Terra Tech Subsidiary, MediFarm, Announces Clark County Preliminary Dispensary Results
09 Juni 2014 - 2:30PM
Terra Tech Corp (TRTC)(the "Company"), a hydroponic company
focused on sustainably grown produce and medical cannabis
cultivation technology announces Clark County preliminary
dispensary results. After 2 days of hearings, the company's
subsidiary, MediFarm, was not selected as one of the 18 applicants
to operate a medical cannabis dispensary within unincorporated
Clark County. Competition was significant as there were 18
slots for 79 applicants, some of those competing were some of Las
Vegas's most notable and influential residents. MediFarm made
it through the initial rounds only to be eliminated in the at-large
round. The Company thanks the Commissioners who committed
their time to work through this process and who created these
opportunities for the applicants.
Salwa Ibrahim, MediFarm Executive Director stated, "While we are
disappointed with the results it was a great learning experience
and it allows us to refine our approach and process for other
upcoming opportunities within Nevada."
In a procedural move, commissioners "trailed" the 61 applicants
who were not selected as the final 18. That allows the county to
bring the applicants forward for consideration if cities in Clark
County do not move forward with approval of medical marijuana
dispensaries allowed within their boundaries. In addition the
Company plans to move forward with the state application for their
2 locations within unincorporated Clark County in the event there
is any change in process or rules that could make the company
eligible.
Moving forward the Company intends to apply for production and
cultivation permits within Clark County, North Las Vegas and Reno
as well as dispensaries in Clark County, Reno and the City of Las
Vegas. The company believes in their approach and has
confidence in their competitive advantage when it comes to
cultivation.
Terra Tech has recently become aware of libelous statements made
through multiple online sources. In particular a Seeking
Alpha article written by an anonymous author, who admits to being
short the company's stock. The article makes numerous
misrepresentations with respect to the company, its directors and
officers. Terra Tech has already identified at least one
individual responsible for the false statements made to the Clark
County commissioners regarding Terra Tech as Norman Gates aka
"@LaughinPaulRyan", and has retained counsel to pursue him and
anyone affiliated with, encouraging, or directing, his activities
to the fullest extent permitted by law. These individuals or groups
emailed county officials what the Company believes is false and
misleading information in an attempt to affect the outcome at the
Clark County hearings.
"We believe this had an effect on the success of our
application. The timing was curious as many emails were sent
and the article came out at a time when the hearings were in
progress and the county commission was under a cone of silence
which did not allow us an opportunity to defend against or respond
to the allegations," explains Derek Peterson, CEO of Terra
Tech. "We take these claims very seriously and are currently
exploring all of our options for relief. In addition we
believe this to be part of a larger orchestrated effort to short
Terra Tech's stock so individuals can illegally profit from
the company's decline. We are in the process of alerting the
authorities and regulatory bodies about the events. We
recently announced full year 2014 guidance of $7 million in revenue
and these baseless allegations in no way changes that guidance and
the very real tangible strides we are making to build core elements
of our business. We believe that we have a tremendous
opportunity ahead in the medical cannabis sector and we remain
pleased with the rapid growth that our Edible Garden subsidiary has
experienced in their customer base throughout the first part of the
year. We remain dedicated to executing on our business plan
and look forward to updating investors on new significant
milestones for the Company as the quarter and first half of the
year comes to a close later this month."
About Terra Tech
Terra Tech Corp. (TRTC) through its
wholly-owned subsidiary GrowOp Technology, 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. Our complete
product line is available at specialty retailers throughout the
United States, and via our website. Through its wholly-owned
subsidiary Edible Garden, cultivates a premier brand of local and
sustainably grown hydroponic produce, sold through major grocery
stores such as Shoprite, Fairway Markets and others throughout
Massachusetts, New Hampshire, New Jersey, New York, Delaware,
Maryland, Connecticut, and Pennsylvania.
For more information about Terra Tech Corp
visit: www.terratechcorp.com
Visit us on Facebook
@ http://www.facebook.com/terratechcorp
Follow us on Twitter @terratechcorp
For more information about Edible Garden
visit: http://www.ediblegarden.com
Visit Edible Garden on Facebook
@ https://www.facebook.com/ediblefarms
Cautionary Language Concerning
Forward-Looking Statements
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: Bill Clayton
Independence Financial Ltd.
Toll-Free: (888) 603-2896
Email: info@terratechcorp.com