Irvine, May 15, 2014 (GLOBE NEWSWIRE) -- Terra Tech Corp (TRTC), an urban agricultural company, is pleased to announce the filing of its First Quarter 2014 financial results for the quarter ending March 31, 2014. The full 10-Q filing is available on the SEC's website at http://edgar.sec.gov/.
Total revenues generated from the sales of the Company's products for the quarter ended March 31, 2014 totaled $560,319, an increase of $494,198 from the quarter ended March 31, 2013, which totaled $66,121. The net result for the quarter ended March 31, 2014 was a loss of .03 cents per share compared to a loss of $.02 cents per share for the quarter ended March 31, 2013. The increase in loss per share was primarily associated with a non-cash loss on the fair market valuation of derivatives associated with the company's financings throughout the quarter. The company finished the quarter with a strong cash position of over $2.9 Million.
The company recently announced full year 2014 revenue guidance of $7 million and wanted to provide a quarterly breakdown of those projections to give investors some insight into the seasonality of their business. The company expects the following revenue targets for the upcoming quarters:
Q-2 2014: $3,500,000
Q-3 2014: $1,500,000
Q-4 2014: $1,500,000
"We continued to grow the breadth of our retail relationships throughout the quarter and placed our new 5-acre facility into production, which was a key step in expanding our produce business throughout the remainder of the year," explains Derek Peterson, CEO Terra Tech Corp. "Additionally we took some key steps to begin to increase our exposure to the medical cannabis markets. We see significant demand for domestic based CBD extractions and look forward to working throughout California to develop and distribute a safe and reliable product to retailers."
Below are some Q-2 milestones:
· The company entered into a strategic relationship with Inergetics (NRTI) to develop a CBD based line of nutritional supplements.
· A distribution deal with Florida Based Sunshine Growers was signed to produce and distribute the Edible Garden line of locally grown produce.
· Construction was begun on a new research and industrial extraction facility in Oakland, CA and the company has purchased a custom 20 liter 5,000 PSI supercritical CO2 extractor to conduct botanical and nutraceutical extractions.
· Edible Garden subsidiary put the new 5-Acre facility into operation.
The company will continue to update shareholders throughout the remainder of the year. Additional updates regarding the company's efforts in Nevada and Florida as well as other markets will be forthcoming.
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.