Terra Tech Corp. (OTCQB: TRTC) recently released a corporate update and revenue guidance of $7,000,000 for the full year 2014.
According to the Irvine, Calif.-based agricultural technology company, sales through Edible Garden and its line of locally grown hydroponic produce, which is distributed throughout the Northeast, have been strong for Terra Tech since the close of the merger in April 2013. Management said it expects to realize approximately $7 million in revenue for the full year 2014. Due to the seasonality associated with their business the company expects the majority of their revenue to be in the 2 and 3 quarters.
Financial Update:
Terra Tech recently announced a $6.5 million financing of convertible debentures, Aegis Capital Corp. acted as placement agent for the offering. The proceeds are primarily being used for ramping up production of the company's new 5-acre hydroponic cultivation facility, developing the GrowMass program, working capital and competing for medical cannabis permits in Nevada. The company is currently holding approximately $3 million in cash and has drawn roughly $2.3 million of the recent debentures leaving over $4 million available to the company to execute on their business plan.
"We were fortunate to be able to raise the necessary capital to grow our business," said Terra Tech CEO, Derek Peterson. "As always management is focused on utilizing our capital in accretive ways," he added.
Formation of MediPharm LLC
On Apr. 2, Terra Tech formed MediPharm LLC. a wholly owned Nevada LLC that has been created to compete for medical cannabis permits in Nevada.
The Irvine, Calif.-based company that provides hydroponic equipment for legal-marijuana growers is currently building out all of the necessary components to apply for medical cannabis cultivation, retail and production permits as well as forming their advisory board and selecting appropriate real estate within the counties parameters.
The business licensing and special use permit process for Unincorporated Clark County will be opening in the 3rd week of April.
In addition, if MediPharm is selected at a county level, applications will be presented to the state of Nevada for further review and approval. According to the company, it anticipates that process to be concluded by early June and state level selections to be made in the fourth quarter 2014. While Unincorporated Clark County is first in establishing and implementing their process other counties within the state will be opening up in the near future. Terra Tech intends on applying in multiple jurisdictions.
Cannabis Permit
This is just the latest move made by the company to firmly establish itself in the medical marijuana market.
On Apr. 22, TRTC’s share price closed at 70 cents, down 2 cents from its close of 72 cents the previous day.
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Advanced Cell Technology Share Volume Soars
In other news, Advanced Cell Technology Inc. (OTCQB: ACTC) ,a biotechnology company focused on developing and commercializing human embryonic and adult stem cell technology, stock volume soared Apr. 22, with 31,138,590, nearly twice its three-month average volume of 17,351,212.
The uptick in volume comes on the heels of the Marlborough, Mass.-based company’s announcement that it has discovered a new method to generate a potent and replenishable population of mesenchymal stem cells (MSCs) from pluripotent stem cells.
Advance Cell’s research appears online ahead of print in Stem Cell and Development, one of the top stem cells journals, published by Mary Ann Liebert Inc. This new and proprietary population of pluripotent stem cell-derived MSCs displays potent immunomodulatory and therapeutic properties and has a greater than 30,000 fold proliferative capacity, relative to ordinary bone marrow-derived MSCs, the most commonly used source for MSCs in clinical trials.
On Apr. 22, ACTC’s share price closed at 6 cents, down 1 cent from the previous day’s close of 7 cents a share.
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Abattis Bioceuticals Corp. and Experion Biotechnologies Inc. Enter Share Exchange Program
Meanwhile, Canadian-based Abattis Bioceuticals Corp. (OTCPINK: ATTBF) announced that it has entered into a share exchange agreement with Experion Biotechnologies Inc.
Experion and Abattis’ wholly owned subsidiary Northern Vine have exchanged 25% of each parties' issued and outstanding common shares. Abattis maintains a 75% ownership in Northern Vine.
To Capitalize On Medical Marijuana
Experion is located in Greater Vancouver and is nearing the completion of its Marijuana for Medical Purposes Regulations "MMPR" license application with Health Canada. Together, Northern Vine and Experion are well positioned to capitalize on the growing trend towards marijuana legalization in the United States and medical use in Canada as licensed producers.
Northern Vine, a lab and compounding pharmacy with patented compositions, owns various Natural Health Product licenses for use in the nutraceutical markets. Northern Vine has one remaining outstanding item to complete as required by Health Canada in respect of its controlled substance license application.
It is anticipated that Experion will provide cannabis for Northern Vine's research and development activities upon receiving its MMPR license. Experion will also allocate a portion of its 10 acre site for the expansion of Northern Vine's future processing facility and any expansion requirements needed to satisfy cultivation demand in the foreseeable future.
CEO of Abattis Mike Withrow, President and stated: “This is a strategic partnership that links our pending Controlled Substance Licensee to another MMPR Application in order to further expand our business potential.
On Apr 22, ATTBF’s share price closed at $1.18, up 1 cent. from its closing price of $1.17 the previous day, on volume of 444,226
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Medizone International Inc. Appoints David Esposito to Its Board
Finally, Medizone International Inc. (OTCQB: MZEI) share volume soared Apr. 22, with 1,110,844 changing hands, more than twice its average three-month volume of 549,905 shares.
The Sausalito-based company designs, manufactures and sells a patented system using ozone in the disinfection of surgical and other medical treatment facilities.
Its recent surge in stock volume could be triggered in part by the company’s recent announcement of the addition of David Esposito to its board of directors
According to Medizone, it made the move in anticipation of full U.S. regulatory approval of the company's AsepticSure® hospital disinfection system.
"As Medizone International continues to move forward with our growth strategy, it is important that we continue to attract talented commercial leaders to help the organization reach its potential in establishing the AsepticSure system as the new gold standard for disinfection across a wide range of commercial applications," said CEO of Medizone International Edwin Marshall. "As we prepare for the global commercialization of the AsepticSure system, we are pleased to announce that David Esposito has joined our Board of Directors to help support our commercial strategy and business development initiatives,” he added.
Stellar Qualifications
Esposito has tremendous commercial experience as a senior executive in both the pharmaceutical and medical diagnostic markets.
Over a 15-year career with Merck & Co., Esposito played key roles in sales, marketing, and commercial strategy. Esposito, as the former President and General Manager of Phadia US Inc., a leading specialty diagnostics company, helped drive significant growth in the US market and was a key member of the Phadia Leadership Team that successfully sold the business to Thermo Fisher Scientific for $3.5 Billion USD in 2011.
Post the acquisition, Esposito led the US Commercial Operations for a division of Thermo Fisher Scientific. Prior to his commercial success in the healthcare marketplace, David graduated from the United States Military Academy at West Point with a BS in Civil Engineering. As an Infantry Platoon Leader with the 101st Airborne Division, Esposito was awarded a Bronze Star during the Persian Gulf War. David also holds a Master of Business Administration from Syracuse University.
On Apr. 22, MZEI’s share price closed at 29 cents, up 3 cents from the previous day’s close of 26 cents a share.
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