IRVINE, Calif.--(BUSINESS WIRE)--Terra Tech Corp. (OTCBB:TRTC), a leader in sustainable agricultural products, is pleased to announce it has signed an LOI to acquire NB Plants, a hydroponic farming operation, and its brand ‘Edible Garden’ entering the $20 billion fresh produce market.
Terra Tech’s successful acquisition of NB Plants, a 116-acre New Jersey farm, will push annual revenue in excess of $6 million. NB Plants cultivates ornamental flowers as well as a line of fresh hydroponically grown produce including basil, oregano, parsley and lettuce under the Edible Garden brand. Edible Garden, a premier local brand of sustainably grown produce is available at over 120 major grocery store chains such as Shoprite, Food Emporium and others throughout the North East. The urban farm is owned and operated by the Vande Vrede family who has over 3 generations of greenhouse farming experience.
According to Roberta Cook from UC Davis’ Department of Agricultural and Resource Economics, there were 3.2 million acres of fresh fruits and vegetables harvested in 2010, producing 99.9 billion pounds with a farm gate value of $21.8 billion. Terra Tech has identified over 12,000 grocery stores within a 5-hour drive of NB Plants opening up a significant market for the company.
“We are seeing a renewed interest in locally grown produce that is free of chemical pesticides and other contaminates,” explains Mike Vande Vrede, CEO of NB Plants. “Hydroponics has allowed us to cultivate more efficiently, reducing our usage of natural resources while creating a product that is fresher for consumers.”
The USDA recently reported that the 2011 U.S. trade deficit of $6.2 billion in fresh produce will swell to $10.7 billion in 2021 and imports are projected to supply up to 25% of our nations fresh produce. With a swelling population the US is becoming more reliant on imported produce, which hurts local economies and puts the population at risk for food borne illnesses and other potential food hazards.
“Every year we lose a significant amount of arable land, so we rely on imported sub par produce to feed our ballooning population,” claims Derek Peterson, CEO of Terra Tech. “Hydroponics allows us to grow vertically in urban settings where we cut down our carbon footprint, reduce the risk of contaminating produce and deliver a fresher longer lasting product to our retail partners.”
The terms of the LOI are full integration of NB Plants business into Terra Tech, a publicly traded company. Key executives from NB plants will become officers as well as join the board of directors for Terra Tech. Final merger documents are expected to be completed no later than January 25, 2013.
“An aggressive M&A strategy is a key focus of Terra Tech’s and this acquisition is a key step for the company,” explains Peterson. “We see significant opportunities to accelerate growth through acquisition and to create shareholder value.”
For more information about Terra Tech Corp visit: www.terratechcorp.com
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For more information about NB Plants visit: http://www.eatherbs.com
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms
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. Large 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.