and similar
expressions, as they relate to the company or its management, identify
forward-looking statements. These statements are based on current expectations,
estimates and projections about the company's business based, in part, on
assumptions made by management. These statements are not guarantees of future
performance and involve risks, uncertainties and assumptions that are difficult
to predict. Therefore, actual outcomes and results may, and probably will,
differ materially from what is expressed or forecasted in such forward-looking
statements due to numerous factors, including those described above and those
risks discussed from time to time in Terra Tech
Corp.'s filings with the Securities and Exchange
Commission. In addition, such statements could be affected by risks and
uncertainties related to Terra Tech Corp.'s (i)
product demand, market and customer acceptance of its equipment and other goods,
(ii) ability to obtain financing to expand its operations, (iii) ability to
attract qualified sales representatives, (iv) competition, pricing and
development difficulties, (v) ability to integrate GrowOp Technology Ltd. into
its operations as a reporting issuer with the Securities and Exchange
Commission, and (vi) general industry and market conditions and growth rates and
general economic conditions. Any forward-looking statements speak only as of the
date on which they are made, and the company does not undertake any obligation
to update any forward-looking statement to reflect events or circumstances after
the date of this release. Information on Terra Tech
Corp.'s website does not constitute a part of this
release.
http://cts.businesswire.com/ct/CT?id=bwnews&a...;distro=nx
SOURCE: Terra Tech Corp.
