Two Rivers Completes Memorandum of Understanding
10 Junio 2014 - 6:00AM
Marketwired
Two Rivers Completes Memorandum of Understanding
Constructing 2 Acre State-of-the-Art Marijuana Greenhouse Grow
Facility
DENVER, CO--(Marketwired - Jun 10, 2014) - Two Rivers
Water & Farming Company (OTCQB: TURV) ("Two Rivers")
(www.2riverswater.com) announced today that its wholly owned
subsidiary, GrowCo, Inc. (GrowCo) has completed a Memorandum of
Understanding with MJGrowCo, Inc., (MJGrowCo) whose principals are
Colorado marijuana growers and medical marijuana store
operators.
Under the terms of the MOU, GrowCo and MJGrowCo will have a
mutually exclusive relationship whereby the two independent
companies agree to only acquire, develop and operate growing
facilities and stores in relationship with each other, whereby
GrowCo and its affiliates shall be the financier, acquirer,
developer and lessor and MJGrowCo shall be the operator and
lessee.
In partial consideration for contributing 150 acres of irrigated
farmland and associated water rights located in Huerfano County,
Colorado and $6,000,000 to be used exclusively for the acquisition,
development and leasing of grow facilities and stores, Two Rivers
shall receive 20,000,000 shares of GrowCo common stock, which shall
be 100% of its outstanding common shares.
In partial consideration for selling to GrowCo, at cost, 200
acres of irrigated farmland and associated water rights located in
Pueblo County, Colorado, the stockholders of MJGrowCo shall receive
the right to exchange 100% of the outstanding shares of MJGrowCo
for 10,000,000 new shares of GrowCo common stock in three separate
and equal tranches of 3,333,333 shares after achieving the
following performance requirements:
- Tranche 1: construction, licensing and satisfactory operational
capability of a 2-acre marijuana greenhouse Grow Facility,
- Tranche 2: achieving identified operational metrics after 3
crop cycles,
- Tranche 3: achieving identified operational metrics after 6
crop cycles.
It is expected that the agreements regarding the proposed
transaction shall be completed and signed no later than June 30,
2014.
About Two Rivers:
Two Rivers has developed and operates a new farming and water
business model suitable for arid regions in the Southwestern United
States whereby the Company synergistically integrates high value
fruit and vegetable farming and wholesale water distribution into
one company. Two Rivers business model reinvigorates
agricultural communities and provides excess water to
municipalities through market forces. Two Rivers' core
business converts irrigated farmland, which is marginally
profitable growing low value feed crops, into highly profitable
irrigated farmland growing high yield, high value, fruit and
vegetable crops. Fruit and vegetable crops generate six times
the revenue of feed crops with better margins. The Company's
initial area of focus is in the Arkansas River basin and its
tributaries on the southern Front Range of Colorado.
This news release contains "forward-looking statements," as
that term is defined in Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Statements
that are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations or
intentions regarding the future. Actual results could differ
from those projected in any forward-looking statements due to
numerous factors. Such factors include, among others, the inherent
uncertainties associated with developing and acquiring land and
water resources. There can be no assurance Two Rivers will be
able to raise additional capital, that it will be able to increase
the scale of its business, or that its existing resources will be
sufficient to meet all of its cash needs. These
forward-looking statements are made as of the date of this news
release, and Two Rivers assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those projected in the forward-looking
statements.
For Breaking News Follow Two Rivers on Twitter:
https://twitter.com/2riverswater
Contact: Wayne Harding Two Rivers Water & Farming Company
(303) 222-1000 info@2riverswater.com
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