Terra Tech, a Publicly Traded Urban Ag Company, Announces Merger with Leading … – MarketWatch (press release)

Posted on: April 16th, 2012 by admin No Comments


OAKLAND, Calif., Apr 16, 2012 (BUSINESS WIRE) –
Terra Tech Corp.
(OBB:TRTC)

, a leader in controlled agricultural
products, announced today that it has merged with GrowOp Technology
Ltd., a cultivation equipment manufacturer focused on the rapidly
emerging medical Cannabis market. Their merger closed on February 2,
2012.

Derek Peterson, CEO of GrowOp Technology and newly appointed CEO of
parent company Terra Tech Corp., says that traditional urban agriculture
shares many of the same technologies and processes that are utilized in
the cultivation of medicinal cannabis. Much of the technology that
exists today has been funded by commercial cannabis cultivation.

“Urban agriculture is a remarkable solution for effectively and
efficiently feeding our global population, while delivering a product
that is significantly more healthy for both the consumer and the
planet,” said Peterson. “If not for cannabis being one of the largest
cash crops of this country, the industry would be years behind in
technological advancements.”

Terra Tech takes advantage of their unique position within the market by
having visibility into the new technologies that are developed for
cannabis cultivation and marketing those very same products to urban
farmers who are cultivating everything from herbs to micro greens.

“As more cultivation moves indoors, urban farmers need a new set of
tools to regulate and manage these operations. The global population is
growing exponentially, forcing us to seek out and adopt alternative
methods for food production. Indoor, vertical and greenhouse cultivation
are potential answers to many of our existing agricultural limitations,”
suggests Russell Winnett, COO and lead design engineer of GrowOp Tech.

One of the premises of Terra Tech’s business is that, with a global
population of approximately 7 billion, scarcity of food and the
resources to produce it are rapidly becoming a concern. This increased
need to sustain our population puts a strain on other global resources
as the production and transportation of food significantly increases
greenhouse gas emissions. Terra Tech believes this coupled with greater
access to information and understanding that locally grown produce is
not only better for the environment but also has a higher degree of
nutrition has led to this current surge in hydroponically grown crops.
Terra Tech intends to position itself to capitalize on this “growing”
market.

“Farming is going both urban as well as vertical, and tools like ours
are going to be the staples of this new city-centric approach to
agriculture,” said Peterson. “We are excited about the opportunity in
this market, especially in terms of consolidation, and we plan to
implement an aggressive acquisition campaign now that we are a public
company.”

Terra Tech is well positioned for what has been called the “Green Rush”
and intends to utilize its public status and broader access to capital
as a catalyst for rapid growth and expansion. The company is planning
some key acquisitions and strengthening its board of directors in an
effort to capture additional market share.

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. Fortune 500
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.


        Terra Tech Media Contact
        Lindsay Wiemer, +1-855-447-6967
        investors@terratechcorp.com 

http://www.terratechcorp.com

Copyright Business Wire 2012

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