Greengro Technologies Snaps Up Sacramento Retailer Vertical Hydrogarden Just 3 Months After Greengro Alliance
June 07 2013 - 8:51AM
Marketwired
Greengro Technologies (PINKSHEETS: GRNH) announced today that it
has exercised its option to acquire 100% of Vertical Hydrogarden
Inc. (VHI), a leading supplier of green agriculture products
including hydroponics, advanced nutrients, and vertical cultivation
technology systems design and sales. The announcement comes just 3
months after investing in VHI and leveraging its infrastructure to
roll out Greengro's flagship "Flux" product line. Previously,
Greengro acquired Vertical Hydrogarden's patented vertical "grow
wall" design which it has leveraged into a recently announced joint
venture with BP Gardens for organic produce in Southern California.
Earlier this year, Greengro took a bold position in the green
agriculture market by defining its fundamental growth strategy with
the "three pillars of success" -- a model that has captured the
attention of analysts and investors alike in the speculative but
explosive growth sector of advanced gardening technologies for food
and medicine science.
Vertical Hydrogarden has a strong brand presence in Northern
California which is strategically important to Greengro's business
model. Moreover, the company's online presence, which boast over
32,000 products, is currently processing orders from around the
country, especially in states where the legal and political
environment has shifted favorably for sales and support of such
systems and expertise. In March, Greengro acquired a 1/3rd interest
in the company and used the company's retail and online
infrastructure to roll out Greengro's "FLUX" lighting systems to an
eager marketplace. After just three months the alliance has
exceeded both companies' expectations resulting in Greengro
exercising its option six months ahead of schedule.
According to VHI President John Taylor, "Greengro's products
have contributed to our 55% year to date growth, and in the last 30
days sales are up 72% over that same period last year, with
exceptional profit margins. Both our online and in store traffic is
up dramatically and we are very optimistic about being part of
Greengro."
Greengro President James Haas said, "We have worked carefully
with Vertical Hydrogarden to utilize its infrastructure and measure
the effectiveness and acceptance of our own products in their sales
model. The combined expertise has resulted in accelerated growth
far ahead of our expectations and we are now able to use our
branding, marketing, online presence and distribution
infrastructure to grow our business and duplicate this
success."
As part of the acquisition, John Taylor, president of VHI, and
Don Smith, Vice President and CFO, will join the Greengro Advisory
Board. They will continue to run VHI operations and take on new
responsibilities that increase Greengro's online store and expand
sales channels throughout the country.
Taylor added, "We are pleased that our well thought out plan has
produced such strong results. Now, under one company we have
combined the visibility and vision of a public company with the
strong revenue base, expertise and infrastructure of ours. This
combination will allow Greengro to lead the green agriculture
market."
About Greengro Technologies:
Greengro Technologies is a world class provider of eco-friendly
green technologies with specific domain expertise in indoor and
outdoor agricultural science systems serving both the consumer and
commercial farming markets. Its customers include restaurants,
community gardens, small and large scale commercial clients.
Disclaimer: The Company relies upon the Safe Harbor Laws of
1933, 1934 and 1995 for all public news releases. Statements, which
are not historical facts, are forward-looking statements. The
company, through its management, makes forward-looking public
statements concerning its expected future operations, performance
and other developments. Such forward-looking statements are
necessarily estimates reflecting the company's best judgment based
upon current information and involve a number of risks and
uncertainties, and there can be no assurance that other factors
will not affect the accuracy of such forward-looking statements. It
is impossible to identify all such factors. Factors which could
cause actual results to differ materially from those estimated by
the company include, but are not limited to, government regulation;
managing and maintaining growth; the effect of adverse publicity;
litigation; competition; and other factors which may be identified
from time to time in the company's public announcements.
Contact: Greengro Technologies, Inc. James Haas CEO Email
Contact (714) 441 1408 Office (714) 441 1409 Fax
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