Terra Tech Corp (TRTC), a fast-growing urban agricultural
company, through their subsidiary GrowOp Technology, is
pleased to announce the launch of their GrowMass program. The
program is designed to allow qualified permit winners throughout
Massachusetts to have access to high quality, commercial grade
cultivation equipment and to defer payments for up to 12
months. In addition the Company is offering access to
GrowOp's design team, at no additional cost, to help consult on the
fabrication and implementation of their cultivation facility.
"I understand how expensive of an undertaking
these facilities are as I own a medical cannabis dispensary," says
Derek Peterson, CEO Terra Tech Corp. "Our hope is by freeing
capital up these entrepreneurs can build a first class system that
provides patients with quality medicine and in turn we can build
long standing relationships with thriving businesses throughout the
Northeast.
Last week Massachusetts announced the winners in
their merit based medical marijuana permit program. Twenty
winners were announced with eight more able to find alternative
locations. The company understands how difficult raising
capital and funding these projects are and is excited about
creating a program that allows permit holders to procure the bulk
of the equipment they need while deferring the payments out into
the future when they are operational and better able to support the
capital expenditure.
Under the terms of the program, qualified permit
winners will have available to them the full line of commercial
equipment that GrowOp offers as well as access to their expertise
in design and implementation. GrowOp entered the market in early
2010 with the launch of the BIG BUD, a line of fully automated,
mobile hydroponic chambers, which were featured on Fox News, CNN,
National Geographic and more. Since then the company has
built and constructed multiple grow facilities including a 5-acre
Dutch style hydroponic cultivation facility for food production
located in New Jersey.
"Our expertise spans from commercial scale
hydroponic cultivation techniques as well as equipment," says Ken
Vande Vrede COO of Terra Tech Corp. "Our family's generations
of Dutch farming experience coupled with GrowOp's innovative
technologies will give those that utilize this program a leg up in
both efficiencies as well as cost."
In order to fund the program, create capital
resources for potential mergers and acquisitions, implement
automation systems at the farm and increase working capital, the
Company announced the closing today of a financing that will
provide approximately $6,875,000 over the next 12
months. The financing, in the form of convertible debentures
(the Debentures") led by Dominion Capital (the "investor") will be
purchased by the investor over the course of the next 12 months in
a series of tranches, subject to certain customary market-out
conditions.
Under the terms of the convertible debenture
agreement, the investor may convert their debentures at any time at
a price equal to 90% of the 20 day VWAP of the Company's Common
stock in the period preceding February 5th, 2014, subject to
adjustment in the event of dilutive issuances or events of
defaults. The debentures are being issued at an original issue
discount of 5% and will accrue interest at the rate of 12%.
Additionally, the investor will receive a warrant to purchase
a number of shares equal to 50% of the shares underlying the
debenture, exercisable at a price equal to 90% of the 20 day VWAP
of the Company's Common stock in the period preceding February 5th,
2014 for a period of 5 years, subject to further adjustment
therein. The Debentures bear an 18 month maturity from the time
they are issued and may be retired in shares of the Company's
common stock subject to certain terms and conditions. The investor
has committed to purchase up to $6,875,000 of aggregate principal
Debentures subject to certain terms and conditions over the next 12
months. The first tranche, which is being funded today, is for
$842,105.26,
In connection with the sale of the Debentures, the Company
agreed to register for resale under the Securities Act of 1933 the
shares of common issued or issuable upon conversion or payment of
the Debentures, and the shares underlying the Warrants, by filing a
resale registration statement with the Securities and Exchange
Commission.
Aegis Capital Corp. acted as the sole placement agent for the
offering.
Terra Tech Corp CEO, Derek Peterson, stated, "We are excited
about capitalizing the company so we can effectively execute on our
business plan, fund the GrowMass program and expand the company
according to the aggressive goals management has set. We see
significant growth opportunities ahead in both food production as
well as within the expanding medical cannabis industry. As
legalization spreads throughout the country opportunities for
acquisitions and strategic investments unfold and we are thrilled
to have the financial means to capitalize on those prospects."
About Terra Tech
Terra Tech Corp. (TRTC) through its
wholly-owned subsidiary GrowOp Technology, 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. Our complete
product line is available at specialty retailers throughout the
United States, and via our website. Through its wholly-owned
subsidiary Edible Garden, cultivates a premier brand of local and
sustainably grown hydroponic produce, sold through major grocery
stores such as Shoprite, Food Emporium and others throughout New
Jersey, New York, Delaware, Maryland, Connecticut, and
Pennsylvania.
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 Edible Garden
visit: http://www.ediblegarden.com
Visit Edible Garden on Facebook
@ https://www.facebook.com/ediblefarms
Cautionary Language Concerning
Forward-Looking Statements
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.
CONTACT: Bill Clayton
Independence Financial Ltd.
Toll-Free: (888) 603-2896
Email: info@terratechcorp.com