IRVINE, Calif.--(BUSINESS WIRE)--Terra Tech Corp. (OTCBB: TRTC), a leader in sustainable agricultural products, announced today that it has signed an agreement with New Jersey based Edible Farms, a division of NB plant products to jointly construct and operate up to 10 acres of commercial hydroponic greenhouse specializing in the production of locally grown, hydroponic produce.
Currently Edible Farms cultivates and sells their line of living basil and other fresh hydroponically grown produce to major retailers throughout the Northeast such as Shoprite, Fairway, D'Agostino, Kings, The Food Emporium and more. With current annual revenue in excess of $2,000,000, Edible Farms is looking to Terra Tech to expand their production capacity. Based upon their current gross revenue per square foot the first 2.5 acre facility should produce close to $7,000,000 in additional annual revenue. Several of their current retail customers have indicated a desire to purchase a greater degree of product as their production increases. This project will be 51% owned by Terra Tech who is responsible for securing the necessary capital for the expansion plan.
“With over 12,000 grocery retailers within a 6 hour drive of our farm we are uniquely positioned to deliver produce that is extremely fresh and sustainable,“ explains Ken Vande Vrede, Director of Marketing for Edible Farms. “We have estimated the local market opportunity to be in excess of $500 Million and the appetite for locally grown sustainable produce to be enormous. This relationship with Terra Tech gives us a technological advantage over our competition and allows us to expand quicker and become more environmentally friendly in our cultivation.”
The agreement between Edible Farms and Terra Tech is to identify opportunities that exist in the production of locally grown produce as well as brand expansion throughout the Northeast. Together they will work to develop marketing collateral, invest in increased automation, develop a marketing and branding strategy, design and source LED lighting technologies, secure additional contracts with major retail chains, brand a specialized nutrient line and plan the construction of an additional 2.5 acres of hydroponic greenhouse to compliment the existing operation on their 116 acre family farm in Belvidere, New Jersey. The agreement is effective for 100 days, after which Terra Tech and the family will assess their continued joint efforts.
“The potential for expansion is significant with Edible Farms and Terra Tech, our core strength is technology and branding, while their core strength is in the cultivation of some of the finest produce I have had the pleasure of consuming,” said Peterson, CEO of Terra Tech. “Together we can leverage their current relationships with some of the largest retailers in the Northeast to further introduce a product that is not only more healthy for your body, but for the planet as well.”
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For more information about Edible Farms visit: www.yourediblefarm.com
About Edible Farms:
The Edible Farms and Edible Garden brands each provide fresh, locally grown herbs and leafy greens to major supermarket chains and restaurants. Our process utilizes time tested, classic Dutch hydroponic farming methods to grow vegetables in a safe, healthy, 100% natural environment, free of contaminants and pesticides. We maximize the use of the latest technology, to exceed competitors’ products often imported from outside the U.S.. Edible Farms® and Edible Garden® are exclusively grow, pack and ship our own products, allowing us to monitor and guarantee the safety, quality, and freshness of our produce from seed to delivery.
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 (vi) 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.