WEST PALM BEACH, Fla., Aug. 5, 2015 (GLOBE NEWSWIRE) -- Urban Hydroponics, Inc., a Nevada corporation (OTCQB:URHY), is pleased to announce that it has signed a contract with Acorn Management Partners LLC ("AMP"), a professional relations company based in Atlanta, Georgia.
Acorn Management Partners assists emerging growth companies by building shareholder bases through licensed financial professionals and specializes in building long term sustainable markets for publicly traded companies.
AMP has been hired in anticipation of URHY's proposed merger with Vancouver-based sister companies Urban Cultivator Inc. and BC Northern Lights Enterprises Ltd. - both leaders in their respective industries.
Urban Cultivator, an innovator in the indoor gardening industry, purveyor of sustainability and a promotor of the local food movement, is now selling its indoor growing appliances in 29 countries.
Urban Cultivator's completely sustainable indoor growing appliances can be found in high-end restaurants, hotels, and resorts around the globe, including a number of Four Seasons Hotels and Resorts and Fairmont Hotels. The Urban Cultivator Residential – about the size of a home dishwasher - gives individuals the freedom to grow their own greens 365 days a year, regardless of climate constraints.
Urban Cultivator opened its flagship Living Produce Aisle retail concept store in Vancouver in February and has since sold licenses for this concept store in Abu Dhabi and Panama City.
Living Produce Aisle (LPA) is a retail concept using Urban Cultivator appliances to grow fresh, healthy and sustainable herbs and greens right in the heart of any city. Greens grown in an LPA store are used to produce uniquely created smoothies, salads and dressings that have been crafted by Urban Cultivator's consulting professional chef. The LPA concept targets both retail customers and restaurant chefs by also selling trays of living herbs and greens – food that has been grown on site, rather than having travelled hundreds of miles on the back of a truck.
"We're so excited to be entering this new phase of our business," stated Urban Cultivator CEO Tarren Wolfe. "By completing our merger with URHY, which we expect to happen within the next few months, we believe we'll be able to gain additional exposure in the US market, and improve our ability to raise capital to invest in the rapid growth of our companies both in North America and worldwide."
BC Northern Lights, sister company to Urban Cultivator, specializes in the manufacture and sale of hydroponic grow boxes to the medical marijuana market in Canada and abroad.
Urban Cultivator and BC Northern Lights collectively employ 32 people, and their combined estimated, unaudited annual revenues for 2014 were approximately $3 million.
Urban Hydroponics, Inc.
Urban Hydroponics, Inc. (formerly known as Placer Del Mar, Ltd.) was incorporated in Nevada on May 13, 2005 for the purpose of mining and mineral exploration. In June 2013 the Company ceased its mining exploration activities to refocus its business objectives on seeking a business combination with a private entity whose business would present an opportunity for the Company's shareholders. Since that time the Company has been a "shell company" as such term is defined under the federal securities laws. Frank Terzo is currently the Company's sole officer and director.
On October 3, 2014, Urban Hydroponics, Inc. signed a binding letter of intent relating to a proposed merger with Urban Cultivator Inc. and B.C. Northern Lights Enterprises Ltd. Pursuant to the terms of the LOI, as subsequently amended, and an earlier non-binding term sheet, URHY has made working capital bridge loans to the Urban Cultivator companies totaling approximately $1,200,000 in anticipation of the closing of the merger.
For further information about proposed merger between URHY and Urban Cultivator/BC Northern Lights, please see URHY's filings with the Securities and Exchange Commission including URHY's current report on Form 8-K filed with the Securities and Exchange Commission on October 28, 2014.
Urban Hydroponics, Inc. can make no assurances that the proposed merger with Urban Cultivator and BC Northern Lights will be completed.
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the planned merger with Urban Cultivator Inc., BC Northern Lights Enterprises Ltd., and the related company, W3 Metal Inc., (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's ability or lack thereof to successfully complete its planned merger with, and integrate the operations of Urban Cultivator, Inc., BC Northern Lights, Inc., and W3 Metals, to obtain adequate financing at appropriate pricing, to successfully compete in the Company's markets and to expand the Company's business; lack of product diversification; existing or increased competition, stock volatility and illiquidity; general market and economic conditions; and the Company's ability to implement its business plans or strategies. The Company does not undertake to update these forward-looking statements.
It's a fresh new world - get ready for Urban Cultivator.
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