Terra Tech, a Publicly Traded Urban Ag Company, Announces Strategic Relationship With Family Hydroponics, the Largest Hydroponic Retail Group in the US
IRVINE, Calif.-- Terra Tech Corp. (OTCBB: TRTC), a leader in sustainable agricultural products, announced today that it has signed an agreement with Family Hydroponics, the nation’s largest urban agricultural retail franchise group.
Terra Tech has announced it has signed an agreement with Family Hydroponics, the nation’s largest franchise chain of hydroponic retailers, which operates 36 stores in 8 states. Terra Tech is well positioned for what has been called the “Green Rush” and will be working in conjunction with Family Hydroponics to create a proprietary brand of agricultural equipment, launch a Family online store, as well as make strategic acquisitions of both Family corporate and franchised stores. Products will include HID and LED lighting technologies, environmental controllers, as well as ventilation and filtration designed for CEA (Controlled Environment Agriculture). The agreement is effective for 100 days, after which Terra Tech and Family will assess their continued joint efforts.
In addition to product development, Terra Tech will be working with Family to design and implement a merger and acquisition program for both their corporate and franchised owned retail stores. Family grosses more than $25 Million in annual sales between its 36 stores. Terra Tech will also design and manage Family’s online store to compliment their strong retail footprint. The online store will have a competitive advantage over other online retailers by leveraging their diverse geographic footprint, which allows for faster shipping and greater affordability.
“Cultivation is moving indoors and this style of growing requires a different set of tools than a traditional farmer would use. Family Hydroponics has built a successful franchise of stores throughout the country to capitalize on this growth. As a premier brand, we only affiliate ourselves with premier names in the industry and Terra Tech’s products are just that,” says Roy Harris, CEO of Family Hydroponics.
Derek Peterson, CEO of Terra Tech Corp., is excited for the chance to work with Family Hydroponics. Family has the broadest reach of stores in the market today and with over $25 Million in buying power they are also the largest. Family has been committed to expanding their retail footprint of urban gardening stores throughout the US.
"Urban agriculture is taking root throughout this country and the Family brand has enjoyed a tremendous amount of success in the market,” said Peterson. “We are thrilled at the opportunity to be working with them.”
Terra Tech Corp., through their subsidiary GrowOp Technology, distributes and markets a line of premier hydroponic equipment to retail stores throughout the United States. Family Hydroponics will now be carrying the GrowOp brand in its retail stores throughout the nation.
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. 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.
Source: Terra Tech Corp.
Released August 22, 2012