NORTH ANDOVER, Mass., June 17, 2013 (GLOBE NEWSWIRE) -- Urban AG Corp (OTCQB:AQUM) (the "Company" or "AQUM"), announced today that it has entered into the final stages of negotiation for the purchase of 100% of an established, growing, non-unionized contracting firm located in the Southeastern United States. The acquisition target has been contracted by and completed extensive work with government, municipal and commercial entities.
The target acquisition has an excellent reputation, long-term customers and an extremely capable and stable workforce. Over the years, they have completed several significant projects for the U.S. Federal Agencies, numerous school boards as well as the State Government in which the target acquisition is located.
In 2013, the Company expects to generate approximately $4,500,000 in gross revenues with Net Revenues of over $400,000. In 2012, revenues were approximately $3.5 million with Net Revenues of nearly $300,000. As of May 31, 2013, the Company maintained a healthy backlog of approximately $2,100,000 of future business under contract that has yet to be billed. The Company believes there are a number of ways for Urban AG Corp and Green Wire Enterprises, Inc. ("GWE") to expand their current business model. The acquisition target has a solid balance sheet and is debt free.
Billy V. Ray, Jr., CEO of Urban AG Corp stated, "If we are successful in completing this transaction it will give Urban AG Corp a new set of services that we will be able to offer to our existing customer that they are procuring from other providers. It will also give us an expanded base of customers to offer the services rendered by GWE and Urban AG Corp. The footprint expansion and service expansion are another step in the implementation of the Urban AG Corp strategy."
GWE's operating subsidiaries serve a wide customer base that includes Fortune 500 Telecom customers such as Verizon, Motorola, Alcatel-Lucent, Time Warner and General Contractors serving customers such as Wal-Mart, CVS and Gulf Marine. The subsidiaries also network and design services to a multiple of state and county government agencies as well as colleges and both public and private schools.
This news release contains forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the Company's ability to continue to successfully market and provide its services, maintain its effectiveness and its customer base and general economic conditions. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information, future events or otherwise.