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IRVINE, Calif., May 10, 2013 (GLOBE NEWSWIRE) --
Terra Tech Corp., Inc. (OTCBB:TRTC), a leader in sustainable agricultural products, is pleased to announce that the Company has entered into a common stock purchase agreement for a $5 million Equity Enhancement Program with Magna Group out of New York, NY. The program will enable Terra Tech Corp. to access additional funds needed to execute the company's expansion plans in the coming months.
The Equity Enhancement Program allows, but does not obligate, the Company to issue and sell up to $5 million of shares of common stock to the Investor as needed over the 24-month period following the effectiveness of a registration statement the Company has filed with the Securities and Exchange Commission to register the resale of the stock by the Investor.
Derek Peterson, CEO and President of the Company states, "Terra Tech has aggressive growth plans over the next 24 months. Expanding the Edible Garden footprint throughout the US is our primary driver; this type of funding agreement gives us the necessary tools to execute on that plan. Having control over when and at what price we execute allows us to minimize shareholder dilution."
Terra Tech recently announced the acquisition of Edible Garden, a New Jersey based urban farm specializing in a premier local brand of hydroponically grown produce. Edible Garden distributes its products to approximately 400 retailers throughout New Jersey, Connecticut, Delaware, Maryland, New York and Pennsylvania and is quickly becoming a premier brand in its respective market. In addition, Edible Garden is planning to construct a new 5-acre facility in New Jersey capable of producing close to $10 million of produce annually. This funding will allow Edible Garden, a division of Terra Tech Corp., to fast track its construction plans, with an anticipated completion date by year end.
Joshua Sason, the Chief Executive Officer of Magna Group notes, "We are thrilled to continue our relationship with Terra Tech Corp. through our Equity Enhancement Program. There is an undeniable need for sustainable agricultural solutions in both the commercial and retail markets and we are confident that our long-term commitment will accelerate the Company's rollup strategy by enabling increased productivity and select accretive acquisitions."