News for $TRTC - (Terra Tech Corp.: Issues Corpo

  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. 
 
 
 
 
 
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SOURCE: Terra Tech Corp.