Irvine, Oct. 15, 2013 (GLOBE NEWSWIRE) -- Terra Tech Corp (TRTC), a hydroponic company focused on sustainably grown produce and medical cannabis cultivation technology releases corporate update and revenue guidance of $2,000,000 for the full year 2013.
Sales through Edible Garden and its line of locally grown hydroponic produce, which is distributed throughout the Northeast, have been strong for Terra Tech since the close of the merger in April. Management expects to realize approximately $2 million in revenue for the full year 2013.
Terra Tech recently announced a financing of convertible debentures. Aegis Capital Corp. acted as placement agent for the offering. To date the company has raised approximately $1,500,000 through the convertible debentures. The majority of the proceeds were used for the construction of the company's new 5-acre hydroponic cultivation facility. In addition the companies recent S1 filing with the SEC has become effective and they have begun to draw down on the Equity Enhancement Program with Magna Group. The company currently estimates needing an additional $1.2 million to finish the construction. The company expects to draw this additional funding from the existing Equity Enhancement Program as well as the issuance of additional convertible debentures.
"We're pleased we were able to acquire the necessary funding to get this project off the ground," said Terra Tech CEO, Derek Peterson. "Management is focused on utilizing our capital in accretive ways. We want to build and grow the company and it takes funding to execute on our plan. We are excited to enter 2014 with a facility that is capable of producing $10 million in sales annually at full capacity and at current prices. It gives us the ability to expand our product breadth as well as brand penetration."
To date the facility is approximately 85% complete. Venlo, who was contracted to construct the greenhouse, is currently installing heating, filtration and energy curtains. The company plans to utilize the facility to fill additional demand from their current retail partners as well as expand their brand to new retailers throughout the Northeast. In addition, management is currently discussing the legality of cultivating cannabis and industrial hemp in other locations throughout the US under their GrowOp Technology subsidiary. They believe it is a viable and important market for them to focus on but want to thoroughly examine any associated risks to shareholders.
"We are excited to have a flagship facility capable of filling the demand we see for locally grown sustainable produce," explains Ken Vande Vrede, COO of Terra Tech. "We recently announced our products are now at BJ's Wholesale. It is reassuring to see retailers like BJ's are placing a focus on locally and sustainably grown produce for their customers. We feel the time is right for the company to expand its brand and we are pleased at the progress we are making with other cultivation partners throughout the country."
The company is committed to providing additional updates throughout the remainder of the year. In addition you can follow their progress by visiting the company's Facebook page at http://www.facebook.com/terratechcorp.
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, Food Emporium and others throughout 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.eatherbs.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.