Terra Tech Corp (TRTC), a hydroponic company focused on sustainably
grown produce and medical cannabis cultivation technology releases
corporate update and revenue guidance of $7,000,000 for the full
year 2014.
Sales through Edible Garden and its line of
locally grown hydroponic produce, which is distributed throughout
the Northeast, have been strong for Terra Tech since the close of
the merger in April 2013. Management expects to realize
approximately $7 million in revenue for the full year 2014.
Due to the seasonality associated with their business the
company expects the majority of their revenue to be in the 2nd and
3rd quarters.
Financial Update:
Terra Tech recently announced a $6.5 million
financing of convertible debentures, Aegis Capital Corp. acted as
placement agent for the offering. The proceeds are primarily
being used for ramping up production of the company's new 5-acre
hydroponic cultivation facility, developing the GrowMass program,
working capital and competing for medical cannabis permits in
Nevada. The company is currently holding approximately $3
million in cash and has drawn roughly $2.3 million of the recent
debentures leaving over $4 million available to the company to
execute on their business plan.
"We were fortunate to be able to raise the
necessary capital to grow our business," said Terra Tech CEO, Derek
Peterson. "As always management is focused on utilizing our
capital in accretive ways. It's always difficult for a small
company that is in growth mode to accurately forecast revenue,
however we decided to estimate based on what we currently see in
the companies pipeline of existing business. This forecast
doesn't include any potential acquisitions, success in Nevada or
any significant unexpected growth in our business, all of which we
hope we achieve. We wanted to give investors both and
achievable and conservative estimate for the year."
Edible Garden Update:
To date the new facility is operating at
approximately 80% capacity, meaning there are plants growing in
roughly 4 of the 5 acres. The company has recently announced
a handful of new retailers carrying the Edible Garden brand
including Fairway Markets, DeMoulas Market Basket, Marsh
Supermarkets as well as new specialty produce buyers at both the
Hunts Point Market in New York and Philadelphia's Wholesale Produce
Market. The company is working aggressively on expanding their
brand to new retailers throughout the country. In addition
the company will be hosting an open house and ribbon cutting
ceremony to be held at their Belvidere Farm in New Jersey on
Wednesday, April 16th, between the hours of 10 AM and 3 PM.
Shareholders, brand enthusiast and the local community will have an
opportunity to tour the facility, familiarize themselves with the
Edible Garden brand, view the new 5-acre facility, and meet key
executives, including CEO, Derek Peterson, and COO, Ken Vande
Vrede.
Nevada Update:
Terra Tech recently announced the formation of
MediPharm LLC., a wholly owned Nevada LLC which has been formed for
the sole purpose of competing for medical cannabis permits in the
state of Nevada. Due to previously unknown Nevada regulations
related to companies using the term "Pharm" the company will be
amending its name to MediFarm LLC. The business licensing and
special use permit process for Unincorporated Clark County will be
opening in the 3rd week of April. In addition if MediPharm is
selected at a county level, applications will be presented to the
state of Nevada for further review and approval. The Company
anticipates that process to be concluded by early June and state
level selections to be made in the fourth quarter 2014. While
Unincorporated Clark County is first in establishing and
implementing their process other counties within the state will be
opening up in the near future. Terra Tech intends on applying in
multiple jurisdictions and updating shareholders as they
successfully submit applications. If successful Terra Tech
will have 18 months to begin operations and intends to evaluate the
current legal landscape regarding medical cannabis laws before
engaging in any type of cultivation or dispensing.
"Nevada is a great opportunity for the company
as it allows us to compete for permits to operate in a for profit
state, however they give us a year and a half to begin operations
which we hope is enough time for the legal landscape to continue to
fall in our favor," explains Terra Tech CEO, Derek Peterson.
"Permits may not come around more than once and we didn't
want the company to miss the opportunity to obtain them as they
could provide a great growth opportunity for the us, however we are
paying close attention to the developing laws and regulations and
adapting accordingly."
CBD Extraction Update:
In February 2014 Terra Tech, through their
subsidiary GrowOp Technology, announced it has entered into a
strategic partnership with Inergetics, Inc. (NRTI), a leading
developer of nutritional supplements, to jointly develop a line of
natural Cannibidiol based nutritional supplements. To date
the companies have built an impressive advisory board of
established and experienced doctors to aid in the development of a
premier brand of products. Due to quality and safety concerns
over CBD and Hemp Oil derivatives from outside sources Terra Tech
is developing a research and industrial extraction facility focused
on the medical cannabis market. The facility will be located in
Oakland, CA and is being built in response to what the company
views as an increase in demand for high grade CBD as well as other
botanical extracts. As a first step the company has purchased a
custom 20 liter 5,000 PSI supercritical CO2 extractor
from Eden Labs. The extractor is designed for botanical
and nutraceutical extractions and will be utilized to extract CBD
in an effort to have complete control and consistency as they
continue to work with Inergetics in the creation of a
CBD-based nutritional supplement. The company expects to take
delivery of the extractor in the next few weeks.
The company is committed to providing additional
updates throughout the remainder of the year. In addition you
can follow their progress by visiting the company's Facebook page
at http://www.facebook.com/terratechcorp.
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