Terra Tech Corp. (OTCBB: TRTC) $0.47. Today released a shareholder update of their corporate objectives and details on their current M&A opportunities.
Terra Tech recently announced signing LOI’s to acquire two companies, GroRite Garden Centers and NB plants/ Edible Garden brand. Upon a successful merger these two acquisitions will push annual revenue for Terra Tech to over $10 million. Terra Tech has stated in the past that an aggressive M&A strategy is instrumental in accelerating growth for the company.
The company is currently working towards definitive documents to close the transaction and determined it was important to make investors aware of the progress and details. The Vande Vrede family, who has a rich history in Dutch farming techniques, owns both GroRite and NB Plants. Terra Tech has begun due diligence and can report that each company is both net income and cash flow positive.
Company CEO Derek Peterson stated, “Dealing with one family to close two large transactions for Terra Tech has made negotiations very easy. This is a significant step for our company as Terra Tech continues to mature. Our focus is to integrate companies that have positive earnings and that are symbiotic to our core business.”
The company is focused on closing these transactions quickly and launching their expansion plans for both entities. NB Plants is currently expanding their footprint into major retailers throughout the US by focusing on strategic relationships in Florida, a $1.7 billion market as well as the Midwest. In addition they intend on increasing the penetration they currently have with Shoprite, Food Emporium and the other 12,000 major grocery chains in the North East market. GroRite is currently looking at other locations throughout the US to expand its retail footprint.
Terra Tech recently placed a deposit on 5 acres of greenhouse structure to be erected at NB Plants in New Jersey. As phase one, NB Plants plans to construct 1.5 acres immediately to fulfill the demand of a new contract for close to $1 Million in additional product sales. The construction of the additional 3.5 acres is planned over the following 24 months. Each acre of greenhouse has the ability to produce close to $2 million of produce annually. What They Do: Through its wholly-owned subsidiary GrowOp Technology, Terra Tech Corp. 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.
Keryx Biopharmaceuticals (Nasdaq: KERX) $3.43. Today announced successful top-line results from the long-term Phase 3 study of Zerenex™ (ferric citrate), the Company's ferric iron-based phosphate binder drug candidate, for the treatment of elevated serum phosphorus levels, or hyperphosphatemia, in patients with end-stage renal disease (ESRD) on dialysis.
In this study, Zerenex met the study's primary endpoint, described below, demonstrating a highly statistically significant change in serum phosphorus versus placebo over the four-week Efficacy Assessment Period of the study.
In addition, Zerenex met the key secondary endpoints of increasing ferritin and transferrin saturation (TSAT) and reducing the use of intravenous (IV) iron and erythropoiesis-stimulating agents (ESAs) versus the active control over the 52-week Safety Assessment Period of the study. This long-term study was the final component of the Company's Phase 3 registration program, which was conducted pursuant to a Special Protocol Assessment (SPA) with the Food and Drug Administration (FDA). In April 2011, the Company reported the positive final dataset from the short-term study component of this Phase 3 registration program.
The Company expects to submit a New Drug Application (NDA) with the FDA and a Marketing Authorization Application (MAA) with the European Medicines Agency (EMA) for Zerenex in the second quarter of 2013.
What They Do: Keryx Biopharmaceuticals is focused on the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of renal disease.
Idenix Pharmaceuticals (Nasdaq: IDIX) $4.73. Today announced a non-exclusive collaboration with Janssen Pharmaceuticals, Inc. for the clinical development of all-oral direct-acting antiviral (DAA) HCV combination therapies.
The collaboration will evaluate combinations including IDX719, Idenix's once-daily pan-genotypic NS5A inhibitor, simeprevir (TMC435), a once-daily protease inhibitor jointly developed by Janssen and Medivir AB, and TMC647055, a once-daily non-nucleoside polymerase inhibitor, boosted with low dose ritonavir, being developed by Janssen.
What They Do: Idenix Pharmaceuticals is a biopharmaceutical Company engaged in the discovery and development of drugs for the treatment of human viral diseases.
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