urban-gro, Inc. Announces Sale of Investment for Proceeds of $2.3 Million
August 31 2023 - 9:15AM
urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an
integrated professional services and design-build firm offering
solutions to the Controlled Environment Agriculture (“CEA”) and
commercial sectors, today announced that the Company has entered
into an agreement related to its investment in a private placement
convertible note with XS Financial Inc (“XSF”) (CSE: XSF) (OTCQB:
XSHLF), a leading equipment finance company to the US cannabis
industry. Both companies mutually agreed that XSF would retire the
Company’s convertible note for $2.3 million, a 10% discount to the
Company’s current book value of the investment. The $2.3 million
cash payment received is in addition to the $0.3 million of
interest earned and received since making the original $2.5 million
investment in Q4 2021.
Bradley Nattrass, Chairman and CEO, commented,
“We believe XS Financial is a great company working to support the
cannabis industry by helping clients finance their capital
expenditures and we look forward to continuing our strategic
relationship. As we look ahead and position ourselves for the
future, we are focused internally on sound capital management,
maintaining a healthy balance sheet, and executing on our
multi-sector business development plan.”
About urban-gro, Inc.
urban-gro, Inc.® (Nasdaq: UGRO) is an integrated
professional services and design-build firm. We offer value-added
architectural, engineering, and construction management solutions
to the Controlled Environment Agriculture (“CEA”), industrial,
healthcare, and other commercial sectors. Innovation,
collaboration, and creativity drive our team to provide exceptional
customer experiences. With offices across North America and in
Europe, we deliver Your Vision – Built. Learn more by visiting
www.urban-gro.com.
Safe Harbor Statement
This 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,”
"forecast" 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, future events, business
strategy, financial position and the adequacy thereof, prospects,
plans and objectives of management. 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, 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,
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
Urban Gro (NASDAQ:UGRO)
Historical Stock Chart
From Apr 2024 to May 2024
Urban Gro (NASDAQ:UGRO)
Historical Stock Chart
From May 2023 to May 2024