Two Rivers Unveils GrowCo Structure
23 Julho 2014 - 10:15AM
Access Wire
Huerfano County
Grow Facility to be Part of Planned Urban Development
DENVER, Colorado / ACCESSWIRE / July 23, 2014 / Two Rivers Water
& Farming Company (OTCQB: TURV, "Two Rivers")
(www.2riverswater.com) today unveiled its development and
capitalization plans for GrowCo, Inc. (GrowCo), a new subsidiary
formed to develop facilities for growing marijuana in Colorado.
GrowCo issued 20,000,000 common shares, equaling 66.67% of its
outstanding common stock, to a Two Rivers subsidiary in exchange
for 300 acres of land and the associated water rights along with
providing all capital necessary to build out two independent
marijuana grow facilities located in Pueblo and Huerfano Counties
in Colorado. GrowCo will issue an additional 5,000,000
restricted shares of common stock, equaling 16.67% of GrowCo, to
founders providing consulting and employee services and reserve
5,000,000 restricted shares, equaling 16.67% of GrowCo, for
employees and advisors providing marijuana horticulture
services. The 10,000,000 restricted shares will be subject to
performance objectives being achieved.
The board of GrowCo will consist of five members, three of which
will be designated by Two Rivers and two of which be identified by
GrowCo employees and advisors. John McKowen, CEO of Two
Rivers, will be interim Chairman and CEO for GrowCo and will not
receive additional pay for his services. Timothy Beall will
be GrowCo’s Chief Operating Officer and a board member. Tim
has over 12 years of hands’ on experience in greenhouse operations
and holds an MBA from the University of Notre Dame and finance
degree from Andrews University.
GrowCo expects to have its first grow facility completed and
leased in Pueblo County by the end of 2014. GrowCo expects to
have its second grow facility completed and leased in Huerfano
County by June 30, 2015. Each grow facility will be located
within a gated compound with a 90,000 sq ft state-of-the-art
greenhouse and 15,000 sq ft processing plant. GrowCo
facilities will offer licensed marijuana growers in Colorado the
opportunity to produce the highest quality product at the lowest
prices by implementing established greenhouse marijuana growing
practices developed in Colorado. GrowCo also expects to
provide marijuana store acquisition financing for lessees of its
grow facilities.
The Pueblo County facility will be located on Undercliffe Road
in southeastern Pueblo County. Water resources for the Pueblo
grow facility will be provided through taps from St. Charles Mesa
Water District, which recently announced it will provide water for
marijuana cultivation.
The Huerfano County grow facility will be located on the Butte
Valley farm just east of I‑25. The Huerfano County facility
will provide water and other services through a Title 32
Metropolitan District whose Service Plan will be filed in Huerfano
County within the next 60 days. Water for the Metropolitan District
will be provided by senior water rights owned by Two Rivers, which
have no federal involvement. The water rights currently
provide 800 acre-feet of annual stream flow and 1,800 acre-feet of
annual storage.
The Metropolitan District will not only provide water for the
Huerfano grow facility but also provide water and other utilities
for a Planned Urban Development of new homes and commercial
properties to be developed on 1,500 acres owned by Two
Rivers. The development site spans approximately 5 miles
alongside I-25 in Huerfano County.
About Two Rivers:
Two Rivers is building a new water paradigm for the arid regions
of the southwestern United States. Two Rivers assembles its
water assets by acquiring irrigated farmland with senior water
rights because 85% of water rights in the arid southwest are owned
by agricultural interests. Two Rivers transforms the value of
its water rights and farmland by continually developing operations
that generate higher revenues and better profit margins. Two Rivers
current farm operations convert feed crop farmland into fruit and
vegetable crop production in Pueblo County Colorado, which
generates six times more revenue with better profit margins.
In December 2012, Colorado legalized the personal use and
cultivation of marijuana. As a result, Two Rivers is
providing greenhouses and processing facilities for licensed
marijuana growers in Colorado on land with water rights not used
for fruit and vegetable crop production. Two Rivers also
develops Metropolitan Districts to serve under served communities
in rural areas in which Two Rivers farmland and water rights are
located.
The fifth through eighth paragraphs of this news release
contain "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.
Contact:
John McKowen
Two Rivers Water & Farming Company
(303) 222-1000
info@2riverswater.com
For Breaking News Follow Two Rivers on Twitter:
https://twitter.com/2riverswater
SOURCE: Two Rivers Water & Farming Company
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