Las Vegas, June 9, 2014 (GLOBE NEWSWIRE) -- 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.