Terra Tech Corp. Announces LOI to Acquire GroRite, a New Jersey Based Garden Superstore with Annual Revenues of Over $4 Million
IRVINE, Calif.--(BUSINESS WIRE)-- Terra Tech Corp. (OTCBB: TRTC), a leader in sustainable agricultural products, announced today that it has signed a letter of intent to acquire GroRite, one of New Jersey's largest gardening super centers, significantly increasing Terra Tech's top line revenue.
GroRite is based in Lincoln, New Jersey and encompasses a total of 10 acres of retail gardening center, hydroponic cultivation facility and plant nursery. Launched in 1973 by the Vande Vrede's, a Dutch farming family with over 120 years of farming experience, GroRite has grown into one of New Jersey's premier gardening centers with annual revenue in excess of $4 Million with positive net income.
"We built our company around our family's expertise in the garden and we have maintained our competitiveness by utilizing the latest technologies, like hydroponics," explains Ken Vande Vrede, CEO of GroRite. "Urban agriculture is going to be a major aspect of farming and home gardening over the next decade. Terra Tech has been an innovator in urban agricultural products and we have major distribution in the North East, so this creates quite a synergy."
GroRite carries a full line of nutrients, fertilizers, plant materials, gardening products, hydroponic equipment and more. Terra Tech distributes a line of innovative indoor agricultural equipment for the retail market.
"GroRite's facility is amazing, they carry everything a home gardener would need," said Peterson, CEO of Terra Tech. "This acquisition is an important step for our shareholders, as it not only accelerates our growth significantly, but allows us to begin our consolidation plan to control not only distribution but retail as well, effectively benefiting throughout the supply chain."
The terms of the LOI are full integration of GroRite's business into Terra Tech, a publicly traded company. Key executives from GroRite will become officers as well as join the Board of Directors for Terra Tech. Consummation of the acquisition is subject to final transaction documents, expected to be completed no later than February 25, 2013, and shareholder approval. The acquisition is anticipated to be an all stock transaction and key executives will be expiring shares in an effort to keep the shares outstanding from significantly increasing.
For more information about Terra Tech Corp visit: www.terratechcorp.com
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For more information about GroRite Visit: http://www.grorite.com
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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 (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.
KEYWORDS: United States North America California New Jersey
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