SAINT PETERSBURG, FL--(Marketwired - Apr 10, 2017) - HempTech Corp. (OTC PINK: HTCO), a provider of advanced Controlled Environment Agriculture (CEA) with sophisticated automation and analytical tools for the cultivators of legal industrial hemp and marijuana, announces today that it has experienced exceptional growth in corporate performance and sales in 2016, which has materialized broadly in the first quarter 2017.
As it was announced previously, for beginning 2017, the Company had accumulated close to $12M in prospective sales pipeline. The sales pipeline included prospects for the grow.droid I, the tent based automated grow system, the grow.droid II, container based intelligent automated grow system and Company's GrowCOMM, turnkey consulting and management services for large scale grow facilities, spanning across the United States and Canada.
As of April 2017, we have had major success in growing and closing part of our sales pipeline on the grow.droid II, grow container based intelligent automated grow system. While we are working on our full year audited financials for the year ended March 31, 2016, these are summary Highlights for the fourth quarter 2016 (when we started selling our products) and what we expect for first quarter 2017;
Fourth quarter 2016 and Year-end 2016
- We have sold two grow.droid I grow tents, one grow.droid II grow containers and one GrowCOMM consulting services for a combined revenue of $205,000.
First quarter 2017 (estimated based on verified sales pipeline and customer verification which may change)
- We expect to sell up to 26 "grow.droid II" grow containers for a combined estimated revenue of $3M,
- Two "grow.droid I" for a combined estimated revenue of $75,000,
- Two contracts on "GrowCOMM" turnkey consulting services for a combined estimated revenue of $3.5M.
Beyond first quarter 2017
- We expect to grow our sales through Mergers & Acquisitions by purchasing revenue producing complimentary companies in the coming months.
- We have had preliminary discussions with the Canadian State representatives to open up a facility in the province of Ontario, Canada for R&D, manufacturing and sales of our products throughout Canada and Europe.
- We are in preliminary discussions with at least two Florida based companies seeking medical marijuana licenses. We expect to have a large presence in FL in the coming years since the State is expected be the second largest market after California.
- We expect to grow our agreement with our sister company, FutureLand Corp, in the coming months. With their planned substantial grow in Oregon, HempTech will be an invaluable partner.
The innovative design of our grow.droid II grow containers has attracted wide interests from around the States, Canada, Alaska and Australia. It seems going forward, grow.droid II grow containers may have the biggest impact on our revenue in 2017 and beyond. To solidify our position in the industry and continue expansion of our sales, we are planning to continue our sales and marketing efforts on these fronts;
- Industry related publications, online adverts, direct sales, trade shows, sales centers around the country and independent sales reps in major legal States.
With legal cannabis sales in the United States achieving close to $6.7 billion in 2016 and reaching toward $22 billion in 2020 (Arcview Market Research), HempTech's grow automation technology and its patented products and services will be a catalyst for the industry in the 21st century.
"We are looking forward to a great year and continue our success in the coming months. We have gone from zero to $205,000 in revenue in 2016 and we expect to grow quarterly at a rapid pace unmatched in the industry. We have just begun selling our products which were in development for almost three years and current sales results are extremely promising," Mr. Verghese, COO of HempTech, stated.
HempTech is committed to bring cutting edge technology to cannabis growers everywhere. Through the perfect blend of technology and human experience, HempTech brings you the best in automation systems.
For more information on products offered by HempTech, please contact; firstname.lastname@example.org.
About HempTech Corp
HempTech Corp (OTC PINK: HTCO), a Nevada corporation, is a provider of advanced Controlled Environment Agriculture (CEA) with sophisticated automation and analytical tools for the cultivators of legal industrial hemp and cannabis. We design and engineer specialized products using advanced sensors, process control techniques, big data aggregation, analytics and security solutions so cannabis growers can easily and effectively control every aspect of their operation. Through HempTech technologies, virtually every component of the plants' vegetative growth matrix and flower harvest is automated, documented and available in visible format both in real time and historically. This simplifies operations and ensures that the baselines set by the master grower are adhered to by the cultivation staff.
The Intelligent Automation Technology engineered for agricultural operations featuring CognetiX Cultivation Automation & Analytic Software drives improvement in productivity, efficiency, quality and sustainability. This industrial grade advanced Controlled Environment Agriculture (CEA) with analytical technology software, is being made available to small and large size cultivators that are not yet available in the Cannabis market. HempTech's goal is to provide cost effective and efficient cultivation of indoor cannabis through intelligent technologies and process control platforms.
HempTech's mission is to establish a reputation in the cannabis industry as a one-stop-shop that provides all the infrastructure elements required by growers in a manner that is fully integrated, state-of-the-art, and secure. Products include the SPIDer™ (Secure Perimeter Intrusion Detection), SmartSense™, SmartEnergy, and analytics dashboard CognetiX™ through which HempTech Corp. provides growers unparalleled data analysis capabilities to Know Your Grow! HempTech -- America's Future Taking Root Today.
To request further information about HempTech, please email us at email@example.com, log onto our website at http://www.hemptechcorp.com or visit us at our Facebook page https://www.facebook.com/hemptechcorp or on Twitter @hemptechcorp.
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products and services that we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets. This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approval for anticipated actions.