ANAHEIM, Calif., July 19, 2017 (GLOBE NEWSWIRE) -- Greengro Technologies, Inc. (OTC:GRNH), one of the fastest growing companies in the emerging indoor agriculture technology industry, today announced it expects revenues for its second quarter ending June 30, 2017 to reach a record $830,000, or nearly eight times its revenue during the second quarter of last year. The Company also reported that its pipeline of new contracts has grown to nearly $50 million as of the end of the second quarter, with recurring revenues expected to generate between $2- 5 million in produce sales annually. The growing pipeline and recurring revenues is due primarily to the Company’s first quarter acquisition of Biodynamics, a leading provider of turnkey hydroponic vertical farms.
The Company also reported that is has already collected over $600,000 from the sale of a $7.5 million greenhouse sale announced during the first quarter. It is important to note that although this pipeline is comprised of signed construction contracts, many of which in fact are bonded, there is no assurance that they will mature into revenue-generating contracts due to unforeseen issues that may arise with the customer, such as its location, compliance issues and financial support.
The Company expects to report its final second quarter and first half 2017 financial results during the second week of August 2017 followed by the Company’s first-ever investor conference call to be hosted by Mr. Haas at 10:00 am PT/1:00 pm ET.
Greengro Technologies Enters Into Genetic Research
In June and July 2017, Greengro Technologies’ division GenoBreeding, Inc. solidified a joint venture with Gala Global, Inc., (OTC:GLAG), by which Dr. Rehman Maqsood, Chief Operating Officer of Gala Global and one of the world’s foremost soybean geneticists, joined Greengro Technologies in order to conduct genetic research on new plant strains, on behalf of GenoBreeding.
Greengro Technologies Enters Into Genetic Research
In June and July 2017, GenoBreeding, Inc., a wholly-owned division of the Company solidified a joint venture with Gala Global, Inc., by which Dr. Rehman Maqsood, Chief Operating Officer of Gala Global and one of the world’s foremost soybean geneticists, joined the Company in order to conduct genetic research on new plant strains, on behalf of GenoBreeding.
Dr. Maqsood is listed as an inventor on 33 patents and at least 5 additional patent applications related to soybean varieties, including some patents related to “single locus conversion”, where a part of a soybean variety’s genome has been changed to give the new soybean plant characteristics that were not present in its ancestors.
Gala Global and Greengro Technologies believe that the combination of Gala Global’s proprietary plant incubation technologies and proprietary digital technologies related to projecting the results of genetic changes will allow GenoBreeding to create new plant varieties much faster than has previously been possible. Greengro Technologies intends to use this combination of technologies to quickly create customized strains of cannabis and other plants, potentially revolutionizing the cannabis industry and other agricultural industries. The Company also anticipates that it will be able to patent many of these customized strains.
For additional investor please contact Bill Miller at firstname.lastname@example.org or at 844-565-5665.
About Greengro Technologies, Inc.
Greengro Technologies, Inc. (OTC:GRNH) is a world-class provider of eco-friendly green technologies with specific expertise in indoor and outdoor agricultural systems for both consumer and commercial farming markets. Greengro Technologies brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines produced by innovative technology throughout the supply chain. Customers include restaurants, community gardens, and small and large-scale commercial clients. Greengro Technologies also provides design, construction, and maintenance services to large collection operations and collectives in the medical and recreational cannabis sectors. The company’s website, www.greengrotech.com, offers regular updates including educational videos, project updates, recipes, and nutritional information, and where to find the company’s products.
Forward Looking Statements:
This release may contain forward-looking statements. Actual results may differ from those projected due to a number of risks and uncertainties, including, but not limited to, the possibility that some or all of the matters and transactions considered by the Company may not proceed as contemplated, and by all other matters specified in the Company's filings with the Securities and Exchange Commission. These statements are made based upon current expectations that are subject to risk and uncertainty. The Company does not undertake to update forward-looking statements in this news release to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking information. Assumptions and other information that could cause results to differ from those set forth in the forward-looking information can be found in the Company's filings with the Securities and Exchange Commission (www.sec.gov), including its recent periodic reports.