urban-gro, Inc. Secures Design-Build Contract Valued at Approximately $20 Million
January 02 2024 - 8:15AM
urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an
integrated professional services consulting firm, today announced
that it has secured a design-build contract with an existing
vertically integrated U.S.-based multi-state Cannabis cultivation
and retail dispensary operator. The contract is for the design and
construction of both a new cultivation facility and the interior
retrofit of an existing facility. The contract is valued at
approximately $20 million and it is anticipated that revenue will
be recognized over the next six quarters.
Bradley Nattrass, Chairman and CEO, commented,
“Our turnkey approach coupled with our unique industry expertise
allows us to streamline complex projects like this one by
seamlessly integrating the design and construction phases. Not only
does this simplify the client experience, but it significantly
improves speed to market. Building on our business development
efforts over the past year, it is rewarding for the team to kick
off 2024 with a strong contract win. I remain optimistic that the
Cannabis industry will experience increased momentum this year, and
our team of nearly 140 professional service providers and
horticulturalists will be ready to guide our clients through the
next phases of their projects."
About urban-gro, Inc.
urban-gro, Inc.® (Nasdaq: UGRO) is an integrated
professional services consulting firm delivering professional
services and solutions across architecture, design, engineering,
equipment integration, and construction management. Our
multi-sector expertise encompasses a diverse set of projects across
a host of industries such as CEA, light industrial, healthcare,
hospitality, laboratories and more. Our dedicated and innovative
team is fueled by a commitment to empower our clients by providing
exceptional customer experiences throughout the project lifecycle
and beyond, including post-operational support. With offices across
North America and in Europe, we deliver Your Vision – Built. Learn
more by visiting www.urban-gro.com.
Safe Harbor Statement
This press release contains forward looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. When used in this release, terms such as
“believes,” “will,” “expects,” “anticipates,” and similar
expressions and variations as they relate to the Company or its
management are intended to identify forward-looking statements. The
forward-looking statements in this press release include, without
limitation, relating to future projects, our ability to simplify,
streamline, seamlessly integrate design and construction phases,
and to shorten the timeframe to become operational and to market,
as well as future events, business strategy, future performance,
opportunities for growth, prospects, legislative and/or regulatory
events, plans and objectives of management. These and other
forward-looking statements are based on current expectations,
forecasts, and assumptions that involve risks and uncertainties
that could cause actual outcomes and results to differ materially
from those anticipated or expected, including, among others, our
ability to successfully manage and integrate acquisitions, our
ability to accurately forecast revenues and costs, competition for
projects in our markets, our ability to predict and respond to new
laws and governmental regulatory actions, our ability to
successfully develop new and/or enhancements to our product
offerings and develop a product mix to meet demand, risks related
to adverse weather conditions, supply chain issues, rising interest
rates, economic downturn or other factors that could cause delays
or the cancellation of projects in our backlog or our ability to
secure future projects, our ability to maintain favorable
relationships with suppliers, risks associated with reliance on key
customers and suppliers, our ability to attract and retain key
personnel, results of litigation and other claims and insurance
coverage issues, risks related to our information technology
systems and infrastructure, our ability to maintain effective
internal controls, our ability to execute on our strategic plans,
our ability to achieve and maintain cost savings, the sufficiency
of our liquidity and capital resources, and our ability to achieve
our key initiatives for 2023, particularly our growth initiatives.
A more detailed description of these and certain other factors that
could affect actual results is included in the Company’s filings
with the Securities and Exchange Commission. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company undertakes no
obligation to update any forward-looking statements to reflect
events or circumstances after the date hereof, except as may be
required by law.
Investor Contacts:
Dan Droller – urban-gro, Inc.-or-Jeff Sonnek –
ICR, Inc.(720) 730-8160investors@urban-gro.com
Media Contact:
Barbara Graham – urban-gro, Inc. (720)
903-1139media@urban-gro.com
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