urban-gro, Inc. Signs Multiple Contracts with Clients in the Cannabis Sector for an Aggregate Value of More Than $3 Million
September 13 2023 - 8:15AM
urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an
integrated professional services consulting firm, today announced
that the Company signed more than $3 million of contracts spread
across four clients in the cannabis sector. Collectively, the
contracts include architecture and design, engineering, and
equipment integration services for clients in the Northeastern
United States, Midwestern United States, and Western Europe. The
Company anticipates that the revenue for these projects will be
predominantly recognized over the next three quarters.
Bradley Nattrass, Chairman and CEO, commented,
“We’re pleased to see positive developments with our cannabis
sector initiatives, and moreover, continuing to the next project
stage with two existing clients that had paused their projects at
the beginning of the year. In addition, I am excited we signed this
initial stage design contract on a new client’s cannabis project in
Western Europe, one that our Netherlands-based team anticipates
will progress to additional engagements.”
About urban-gro, Inc.urban-gro,
Inc.® (Nasdaq: UGRO) is an integrated professional services
consulting firm delivering professional services and solutions
across architecture, design, engineering, equipment integration,
and construction management. Our multi-sector expertise encompasses
a diverse set of projects across a host of industries such as
Controlled Environment Agriculture (“CEA”), light industrial,
healthcare, hospitality, laboratories and more. Our dedicated and
innovative team is fueled by a commitment to empower our clients by
providing exceptional customer experiences throughout the project
lifecycle and beyond, including post-operational support. With
offices across North America and in Europe, we deliver Your Vision
– Built. Learn more by visiting www.urban-gro.com.
Safe Harbor StatementThis press
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. When used
in this release, terms such as “believes,” “will,” “expects,”
“anticipates,” “may,” “projects” and similar expressions and
variations as they relate to the Company, or its management are
intended to identify forward-looking statements. The
forward-looking statements in this press release include, without
limitation, financial projections, financial guidance, future
events, business strategy, future performance, future operations,
future demand, backlog, financial position, estimated revenues,
losses, adjusted EBITDA, prospects, plans and objectives of
management, including expense optimization, working capital
management, and the future ability to position the Company for
long-term profitable growth. These and other forward-looking
statements are based on current expectations, forecasts, and
assumptions that involve risks and uncertainties that could cause
actual outcomes and results to differ materially from those
anticipated or expected, including, among others, our ability to
successfully manage and integrate acquisitions, our ability to
accurately forecast revenues and costs, competition for projects in
our markets, our ability to predict and respond to new laws and
governmental regulatory actions, including delays granting licenses
to clients or potential clients and delays in passage of
legislation expected to benefit our clients or potential clients,
our ability to successfully develop new and/or enhancements to our
product offerings and develop a product mix to meet demand, risks
related to adverse weather conditions, supply chain issues, rising
interest rates, economic downturn or other factors that could cause
delays or the cancellation of projects in our backlog or our
ability to secure future projects, our ability to maintain
favorable relationships with suppliers, risks associated with
reliance on key customers and suppliers, our ability to attract and
retain key personnel, results of litigation and other claims and
insurance coverage issues, risks related to our information
technology systems and infrastructure, risks associated with
climate change and ESG matters, our ability to maintain effective
internal controls, our ability to execute on our strategic plans,
our ability to achieve and maintain cost savings, the sufficiency
of our liquidity and capital resources, and our ability to achieve
our key initiatives for 2023, particularly our growth initiatives.
A more detailed description of these and certain other factors that
could affect actual results is included in the Company’s filings
with the Securities and Exchange Commission. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company undertakes no
obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof, except as may be
required by law.
Investor Contacts:Dan Droller:
urban-gro, Inc.EVP Corporate Development & Investor
Relations-or-Jeff Sonnek: ICR, Inc.(720)
730-8160investors@urban-gro.com
Media Contact:Patricia Whyte –
MATTIO Communications(551) 795-7315urbangro@mattio.com
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