13 Nov 2019, 07:25 GMT+10
Revenue from continuing operations increased 131% versus the third quarter in 2018
Revenue from continuing and discontinued operations increased 66% versus the third quarter in 2018
IRVINE, CA / ACCESSWIRE / November 12, 2019 / Terra Tech Corp. (OTCQX:TRTC) ('Terra Tech' or the 'Company'), a vertically integrated cannabis-focused agriculture company, today announced its financial results for the period ended September 30, 2019.
Derek Peterson, Chief Executive Officer of Terra Tech, commented, 'In the first nine months of 2019, the cannabis industry experienced unprecedented volatility that has impacted operators' ability to raise capital and has also led to regulatory challenges affecting the whole industry. As we look toward 2020, building shareholder value remains our primary goal and we are committed to adapting to the changing market in order to maximize our revenue growth. With these goals in mind, we are entering a new phase of our development by entering into an Agreement and Plan of Merger with OneQor Pharmaceutical ('OneQor'), which will immediately position us as one of the most innovative players in the Cannabidiol (CBD) market, as well as cannabinoid research and product development. CBD is becoming an integral part of several industries including health and beauty. OneQor has assembled a team of world-class scientists focused on the development, manufacturing, and delivery of proprietary over-the-counter pharmaceutical products to established suppliers and consumer brands. We are excited they have chosen to merge with us and believe this pivot in our strategic direction will optimize shareholder returns.'
The company will also host a conference call on Tuesday, November 12, 2019 at 4:30 PM Eastern.
Dial-In Number: 1-857-232-0157
Access Code: 422095
Derek Peterson, Chairman and CEO of Terra Tech Corp., will be answering shareholder questions at the end of the call. Should you have questions during or prior to the conference call please send an email to TRTC@kcsa.com with TRTC Question in the subject line. Mr. Peterson will answer as many questions as time will allow.
For those unable to participate in the live conference call, a replay will be available at https://www.smallcapvoice.com/trtc/. An archived version of the webcast will also be available on the investor relations section of the company's website.
To be added to the Terra Tech email distribution list, please email TRTC@kcsa.com with TRTC in the subject line.
About Terra Tech
Terra Tech Corp. (OTCQX:TRTC) operates through multiple subsidiary businesses including: Blüm, IVXX Inc., Edible Garden, and MediFarm LLC. Blüm's retail and medical cannabis facilities provide the highest quality medical cannabis to patients who are looking for alternative treatments for their chronic medical conditions as well as premium cannabis to the adult-use market in Nevada and California. Blüm offers a broad selection of cannabis products including; flowers, concentrates and edibles through its multiple California and Nevada locations. IVXX, Inc. is a wholly-owned subsidiary of Terra Tech that produces cannabis-extracted products for regulated cannabis dispensaries throughout California and dispensaries in Nevada. The Company's wholly-owned subsidiary, Edible Garden, cultivates a premier brand of local and sustainably grown hydroponic produce, sold through major grocery stores such as ShopRite, Walmart, Ahold, Aldi, Meijer, Kroger, Stop & Shop and others nationwide. Terra Tech's MediFarm LLC subsidiaries are focused on medical and adult-use cannabis cultivation and permitting businesses throughout Nevada.
For more information about Blüm Retail Stores visit: http://letsblum.com
Visit us on Facebook @ https://www.facebook.com/terratechcorp/timeline
Follow us on Instagram @letsblum
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?fref=ts
Cautionary Language Concerning Forward-Looking Statements
Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Terra Tech undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. We use words such as 'anticipates,' 'believes,' 'plans,' 'expects,' 'projects,' 'future,' 'intends,' 'may,' 'will,' 'should,' 'could,' 'estimates,' 'predicts,' 'potential,' 'continue,' 'guidance,' and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on our expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors, including, but not limited to, risks relating to the completion of the merger between Terra Tech and OneQor, including the satisfaction of closing conditions and expected restructuring-related cash outlays, including the timing and amount of those outlays. New factors emerge from time to time and it is not possible for us to predict all such factors, nor can we assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in our reports with the SEC. Additional risks and uncertainties are identified and discussed in the 'Risk Factors' section of Terra Tech's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to Terra Tech as of the date of this release. Terra Tech does not undertake any obligation to update such forward-looking statements to reflect events or circumstances after the date of this release.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for Shares and per-Share info)
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
Cost of goods sold
Selling, general and administrative expenses
Impairment of assets
(Gain) / Loss on sale of assets
(Gain) / Loss on interest in joint venture
Loss from operations
Other income (expense):
Interest expense, net
Total other income (expense)
Income (Loss) from continuing operations
Income (Loss) from discontinued operations, net of tax
NET INCOME (LOSS)
Less: Income (Loss) attributable to non-controlling interest from continuing operations
Less: Income (Loss) attributable to non-controlling interest from discontinued operations
NET LOSS ATTRIBUTABLE TO TERRA TECH CORP.
Income / ( Loss) from continuing operations per common share attributable to Terra Tech Corp. common stockholders - basic and diluted
Net Loss per common share attributable to Terra Tech Corp. common stockholders - basic and diluted
TERRA TECH CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except Shares)
|TERRA TECH CORP. AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|(in thousands, except Shares)|
|September 30,||December 31,|
Accounts receivable, net
Prepaid expenses and other assets
Current assets of discontinued operations
Watch latest videos
Get a daily dose of Miami Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Mostly Cloudy in Miami
Coronavirus has had an unprecedented impact on pubs in Britain. The British Beer and Pub Association estimates that the industry ...
NEW DELHI, India, July 3 (ANI): The ban on international commercial passenger flights to and from India has been extended ...
SYDNEY, Australia - Stocks in Asia extended gains on Friday as strong payrolls data out of the U.S. and a ...
MUMBAI, Maharashtra, India - Private sector lender Axis Bank is fully winding down and closing operations of its subsidiary in ...
NEW YORK, New York - U.S. stock markets defied the gloom and doom over the surge in Covid-19 cases, sending ...
HOSHIARPUR, Punjab, India - Not only has the company set the pace, it has reported its highest monthly sales ever. ...
WASHINGTON, DC - The U.S. government has filed a forfeiture complaint and warrant against four Iranian vessels travelling to Venezuela ...
Some 120,000 members of the U.S. National Guard have responded this year to natural disasters - floods in Michigan, wildfires ...
WASHINGTON, DC - Amid plummeting poll numbers and mounting pressure over his handling of the pandemic, Black Lives Matter protests ...
On June 13, President Donald Trump told the graduating class at West Point, "We are ending the era of endless ...
THOOTHUKUDI, Tamil Nadi, India - The Indian Navy Ship Jalashwa, carrying 687 stranded citizens, including two women, arrived in Tuticorin ...
CANBERRA, Australia - We now know just how massive the fastest-growing black hole in the universe actually is, as well ...