Surna to Acquire Leading Cannabis Equipment Producer Hydro Innovations; CEO, & Zynga Co-Founder, Tom Bollich Sees "Unpreceden...
April 01 2014 - 8:00AM
Marketwired
Surna to Acquire Leading Cannabis Equipment Producer Hydro
Innovations; CEO, and Zynga Co-Founder, Tom Bollich Sees
"Unprecedented Opportunity"
BOULDER, CO--(Marketwired - Apr 1, 2014) - Surna Inc. (OTCQB:
SRNA), a company focused on the acquisition of cannabis industry
related intellectual property, disruptive technologies, assets and
scalable operating companies, today announced it has signed a
definitive agreement to acquire Hydro Innovations ("Hydro").
Boulder, Colorado-based Hydro is a leading designer,
manufacturer and distributor of proprietary, state-of-the-art
indoor climate control systems such as chillers, lights, reflectors
and irrigation systems designed for cannabis and other indoor
agriculture markets. Founded in 2007, Hydro offers a complete line
of indoor cannabis growing equipment and has become the pre-eminent
provider of advanced, water-chilled cooling systems that provide
specific cooling and humidity controls for personal and commercial
level cannabis cultivation facilities.
With a robust R&D capability, Hydro established itself
commercially as a producer of disruptive technologies with the
successful introduction of its "Banks Chillers™." With cooling
being as critical to growing marijuana as the seed itself, Hydro's
Chillers offer a breakthrough product line that:
- Can be installed and purchased for 20 to 40 percent less than
the price of conventional HVAC and 65 percent cheaper than
traditional water chilled solutions
- Operates with 20 to 30 percent more energy efficiency than the
most sophisticated commercial HVAC systems on the market.
Closing is expected in the second calendar quarter of 2014, and
is contingent upon satisfactory completion of a FY 2013 audit, and
the Board of Director's approval of an independent valuation, among
other customary conditions. Prior to Closing, the Company has
exclusively licensed all of Hydro's technology, IP and product
lines, in perpetuity, for commercial sale and distribution for
indoor gardening applications.
Commenting on the pending acquisition and his recently announced
appointment to Surna Chief Executive Officer and member of the
Board of Directors, Tom Bollich, said, "Not since I helped co-found
Zynga back in 2007, have I seen such an unprecedented opportunity
to quickly capture market share of an industry still in its infancy
yet offering the promise of explosive value creation.
"Hydro Innovations has a solid market position, rapidly growing
revenue, its founders' industry leading R&D and a powerful
technology platform. Combined with our acquisition last week of
Safari's IP portfolio, Surna today has the people, technology and
market position to jump start our quest to dominate the equipment,
support and services side of the global cannabis
industry."
Terms of the all-cash and debt assumption transaction are
detailed in the Company's filing with the SEC on Form 8-K scheduled
for later this week.
About Surna Inc. Led by Tom Bollich, the visionary technologist
who co-founded famed gaming company Zynga which ultimately rose to
a $10 billion market valuation, Surna's mission is to acquire
intellectual property and scalable operating companies in the
nascent, legal marijuana industry with a focus on disruptive
technology, equipment and related support services.
The Company represents a pure play on explosive growth in the
cannabis industry, while being agnostic as to the escalating
proliferation of regulated, commodity cannabis growers &
sellers, winners or losers; the Company's business model excludes
the production or sale of marijuana. Industry analysts project the
highly fragmented $2.3 billion US cannabis industry will increase
over four-fold to $10.2 billion by 2018.
Safe Harbor Statement This news release contains statements that
involve expectations, plans or intentions (such as those relating
to future business or financial results, new features or services,
or management strategies) and other factors discussed from time to
time in the Company's Securities and Exchange Commission filings.
These statements are forward-looking and are subject to risks and
uncertainties, so actual results may vary materially. You can
identify these forward-looking statements by words such as "may,"
"should," "expect," "anticipate," "believe," "estimate," "intend,"
"plan" and other similar expressions. Our actual results, such as
the Company's ability to complete, consolidate and commercialize
its acquisition of IP, assets and operating companies, could differ
materially from those anticipated in these forward-looking
statements as a result of certain factors not within the control of
the company such as a result of various factors, including future
economic, competitive, regulatory, and market conditions. The
company cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
The company disclaims any obligation subsequently to revise any
forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of
anticipated or unanticipated events.
Investor Relations Chuck Arnold 310-344-7073 Email
Contact At the Company Tae Darnell Director and Legal Counsel
(303) 993-5271 Email
Contact