Irvine, June 3, 2013 (GLOBE NEWSWIRE) -- Terra Tech Corp (OTCBB: TRTC), a leader in sustainable agricultural products, is pleased to announce it has signed a distribution deal with Florida based Palm Creek Produce, a hydroponic greenhouse grower of specialty plants. Palm Creeks 1.25 acre facility is capable of producing up to 10,000 units of produce per week. The company anticipates this contract to be worth close to $800,000 per year in top line revenue. Under the terms of the deal Edible Garden will have first right to purchase Palm Creeks entire crop of hydroponic produce throughout the year. Edible Garden will work in conjunction with the farm to cultivate and market Edible Gardens line of locally grown sustainable produce throughout the South West Florida market. Edible Garden will bear no costs, risks or labor associated with the cultivation of the products. The company will receive 15% of the selling price of all products sold.
"Florida is an exciting market for us, major retailers are exploding across the state and consumers are becoming more interested in local growers. Palm Creek Produce has invested heavily in their facility in order to produce a product that's is sustainable and safe for the environment as well as highly nutritious," claims Ken Vande Vrede, COO of Terra Tech.
According to the Florida Department of Agriculture and Consumer Services, 2012 'By The Numbers' report, the total cash receipts for nursery and greenhouse products in Florida were just over $1.7 billion in 2010. Palm Creek Produce is located in Ft. Meyers and is a short drive from Cape Coral and other significant metropolitan areas. The company expects demand for their product throughout the Florida market to be strong and well received. Palm Creek Produce has agreed to cultivate under the company's standards and to distribute using the Edible Garden brand.
"This is another exciting step for the company and more importantly, a new market. Palm Creek Produce has a passion for locally grown hydroponic produce and we think this is going to be a successful partnership," said Derek Peterson, CEO of Terra Tech. "We will continue to establish partnerships throughout the US and we are currently in talks with other farmers in robust markets."
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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.
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Released June 3, 2013