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| TRTC Announces Upcoming Ambitious Buyback Program |
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 Hot Stock to Watch |
Company: Terra Tech Corp (OTCQB: TRTC)
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Last:
Price: 0.42
Change (%): + 0.07 (20.00)
Volume: 1,239,691 |
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Terra Tech Announces $20,000,000 Share Buyback Program
IRVINE, CA / ACCESSWIRE / September 16, 2019 / Terra Tech Corp. (OTCQX: TRTC) (“Terra Tech”) or (the “Company”), a vertically integrated cannabis-focused agriculture company, today announced that the Board of Directors has authorized the repurchase of up to $20,000,000 of the Company’s common stock. This share buyback program is in addition to the previously announced purchase of shares of the Company’s common stock in connection with the settlement of litigation with members of the Vande Vrede family. The Company expects to receive approximately $36,000,000 upon the closing of previously announced asset sales.
Repurchases may be made at management’s discretion from time to time on the open market or through privately negotiated transactions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. Any shares acquired will be held by the Company as treasury shares. As of August 2, 2019, the Company had 109,278,898 shares of common stock outstanding.
Chief Executive Officer, Derek Peterson, said, “We believe that Terra Tech’s current market value does not reflect the underlying value of its business and future prospects, and that implementing a share buyback program is the best way we can return value to shareholders. We have several growth initiatives in the pipeline and are engaged in a fundamental restructuring to improve profitability and build value for our shareholders. The share repurchase program is supported by our continued focus on building a stronger, more efficient business based around premium quality, recognizable brands.”
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