Terra Tech Releases 2014 Q1 Financials And Reports Over 700% Increase Versus Comparable Period 2013
May 15 2014 - 4:30PM
Terra Tech Corp (TRTC), an urban agricultural company, is
pleased to announce the filing of its First Quarter 2014 financial
results for the quarter ending March 31, 2014. The full 10-Q
filing is available on the SEC's
website at http://edgar.sec.gov/.
Total revenues generated from the sales of the
Company's products for the quarter ended March 31, 2014 totaled
$560,319, an increase of $494,198 from the quarter ended March 31,
2013, which totaled $66,121. The net result for the quarter ended
March 31, 2014 was a loss of .03 cents per share compared to a loss
of $.02 cents per share for the quarter ended March 31, 2013. The
increase in loss per share was primarily associated with a non-cash
loss on the fair market valuation of derivatives associated with
the company's financings throughout the quarter. The company
finished the quarter with a strong cash position of over $2.9
Million.
The company recently announced full year 2014
revenue guidance of $7 million and wanted to provide a quarterly
breakdown of those projections to give investors some insight into
the seasonality of their business. The company expects the
following revenue targets for the upcoming quarters:
Q-2 2014: $3,500,000
Q-3 2014: $1,500,000
Q-4 2014: $1,500,000
"We continued to grow the breadth of our retail
relationships throughout the quarter and placed our new 5-acre
facility into production, which was a key step in expanding our
produce business throughout the remainder of the year," explains
Derek Peterson, CEO Terra Tech Corp. "Additionally we took
some key steps to begin to increase our exposure to the medical
cannabis markets. We see significant demand for domestic
based CBD extractions and look forward to working throughout
California to develop and distribute a safe and reliable product to
retailers."
Below are some Q-2 milestones:
· The company
entered into a strategic relationship with Inergetics (NRTI) to
develop a CBD based line of nutritional supplements.
· A distribution
deal with Florida Based Sunshine Growers was signed to produce and
distribute the Edible Garden line of locally grown produce.
· Construction was
begun on a new research and industrial extraction facility in
Oakland, CA and the company has purchased a custom 20 liter 5,000
PSI supercritical CO2 extractor to conduct botanical and
nutraceutical extractions.
· Edible Garden
subsidiary put the new 5-Acre facility into operation.
The company will continue to update shareholders
throughout the remainder of the year. Additional updates
regarding the company's efforts in Nevada and Florida as well as
other markets will be forthcoming.
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, Fairway Markets and others throughout
Massachusetts, New Hampshire, 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