IRVINE, Calif.--(BUSINESS WIRE)--Terra Tech Corp. (OTCBB:TRTC), a leader in sustainable agricultural products, is pleased to announce it has completed its first installment payment to NB Plants for the 5 acres of greenhouse it has committed to funding as part of the acquisition plan.
“We are taking active steps to push forward with our acquisition plans and financing this expansion is a significant step for both companies”
Terra Tech’s successful acquisition of NB Plants, a 116-acre New Jersey farm and its brand ‘Edible Garden’, will push annual revenue in excess of $6 Million. Edible Garden a premier local brand of sustainably grown produce is available at over 120 major grocery store chains such as Shoprite, Food Emporium and others throughout the Northeast. Additional signed contracts for new products will put the Edible Garden brand in over 280 retailers throughout New Jersey, New York, Connecticut, Delaware, Maryland, and Pennsylvania by the end of spring.
The procurement of an additional 5 acres of greenhouse structure to be erected at NB Plants in New Jersey is fundamental in the companies expansion plans. As phase one, Terra Tech and NB Plants plan to construct 1.5 acres immediately to fulfill the demand of a new contract for close to $1 Million in additional product sales for 2013. The construction of the additional 3.5 acres is planned over the following 24 months. Each acre of greenhouse has the ability to produce close to $2 million of produce annually. The company plans on increasing the penetration they currently have in the Northeast and have identified 12,000 retailers in their local market.
“We are taking active steps to push forward with our acquisition plans and financing this expansion is a significant step for both companies,” explains Derek Peterson, CEO of Terra Tech. “NB plants is only scratching the surface of the Northeast market, this additional space will give the farm the ability to fulfill the demand and drive revenue growth over the next 24 months.”
Management is working aggressively on closing documents with an anticipated signing date of February 25th. The company is also in the process of strengthening its board of directors and advisory board to help guide and shape the companies future. Terra Tech intends to keep shareholders informed of the progress as they continue to close this transaction.
About Terra Tech
Through its wholly-owned subsidiary GrowOp Technology, Terra Tech Corp. 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. We work closely with expert horticulturists, engineers, and plant scientists to develop and manufacture advanced proprietary products for the fast-growing urban agricultural industry as well as individual hobbyists. Large companies, small urban farmers, home enthusiasts, and traditional greenhouse growers utilize our products. Our complete product line is available at specialty retailers throughout the United States, and via our website. Terra Tech Corp. was incorporated in July 2008 in the State of Nevada; its subsidiary GrowOp Technology was founded March 2010, in Oakland, California.
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 (iv) 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.