IRVINE, Calif.–(BUSINESS WIRE)–
Terra Tech recently announced signing LOI’s to acquire two companies, GroRite Garden Centers and NB plants/ Edible Garden brand. Upon a successful merger these two acquisitions will push annual revenue for Terra Tech to over $10 million. Terra Tech has stated in the past that an aggressive M&A strategy is instrumental in accelerating growth for the company.
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. The Vande Vrede family, who has a rich history in Dutch farming techniques, owns both GroRite and NB Plants. Terra Tech has begun due diligence and can report that each company is both net income and cash flow positive.
Company CEO Derek Peterson stated, “Dealing with one family to close two large transactions for Terra Tech has made negotiations very easy. This is a significant step for our company as Terra Tech continues to mature. Our focus is to integrate companies that have positive earnings and that are symbiotic to our core business.”
The company is focused on closing these transactions quickly and launching their expansion plans for both entities. NB Plants is currently expanding their footprint into major retailers throughout the US by focusing on strategic relationships in Florida, a $1.7 billion market as well as the Midwest. In addition they intend on increasing the penetration they currently have with Shoprite, Food Emporium and the other 12,000 major grocery chains in the North East market. GroRite is currently looking at other locations throughout the US to expand its retail footprint.
Terra Tech recently placed a deposit on 5 acres of greenhouse structure to be erected at NB Plants in New Jersey. As phase one, NB Plants plans to construct 1.5 acres immediately to fulfill the demand of a new contract for close to $1 Million in additional product sales. The construction of the additional 3.5 acres is planned over the following 24 months. Each acre of greenhouse has the ability to produce close to $2 million of produce annually.
“Integrating with a public company is a powerful move for our business and our brands”, claims Ken Vande Vrede, CEO of GroRite Garden Centers. “We have an aggressive expansion plan and this is a platform for us to launch it from. We look forward to closing the deal as quickly as possible.”
Both acquisitions are anticipated to be all stock transactions and key executives have agreed to both expire and utilize their preferred shares to compensate the farm for consideration of the purchase. The transaction is not expected to increase the number of shares issued and outstanding making the acquisition accretive for their current shareholders. Management has decided to work on closing documents for both companies simultaneously with an anticipated signing date of February 25th. The company is also in the process of strengthening its board of directors and advisory board to help guide and shape the companies future. Terra Tech intends to keep shareholders informed of the progress as they continue to close this transaction.
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.