SOURCE: Greengro Technologies Inc

August 12, 2014 08:00 ET

Greengro Technologies Signs Multi-Phased Acquisition Agreement With Major HVAC/Construction Company Tricor Mechanical

ANAHEIM, CA--(Marketwired - Aug 12, 2014) - Greengro Technologies (PINKSHEETS: GRNH) announced today that it has entered an multi-phased partnership and acquisition agreement with Tricor Mechanical Inc., a Southern California based construction company and provider of HVAC systems to commercial, industrial, municipal, and emerging market customers. The agreement provides for Greengro to own 51% of Tricor by the end of 2014, and the remaining 49% within 2 years.

According to James Haas, "This is a great opportunity for both our companies. Tricor has years of experience in the construction industry and was looking for a company like Greengro to expand into new emerging markets. As Greengro's turnkey systems business for green agriculture and legal cannabis expands, especially at the state and federal level, having the reputation, and construction capabilities that Tricor offers will make us the obvious vendor choice, resulting in continued revenue growth in this explosive market."

Arnie Robles, CEO of Tricor stated, "Tricor's project load from federal and state government funded opportunities are beginning to make up a large proportion of our backlog. To address these opportunities, both large and small, Tricor has begun to aggressively pursue alignment/JV partners to accentuate current capabilities and to copiously learn new fundamentals to increase the likelihood of successful projects while maintaining and forging new alliances. A great example would include the new $29,559,000.00 project at the Los Angeles Federal Courthouse where Tricor teamed up with one of California's largest mechanical contractors to satisfy the complex requirements. The often challenging nature and specific requirements of such projects has enabled Tricor Mechanical to build a strong reputation for managing complex works while being very flexible to align with. We believe Greengro Technologies is at the forefront of the emerging green agriculture and legal cannabis business which represents a huge demand for complex construction and HVAC systems. We believe aligning our resources with Greengro will give us a powerful position in this market," added Arnie Robles.

The announcement comes within weeks of the Greengro's planned expansion into Colorado, and the introduction of the company's new line of advanced greenhouses which have sparked multi-state demand. Haas added, "The Tricor news is already yielding active quotations for sales of Greengro's proprietary modular rooms, and commercial size warehouse facilities throughout Colorado, Arizona, Washington and other states where government and private enterprise are specifying out large scale operations to be built in the coming year. We are confident that the combination of Greengro Technologies and Tricor Mechanical will be strategic to our long term revenue growth."

About Greengro Technologies
Greengro Technologies (PINKSHEETS: GRNH) 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. It brings together community and commerce through the growth and distribution of healthy, nutritious foods and vital medicines backed by science and technology. Customers include restaurants, community gardens, small and large scale commercial clients. Greengro Technologies also provides design, construction and maintenance services to large grow and cultivation operations and collectives in the medical and recreational marijuana sectors.

www.greengrotech.com
www.verticalhydrogarden.com
www.tricormechanical.net

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 Information

  • Contact:
    Greengro Technologies, Inc.
    James Haas
    CEO
    714-441-1408
    714-441-1409 Fax