Terra Tech Corp. Offers Corporate and Fiscal Update

By Janet W. Butcher 4 years ago

The Company announces capital infusion, board and management improvements and cancellation of Collection A Preferred Inventory

IRVINE, CA / ACCESSWIRE / January 25, 2021 / Terra Tech Corp. (OTCQX:TRTC) (“Terra Tech” or the “Company”) today declared that the Firm took concrete techniques towards attaining the three most important initiatives for 2021 summarized in the shareholder letter the Organization recently published. Crucial actions provided the following:

  • Amendment to the Company’s existing Convertible Notes (“Existing Notes”) extending the owing dates to December 31, 2021 in return for issuance of warrants expiring in June 2026 to order 5,000,000 shares of the Company’s typical stock at an exercising price of $.01 per share
    • The Firm has agreed to sign up the resale of the popular inventory underlying the warrants

  • Execution of a Securities Acquire Agreement for the sale and issuance of $3,500,000 million of new Convertible Notes (“New Notes”) with a fixed conversion selling price of $.175 for every share of prevalent stock and warrants (the “Warrants”) expiring in June 2026 to purchase shares of the Company’s common inventory
    • Comprised of 15,000,000 “A Warrants” with an physical exercise value of $.01 for each share and 15,000,000 “B Warrants” with an work out price of $.2284 for every share
    • Frequent inventory fundamental the New Notes and the Warrants (the “Underlying Shares”) are subject to a 1-year lock-up, issue to certain exceptions
    • The Firm has agreed to register the resale of the Fundamental Shares

  • Execution of separation agreements with Derek Peterson and Mike Nahass, pursuant to which they agreed to action down from their operating positions and as members of the Company’s Board of Administrators
    • Mr. Nahass agreed to the cancellation of his Series A Preferred Stock though retirement in trade for a payment of cash and notes, payable in excess of a person 12 months
    • Mr. Peterson agreed to the cancellation of his Collection A Most popular Stock although its conversion into shares of popular inventory and warrants to obtain typical stock, expiring in June 2026, which are issue to a one particular-yr lock-up with registration legal rights, similar to the Warrants explained above

Each of the transactions described over is anticipated to close on or about January 25, 2021.

The amendment of the Present Notes and sale of the New Notes will supply Terra Tech with increased economical adaptability, enabling the Firm to fund functions right until it commences monetizing prior asset income and investments. As a consequence of those people asset profits and investments, Terra Tech expects to get approximately $18 million more than close to 12 months, commencing in April 2021. Further, Terra Tech retains an financial investment in Hydrofarm inventory, which it can get started to monetize in early June 2021. With the money from our most latest raise and the proceeds from the asset product sales and investments, the Business can concentration on rebuilding its functions, expanding its functioning foundation and escalating its revenues.

As section of the modification to the Current Notes, execution of the Securities Buy Agreement for the sale of New Notes, and the cancellation of the Collection A Most popular Stock, Mike Nahass and Derek Peterson will action down from all working and board positions at Terra Tech. The Organization thinks that the cancellation of the Collection A Chosen Inventory, collectively with the alterations in the administration staff and Board of Administrators, will permit the Organization to work a lot more effectively, execute on its advancement strategies, and improve company governance.

Terra Tech’s CEO, Frank Knuettel II, mentioned, “Derek and Mike’s vision for the Corporation and the foundation they founded will be quite precious in 2021 and over and above, but each Mr. Nahass and Mr. Peterson established that now was the ideal time to provide in new administration and board users.”

Mr. Knuettel II ongoing, “I have a fantastic deal of regard for Mike and Derek and the perform they have completed to set Terra Tech up for upcoming good results. We take pleasure in the assist they have proven Uri Kenig, our new COO, and me as we changeover into our management roles. The confidence they have exhibited in turning around Terra Tech to our stewardship and the knowledge they have displayed in being aware of it is the proper time is significant. I would also like to get the opportunity to thank our traders. We appreciate the assist they have given us with regard to our organization tactic as we aim to develop through acquisitions and natural and organic expansion as described in our lately released shareholder letter.”

This push launch shall not constitute an present to promote or the solicitation of an present to invest in securities, nor shall there be any sale of the Company’s securities in any condition or other jurisdiction in which this kind of an supply, solicitation or sale would be illegal prior to registration or qualification under the securities legal guidelines of any this sort of state or jurisdiction.

About Terra Tech

Terra Tech is a keeping enterprise with a portfolio of investments focused on cannabis belongings in the THC marketplace and the analysis, enhancement, and commercialization of cannabinoid-primarily based items. Backed by revolutionary science and finest-in-course production, the Company’s mission is to produce major-tier hashish and cannabinoid-based mostly solutions with a emphasis on its main hashish enterprise.

Cautionary Language Relating to Forward-Seeking Statements

Specific statements contained in this conversation pertaining to issues that are not historic details, are forward-hunting statements inside the which means of Part 21E of the Securities and Exchange Act of 1934, as amended, and the Non-public Securities Litigation Reform Act of 1995, regarded as the PSLRA. These contain statements concerning management’s intentions, plans, beliefs, anticipations, or forecasts for the long term, and, as a result, you are cautioned not to area undue reliance on them. No forward-searching assertion can be guaranteed, and actual benefits may differ materially from those projected. Terra Tech undertakes no obligation to publicly update any ahead-wanting assertion, whether or not as a outcome of new details, long run occasions or otherwise, other than to the extent necessary by regulation. We use phrases this kind of as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and identical expressions to identify these forward-on the lookout statements that are supposed to be included by the safe-harbor provisions of the PSLRA. Such forward-seeking statements are centered on our anticipations and entail risks and uncertainties consequently, precise results may possibly vary materially from individuals expressed or implied in the statements due to a range of factors.

New things emerge from time to time and it is not possible for us to forecast all this sort of factors, nor can we assess the effects of every single these element on the business or the extent to which any issue, or mix of variables, may perhaps cause real benefits to vary materially from these contained in any forward-looking statements. These risks, as well as other pitfalls related with the mixture, will be far more absolutely talked over in our reports with the SEC. Supplemental challenges and uncertainties are discovered and talked about in the “Risk Factors” section of Terra Tech’s Annual Report on Type 10-K, Quarterly Stories on Type 10-Q and other documents submitted from time to time with the SEC. Forward-looking statements bundled in this launch are based mostly on details offered to Terra Tech as of the day of this release. Terra Tech undertakes no obligation to update these ahead-wanting statements to reflect situations or conditions following the day of this release.

Get in touch with

Philip Carlson

KCSA Strategic Communications

212-896-1238

Resource: Terra Tech Corp.

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