OAKLAND, Calif.-- Terra Tech Corp. (OTCBB:TRTC), a leader in controlled agricultural products, announced today that it has merged with GrowOp Technology Ltd., a cultivation equipment manufacturer focused on the rapidly emerging medical Cannabis market. Their merger closed on February 2, 2012.
Derek Peterson, CEO of GrowOp Technology and newly appointed CEO of parent company Terra Tech Corp., says that traditional urban agriculture shares many of the same technologies and processes that are utilized in the cultivation of medicinal cannabis. Much of the technology that exists today has been funded by commercial cannabis cultivation.
“Urban agriculture is a remarkable solution for effectively and efficiently feeding our global population, while delivering a product that is significantly more healthy for both the consumer and the planet,” said Peterson. “If not for cannabis being one of the largest cash crops of this country, the industry would be years behind in technological advancements.”
Terra Tech takes advantage of their unique position within the market by having visibility into the new technologies that are developed for cannabis cultivation and marketing those very same products to urban farmers who are cultivating everything from herbs to micro greens.
“As more cultivation moves indoors, urban farmers need a new set of tools to regulate and manage these operations. The global population is growing exponentially, forcing us to seek out and adopt alternative methods for food production. Indoor, vertical and greenhouse cultivation are potential answers to many of our existing agricultural limitations,” suggests Russell Winnett, COO and lead design engineer of GrowOp Tech.
One of the premises of Terra Tech’s business is that, with a global population of approximately 7 billion, scarcity of food and the resources to produce it are rapidly becoming a concern. This increased need to sustain our population puts a strain on other global resources as the production and transportation of food significantly increases greenhouse gas emissions. Terra Tech believes this coupled with greater access to information and understanding that locally grown produce is not only better for the environment but also has a higher degree of nutrition has led to this current surge in hydroponically grown crops. Terra Tech intends to position itself to capitalize on this "growing" market.
“Farming is going both urban as well as vertical, and tools like ours are going to be the staples of this new city-centric approach to agriculture,” said Peterson. “We are excited about the opportunity in this market, especially in terms of consolidation, and we plan to implement an aggressive acquisition campaign now that we are a public company.”
Terra Tech is well positioned for what has been called the “Green Rush” and intends to utilize its public status and broader access to capital as a catalyst for rapid growth and expansion. The company is planning some key acquisitions and strengthening its board of directors in an effort to capture additional market share.
For more information about Terra Tech, visit http://www.terratechcorp.com
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. Fortune 500 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 (iv) 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.
Source: Terra Tech Corp.
Released April 16, 2012