IRVINE, CA/ ACCESSWIRE/ January 13, 2021/ Terra Tech Corp. (OTCQX: TRTC) (” Terra Tech” or the “Business”) today released a letter to investors from its Ceo, Frank Knuettel II.
Dear Fellow Shareholders,
As we start a brand-new year, and fresh on the heels of my current visit to the function of CEO, I wished to take this chance to present myself and share some ideas on our prepare for 2021.
As all of us understand, in 2015 was a difficult year for both our nation and our economy; Terra Tech was not exempt. On top of the macroeconomic and pandemic forces buffeting our nation, staff members and operations, our 2 California dispensaries, in Oakland and San Leandro, were shut for around 4 and 2 months, respectively, following the discontent connected with the George Floyd killing. These closures plainly affected our earnings, and it represented a challenging time for our group, who have actually dedicated a lot effort and devotion in constructing our Business.
After a prolonged closure and much effort, San Leandro effectively resumed in July and Oakland resumed in October. These effective reopenings supplied us with a chance to concentrate on earnings generation through growing our client base.
On top of the dispensary closures, we dealt with extended capital markets headwinds. Luckily, these challenging macro market conditions slowly started to raise in the runup to the nationwide election.
On numerous fronts, we are delighted to put 2020 behind us, and moving forward in 2021, our strategy is threefold:
Support operations and the balance sheet:
Following the closure in 2020 and the challenging capital markets, Terra Tech underperformed both operationally and economically, throughout which time we were required to ensure plans to keep our company. As an outcome, it is now time to deal with functional performances and particular balance sheet products. As part of this, we anticipate to reorganize some essential agreements and enhance our operations.
Harvest follows property sales and financial investments as follows:
Terra Tech offered its operations at Decatur Blvd. in Las Vegas, NV, for which the business is contracted to get $2.75 million in mid-April 2021.
Terra Tech offered its operations in Reno, NV, for which it got stock in the buyer. Significantly, the stock has a put alternative enabling Terra Tech to redeem the stock to the buyer for money. This put alternative commences in late April in case the stock is not openly sold the quantity of $1.5 million each month, for an overall of around $8.3 million.
Furthermore, in connection with the sale of Terra Tech’s Reno and Desert Inn Rd., Las Vegas operations, the Business will get $7.0 million one year following regulative approval of those sales, which we anticipate to get in the very first quarter of 2021.
Monetize Terra Tech’s financial investment in Hydrofarm stock, in which Terra Tech invested $5 million in August of 2018. Following Hydrofarm’s going public in December 2020 and the stock’s increase because that opened, our financial investment is now worth around $50 million. While we have a lockup up until early June, it is our hope that we will produce significant return on this financial investment, supplying Terra Tech with considerable money resources to pursue our 3rd effort.
Develop on the structure Develop on the strong functional and financial investment structure developed by Mike Nahass and Derek Peterson to:
Make tactical acquisitions of complementary business in our market. We prepare to focus these efforts in and nearby to the California market, focusing mainly on brand names, shipment and dispensaries.
Total the buildout of our advanced growing center in Oakland.
Evaluation the prepare for, and think about structure, a dispensary and processing center at our Santa Ana area.
Our company believe the mix of money generation from previous property sales and financial investments, together with natural development and development through targeted acquisitions, positions us in a distinct and tactical position to grow Terra Tech.
In closing, please understand we are acutely conscious that current times have actually been challenging for all. It is times like these that make your currently valued assistance as an investor that far more crucial. While we have much effort ahead of us, we securely think that the strong structure established by Mike and Derek has actually ushered Terra Tech down a much brighter course, upon which we will continue to develop strong and practical business in the marijuana area.
Thank you for your ongoing assistance and we are anticipating the future.
Frank Knuettel II
About Terra Tech
Terra Tech is a holding business with a portfolio of financial investments concentrated on marijuana possessions in the THC market and the research study, advancement, and commercialization of cannabinoid-based items. Backed by ingenious science and best-in-class production, the Business’s objective is to provide top-tier marijuana and cannabinoid-based items with a concentrate on its core marijuana company.
Cautionary Language Worrying Forward-Looking Statements
Specific declarations included in this interaction concerning matters that are not historic truths, are positive declarations within the significance of Area 21E of the Securities and Exchange Act of 1934, as changed, and the Personal Securities Lawsuits Reform Act of 1995, referred to as the PSLRA. These consist of declarations concerning management’s intents, strategies, beliefs, expectations, or projections for the future, and, for that reason, you are warned not to position unnecessary dependence on them. No positive declaration can be ensured, and real outcomes might vary materially from those forecasted. Terra Tech carries out no commitment to openly upgrade any positive declaration, whether as an outcome of brand-new info, future occasions or otherwise, other than to the level needed by law. We utilize words such as “prepares for,” “thinks,” “strategies,” “anticipates,” “tasks,” “future,” “means,” “may,” “will,” “should,” “could,” “price quotes,” “forecasts,” “possible,” “continue,” “assistance,” and comparable expressions to recognize these positive declarations that are planned to be covered by the safe-harbor arrangements of the PSLRA. Such positive declarations are based upon our expectations and include threats and unpredictabilities; subsequently, real outcomes might vary materially from those revealed or suggested in the declarations due to a variety of elements.
Brand-new elements emerge from time to time and it is not possible for us to anticipate all such elements, nor can we evaluate the effect of each such element on business or the level to which any element, or mix of elements, might trigger real outcomes to vary materially from those included in any positive declarations. These threats, in addition to other threats connected with the mix, will be more completely talked about in our reports with the SEC. Extra threats and unpredictabilities are determined and talked about in the “Threat Elements” area of Terra Tech’s Yearly Report on Kind 10-K, Quarterly Reports on Kind 10-Q and other files submitted from time to time with the SEC. Positive declarations consisted of in this release are based upon info readily available to Terra Tech since the date of this release. Terra Tech carries out no commitment to upgrade such positive declarations to show occasions or scenarios after the date of this release.
KCSA Strategic Communications
SOURCE: Terra Tech Corp.
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