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| TRTC Announces Blockbuster Merger News |
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 Hot Stock to Watch |
Company: Terra Tech Corp (OTCQX: TRTC)
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Last:
Price: 0.2701
Change (%): + 0.0001 (0.04)
Volume: 368,620 |
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Terra Tech Corp. and OneQor Pharmaceutical Agree to Merger
PHOENIX, AZ and IRVINE, CA / ACCESSWIRE / November 4, 2019 / Terra Tech Corp (OTCQX: TRTC), a vertically integrated, cannabis-focused agriculture company, and OneQor Pharmaceutical (OneQor), a privately held over-the-counter (OTC) pharmaceutical company focused on developing, patenting, and delivering proprietary, plant-derived formulations in order to provide consumers with safer, more effective OTC solutions, today announced that the two companies have entered into an Agreement and Plan of Merger (the “Agreement”) pursuant to which OneQor will merge with a wholly owned subsidiary of Terra Tech in an all-stock transaction. The combined company will focus principally on emerging pharmaceutical development opportunities for OneQor, while the operation of Terra Tech’s portfolio of THC and agricultural related assets is expected to continue in the short-term. However, the combined company desires to list on a national securities exchange and, as further described below, intends to weigh several strategic options for the legacy Terra Tech business segments that may include a spin-off, special dividend, merger or potential sale among other accretive transactions.
“With our scientific research and proprietary compounds, combined with Terra Tech’s loyal shareholders, asset management, and corporate governance structure, we are confident OneQor will be able to positively impact the way society and big-box retailers approach OTC care. I have known the Terra Tech team for years and we believe that the alignment with Terra Tech will make this fundamental vision a reality,” said Matthew Morgan, Chief Executive Officer of OneQor.
“The cannabis industry is facing strong headwinds, from both a capital and a regulatory standpoint. We feel confident that this is the best use of the company’s balance sheet in order to achieve growth and profitable returns for shareholders,” said Derek Peterson, Chief Executive Officer of Terra Tech.
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