GreenGro Technologies Exercises Option to Acquire 33% of Leading Supplier of Hydroponics, Advanced Nutrients and Vertical Growing Technologies
ANAHEIM, CA -- (Marketwired) -- 04/04/13 -- GreenGro Technologies (PINKSHEETS: GRNH), a highly-effective developer and marketer of world class indoor growing technologies, announced today that it has exercised its option to acquire 33% of Vertical HydroGarden, Inc. (http://www.verticalhydrogarden.com). Founded in 2010 in the State of California, Vertical HydroGarden is an online superstore and a leading supplier of hydroponics, advanced nutrients and supplies, and extensive domain expertise in the fields of agricultural science and vertical growing technologies. GreenGro (GRNH.PK) has received an option to acquire all remaining shares of Vertical HydroGarden through 2013.
Vertical HydroGarden has a strong brand presence on the West Coast of California and has a very strong online presence servicing clients throughout the United States. The company operates through a physical store in Roseville, California, positioned close to the state capital of California. The company has no debt and has approximately $240,000 in inventory as of April 1, 2013.
With over 32,000 products sold through its online store, the company is perfectly positioned to provide one of the largest inventories of indoor gardening technologies and supporting products available in the United States today. Vertical HydroGarden processes orders on a daily basis and has tracked increased interest from states that are moving toward or have already passed legalization for Medical Cannabis.
"When considering exercising our option to invest in Vertical HydroGarden Inc., we analyzed its infrastructure and its ability to support rapid and accelerated growth. We came to the conclusion that all the necessary pieces are in place, from staff to order fulfillment procedures," stated James Haas, Chief Executive Officer of GreenGro. "Further, we were most impressed with the distribution vehicle, which leverages 5 warehouses dispersed geographically across the country, almost guaranteeing delivery of any product within 48 hours," he concluded.
Vertical HydroGarden will maintain its independent brand and loyal customer base. As a result of this new acquisition and other branded synergies, it will prominently feature the GreenGro branded product line "FLUX Lighting" through its retail location and web presence.
Combining these two companies while incorporating their logistic and distribution strengths will definitely lay the foundation to be a force in the market place," stated John Taylor, President of Vertical HydroGarden. Mr. Taylor added, "The timing of the investment could not be better as we move into the highest revenue generating months of the gardening season. We are very excited and look forward to capitalizing on the opportunities that lay ahead in this nascent, but fast growing, market segment."
GreenGro Technologies (http://www.greengrotech.com) is focused on the development, marketing and sale of innovative technology-based products and services for the indoor growing industry and specialty markets. Through a physical store in Roseville, California and an online superstore (http://www.verticalhydrogarden.com), the company markets over 32,000 products in 10 categories with a particular expertise in hydroponics and vertical growing systems.
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.
GreenGro Technologies, Inc. James Haas CEO (714) 248 9297 Office (714) 248 9669 Fax Email Contact
Source: GreenGro Technologies