NORTH ANDOVER, Mass., Jan. 17, 2013 /PRNewswire/ -- Urban AG Corp/ (AQUM.PK) (the "Company" or "AQUM"), announced today that the Company has set a closing date of January 25, 2013 for the recently announced acquisition of Green Wire Enterprises, Inc. ("GWE"). The acquisition of GWE is the first using the recently announced acquisition model developed by the management team of the Company. The purchase price will consist of Cash, Seller Notes and Equity. GWE operates primarily in the Southwestern United States in the Telecom market but has contracts with major telecommunication companies and general contractors in other locations within the United States.
GWE will operate as a separate division of the Company and will be AQUM's entry into the Telecommunication Construction Industry segment in the overall business strategy. GWE's mission will be to provide comprehensive telecommunication construction and installation services for data, voice, broadband Internet, and wireless projects for customers in the Southwest United States and other areas across the United States.
Billy V. Ray, Jr., CEO of the Company, stated: "As we approach the close of this transaction we are confident that our use of resources in the pursuit and completion of the acquisition will prove to provide additional opportunities to expand our revenue base and footprint. While we will not see any of the results of operations from GWE in our fourth quarter ended 12/31/12, we do expect to see positive improvement in the first quarter of 2013 from this acquisition."
GWE's operating subsidiaries serve a wide customer base that includes Telecom customers such as Verizon, Motorola, Alcatel-Lucent, Time Warner, and General Contractors, serving customers such as Wal-Mart, CVS, and Gulf Marine. The subsidiaries also network and design services to multiple state and county government agencies, colleges and schools in the Texas market.
Contact: Billy V. Ray, Jr.
Urban Ag Corp. Corporate Office
Email address Investor Relations Department
This news release contains forward-looking statements within the meaning of Section 37A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve risks and uncertainties. A number of factors could cause actual results to differ from those indicated in the forward-looking statements, including the Company's ability to continue to successfully market and provide its services, maintain its effectiveness and its customer base and general economic conditions. The Company undertakes no obligation to publicly update or revise forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Urban AG Corp