Terra Tech Corp
. (OTCBB: TRTC), a leader in sustainable agricultural products, releases shareholder update of their corporate objectives and details on their current M&A opportunities.
Terra Tech recently announced signing LOI’s to acquire two companies, GroRite Garden Centers and NB plants/ Edible Garden brand. Upon a successful merger these two acquisitions will push annual revenue for Terra Tech to over $10 million. Terra Tech has stated in the past that an aggressive M&A strategy is instrumental in accelerating growth for the company.
The company is currently working towards definitive documents to close the transaction and determined it was important to make investors aware of the progress and details. The Vande Vrede family, who has a rich history in Dutch farming techniques, owns both GroRite and NB Plants. Terra Tech has begun due diligence and can report that each company is both net income and cash flow positive.
Company CEO Derek Peterson stated, “Dealing with one family to close two large transactions for Terra Tech has made negotiations very easy. This is a significant step for our company as Terra Tech continues to mature. Our focus is to integrate companies that have positive earnings and that are symbiotic to our core business.”
The company is focused on closing these transactions quickly and launching their expansion plans for both entities. NB Plants is currently expanding their footprint into major retailers throughout the US by focusing on strategic relationships in Florida, a $1.7 billion market as well as the Midwest. In addition they intend on increasing the penetration they currently have with Shoprite, Food Emporium and the other 12,000 major grocery chains in the North East market. GroRite is currently looking at other locations throughout the US to expand its retail footprint.
Terra Tech recently placed a deposit on 5 acres of greenhouse structure to be erected at NB Plants in New Jersey. As phase one, NB Plants plans to construct 1.5 acres immediately to fulfill the demand of a new contract for close to $1 Million in additional product sales. The construction of the additional 3.5 acres is planned over the following 24 months. Each acre of greenhouse has the ability to produce close to $2 million of produce annually.