Urban AG Corp Announces Joint Venture With CX Inc. to Provide Telecommunication Services
NORTH ANDOVER, Mass., July 18, 2013 (GLOBE NEWSWIRE) -- Urban AG Corp/ (OTCQB:AQUM) (the "Company" or "AQUM"), announced today that its wholly owned subsidiary Green Wire Enterprises, Inc. ("GWE") has entered into a Joint Venture ("JV") Agreement with CX Inc. ("CXI" dba "Centronix Communications") to provide microwave installation, cell tower construction, technician support and other telecommunication/network deployment constructions and maintenance services.
Centronix, an authorized Motorola Sales and Service Dealer, was established in 1989 and has remained an active Motorola Solutions full line Land Mobil Radio Channel Partner, as well as a Manufactures Representative, offering above book solutions to state and local entities.
GWE's operating subsidiaries serve a wide customer base that includes telecom customers such as Verizon, Motorola, Alcatel-Lucent, Time Warner and general contractors serving customers such as Wal-Mart, CVS and Gulf Marine. The subsidiaries also network and design services to a multiple of state and county government agencies, colleges and school in the Texas market.
The companies will be able to pursue an expanded base of opportunities through the services GWE provides under CXI's existing reseller agreements and projects that require equipment available under Centronix's Manufactures Representation agreement. The Company anticipates expanding these opportunities throughout the U.S. over the term of the agreement. The projects that the companies intend to target range from $1 million to $8 million and are generally for periods less than one year. Management anticipates other network deployment opportunities to become available through this new relationship.
Richard Baird, Executive Vice President of Operations of CX, Inc. stated, "Centronix looks forward to the new joint venture and expects positive results for both companies through our mutual working relationship."
Billy V. Ray, Jr., CEO of Urban AG Corp stated, "We are excited about this opportunity with Centronix. It allows us to continue to grow our core business nationwide and allows us to utilize our management expertise. The joint venture and recently announced contracts awarded to B&R Telephone and TAM are examples of the success that our management's efforts are producing. The continued footprint expansion and service expansion are steps in the implementation of the Company's strategy."
This news release contains forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the Company's ability to continue to successfully market and provide its services, maintain its effectiveness and its customer base and general economic conditions. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information, future events or otherwise.