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- Company begins to recognize initial revenues from April 1 management contracts
- New CEO initiates process to accelerate strategic transformation and facilitate financial restructuring
- Announces intent to reorganize around three core business divisions with performance measured at division-level EBITDA
- Implements Board and management changes in support of restructuring process; Transitions CEO responsibilities from Founder James Haas to government contract veteran Matthew Burden who also is Chairman of Independent Restructuring Committee
- Strategic initiatives underway should enable Company to achieve its strongest financial year since its inception
- 2019’s restructuring enables GreenGro to capitalize on recently passed Farm Bill while favorably positioning Company to benefit from potential cannabis legalization at Federal level
ANAHEIM, Calif., May 17, 2019 (GLOBE NEWSWIRE) — GreenGro Technologies, Inc. (OTC: GRNH), a leading provider of eco-friendly green technologies for the cannabis industry, today announced that, under new management’s direction, it has implemented a series of actions with the intention to position the Company to establish a sustainable capital structure, continue streamlining its operating model and achieve and grow profitably for the long term.
“Over the past several years, GreenGro has worked hard to capitalize on the emerging cannabis industry in Southern California,” said Matthew Burden, Chief Executive Officer of GreenGro Technologies, Inc. “While the Company has made significant progress in establishing a strong footprint in the Southern California market, it has yet to deliver the results our shareholders have rightfully so desired. However, we believe those expectations will significantly change under our new management’s strategic transformation and financial restructuring, which I am proud to report has already begun to generate the return on invested capital we have been pursuing.
“As a result, we are making significant progress towards unlocking the true value of our assets and intellectual property, which should enable us to deliver what likely will be the strong financial year since our inception. These achievements, which are only possible due to the expected stellar performance at our Cannabis, CBD and Genobreeding Divisions, should provide us with the flexibility to strengthen our balance sheet, enabling the Company to accelerate its strategic transformation, continue right sizing its operating model, and invest for what could be the industry’s breakthrough year in 2020 — the initial stages of legalizing cannabis at the Federal level.”
New CEO Implements Strategic Initiatives
Under Mr. Burden’s direction, the Company intends to reorganize around a smaller footprint of the Company’s three core divisions, which will all be measured based on their individual key performance indicators (KPIs), EBITDA and cash flow return on invested capital. “I want to ensure our long-term and loyal shareholder base is fully aware of one of my highest priorities as the new CEO, which will be direct accountability and transparency to all of our investors, old and new, as we look forward together in building GreenGro Technologies into the cannabis powerhouse it was always intended to become. As part of this new measure, you can expect the Company’s participation in quarterly investor conference calls, presentations at small-cap investor conferences as well a complete overhaul of our financial reporting practices as will be required and in-line with my plans to uplist the Company to a more senior stock exchange,” concluded Mr. Burden.
For additional information about GreenGro Technologies and its solutions, please visit www.greengrotech.com.
About GreenGro Technologies, Inc.
GreenGro Technologies, Inc. (OTC: GRNH) is a vertically-integrated provider of eco-friendly state-of-the-art technological solutions to the cannabis industry. The Company is a trusted partner to the cultivation, extraction, production and retail aspects of the cannabis market through a combination of three operating divisions that encompass extraction, CBD Ventures, Cannabis Ventures, and Genobreeding. Each division is able to leverage the strengths of the other, creating a synergistic, efficient and highly profitable business model. Additional details can be found by visiting the Company’s website at www.greengrotech.com.
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 several 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.
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