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ET 16:20 PM
Terra Tech Subsidiary Edible Garden, Signs Distribution Deal with Florida Based Palm Creek Produce, Inc.
Irvine, June 3, 2013 (GLOBE NEWSWIRE) -- Terra Tech Corp. (OTCBB:TRTC), a leader in sustainable agricultural products, is pleased to announce it has signed a distribution deal with Florida based Palm Creek Produce ( http://eatherbs.com/?page_id=153 ), a hydroponic greenhouse grower of specialty plants. Palm Creeks 1.25 acre facility is capable of producing up to 10,000 units of produce per week. The company anticipates this contract to be worth close to $800,000 per year in top line revenue. Under the terms of the deal Edible Garden will have first right to purchase Palm Creeks entire crop of hydroponic produce throughout the year. Edible Garden will work in conjunction with the farm to cultivate and market Edible Gardens line of locally grown sustainable produce throughout the South West Florida market. Edible Garden will bear no costs, risks or labor associated with the cultivation of the products. The company will receive 15% of the selling price of all products sold.
"Florida is an exciting market for us, major retailers are exploding across the state and consumers are becoming more interested in local growers. Palm Creek Produce has invested heavily in their facility in order to produce a product that's is sustainable and safe for the environment as well as highly nutritious," claims Ken Vande Vrede, COO of Terra Tech.
According to the Florida Department of Agriculture and Consumer Services, 2012 'By The Numbers' report, the total cash receipts for nursery and greenhouse products in Florida were just over $1.7 billion in 2010. Palm Creek Produce is located in Ft. Meyers and is a short drive from Cape Coral and other significant metropolitan areas. The company expects demand for their product throughout the Florida market to be strong and well received. Palm Creek Produce has agreed to cultivate under the company's standards and to distribute using the Edible Garden brand.
"This is another exciting step for the company and more importantly, a new market. Palm Creek Produce has a passion for locally grown hydroponic produce and we think this is going to be a successful partnership," said Derek Peterson, CEO of Terra Tech. "We will continue to establish partnerships throughout the US and we are currently in talks with other farmers in robust markets."
For more information about Terra Tech Corp visit: www.terratechcorp.com
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