IRVINE, Calif., May 10, 2013 (GLOBE NEWSWIRE) -- Terra Tech Corp., Inc. (OTCBB:TRTC), a leader in sustainable agricultural products, is pleased to announce that the Company has entered into a common stock purchase agreement for a $5 million Equity Enhancement Program with Magna Group out of New York, NY. The program will enable Terra Tech Corp. to access additional funds needed to execute the company's expansion plans in the coming months.
The Equity Enhancement Program allows, but does not obligate, the Company to issue and sell up to $5 million of shares of common stock to the Investor as needed over the 24-month period following the effectiveness of a registration statement the Company has filed with the Securities and Exchange Commission to register the resale of the stock by the Investor.
Derek Peterson, CEO and President of the Company states, "Terra Tech has aggressive growth plans over the next 24 months. Expanding the Edible Garden footprint throughout the US is our primary driver; this type of funding agreement gives us the necessary tools to execute on that plan. Having control over when and at what price we execute allows us to minimize shareholder dilution."
Terra Tech recently announced the acquisition of Edible Garden, a New Jersey based urban farm specializing in a premier local brand of hydroponically grown produce. Edible Garden distributes its products to approximately 400 retailers throughout New Jersey, Connecticut, Delaware, Maryland, New York and Pennsylvania and is quickly becoming a premier brand in its respective market. In addition, Edible Garden is planning to construct a new 5-acre facility in New Jersey capable of producing close to $10 million of produce annually. This funding will allow Edible Garden, a division of Terra Tech Corp., to fast track its construction plans, with an anticipated completion date by year end.
Joshua Sason, the Chief Executive Officer of Magna Group notes, "We are thrilled to continue our relationship with Terra Tech Corp. through our Equity Enhancement Program. There is an undeniable need for sustainable agricultural solutions in both the commercial and retail markets and we are confident that our long-term commitment will accelerate the Company's rollup strategy by enabling increased productivity and select accretive acquisitions."
For more information about Terra Tech Corp visit: www.terratechcorp.com
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For more information about NB Plants visit: http://www.eatherbs.com
Visit Edible Garden on Facebook @ https://www.facebook.com/ediblefarms
About Terra Tech Corp., Inc. (OTCBB:TRTC)
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. Through their wholly-owned subsidiary Edible Garden Corp. they cultivate hydroponically grown produce and distribute through major retailers throughout the country. Terra Tech Corp. was incorporated in July 2008 in the State of Nevada; its subsidiary GrowOp Technology was founded March 2010, in Oakland, California.
About Magna Group
Magna Group is a leading alternative investment firm that makes innovative structured investments and provides financial partnership to its portfolio companies; public and private, domestic and international. With a focus on the small and lower-middle markets, Magna Group maintains an active long portfolio of over 40 emerging growth and development stage companies at any given time. As a financial partner, Magna Group prioritizes relationship and works closely with portfolio companies to develop customized equity, debt and hybrid investment solutions. Please visit www.magnagroupcapital.com for more information.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities to be offered and sold in the Equity Enhancement Program have not been registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Securities Act and applicable state securities laws.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in 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.
CONTACT: Media Contacts: Terra Tech Lindsay Wiemer, 855-447-6967 ext 703 Lindsay@terratechcorp.com or Investor Relations: Independence Financial Ltd. Bill Clayton Toll-Free: 888-603-2896 email@example.com
Source:Terra Tech Corp.