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 Hot Stock to Watch |
Company: Terra Tech Corp (OTCQB: TRTC)
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Last:
Price: 0.18
Change (%): + 0.01 (5.88)
Volume: 133,200 |
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Terra Tech Corp Completes The Acquisition of Edible Garden and Their Line of Sustainable Hydroponic Produce
IRVINE, Calif. - (BUSINESS WIRE) - Terra Tech Corp (OTCBB: TRTC), a leader in sustainable agricultural products, is pleased to announce it has completed its acquisition of Edible Garden and its line of locally grown hydroponic produce, which is distributed throughout the northeast.
Edible Garden a premier local brand of sustainably grown produce has rapidly expanded its product availability from just over 100 retail stores to covering close to 400 retailers throughout New Jersey, Connecticut, Delaware, Maryland, New York and Pennsylvania in less than a year. This rapid expansion has been due to consumers demanding fresher produce grown locally using environmentally sustainable methods.
“Edible Garden is fast becoming one of the leading brands in their market,” said Derek Peterson CEO of Terra Tech. “We feel we have an opportunity to replicate the success they created in the northeast throughout the rest of the country. We are in active discussions with other urban farmers throughout the US to cultivate sustainably under Edible Gardens’ standards. We are in the beginning stages of creating a national brand comprised of local farmers. We are looking forward to showing our fiscal growth to shareholders beginning in Q2.”
The cost of acquisition was 1,250,000 shares of common stock. One of Terra Tech’s directors Amy Almsteier will be surrendering 500,000 shares of common stock back to the company to help offset the acquisition cost. During due diligence Terra Tech discovered some change of ownership covenants that existed within GroRites and NB Plants credit facilities that required the companies to refinance. The cost associated with refinancing proved too significant for the company and shareholders to absorb at the present time. Management made the decision to absorb Edible Garden, the biggest growth company, from the Vande Vrede’s while structuring the acquisition to benefit from the current revenue base of both GroRite as well as NB Plants through distribution contracts, which Terra Tech is currently being negotiated.
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