Irvine, Nov. 19, 2013 (GLOBE NEWSWIRE) -- Terra Tech Corp (TRTC), an urban agricultural company, is pleased to announce the filing of its Third Quarter 2013, financial results for the quarter ending September 30, 2013. The full 10Q filing is available on the SEC's website at http://edgar.sec.gov/.
Total revenues generated from the sales of the Company's products for the quarter ended September 30, 2013 totaled $773,140, an increase of $667,926 from the quarter ended September 30, 2012, which totaled $105,214. The net result for the quarter ended September 30, 2013 was a loss of $14,945 compared to a loss of $257,083 for the quarter ended September 30, 2012. The growth in the second quarter is primarily attributable to the acquisition of Edible Garden, a premier brand of local and sustainably grown hydroponic produce.
"We are excited about the growth we have experienced this year. This has always been a year of foundation building for an impactful 2014 however we are pleased at the financial advancements we have made year to date," explains Derek Peterson, CEO Terra Tech Corp. "We have made solid progress with expanding our brand and are thrilled that our products are now available at BJ's Wholesale. We are maximizing our current space and are working diligently to complete the 5-acre build to accommodate additional retail expansion."
The company anticipates finishing the construction of their new 5-acre build by year-end 2013. The facility will be brought online in stages throughout the 2014-year in an effort to balance operating expenses with production demand. In addition to the expansion and development of the Edible Garden brand of locally grown produce Terra Tech is actively pursuing multiple opportunities in the medical cannabis arena. Their GrowOp Tech subsidiary has formed an advisory team focused on evaluating both the risks and opportunities in the space. They are focusing on cultivation opportunities, hemp production, CBD oil extractions as well as the procurement of state issued permits in existing and developing states. The company will release more specific information as they continue to develop these channels.
Pictures of the new 5-acre facility can be viewed on their Facebook page at https://www.facebook.com/ediblefarms.
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
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.
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.