Urban AG Corp Announces Execution of Master Service Agreement With One of the Nation's Largest Communication Solution Providers Bringing Estimated Backlog in Excess of $10 Million
NORTH ANDOVER, Mass., April 3, 2013 /PRNewswire/ -- Urban AG Corp/ (OTCQB: AQUM) (the "Company" or "AQUM"), announced today that its wholly owned subsidiary Green Wire Enterprises, Inc. ("GWE") has entered into a Master Service Agreement ("MSA") with one of the largest end-to-end communications solutions providers in the United States. Under the Master Service Agreement, GWE is to provide microwave installation, cellular tower construction, technician support and telecommunication/ network deployment construction and maintenance services for carriers and for equipment manufacturers such as AT&T, Alcatel Lucent, Verizon, Ericson and Motorola.
The initial construction services will be centered in the Midwestern region of the USA, encompassing the states of Texas, Missouri, Arkansas and Oklahoma. The Company anticipates expanding throughout the USA over the term of the contract. GWE estimates generating $1.5 million in the first twelve months of operations, growing to a rate of $3.5 to $4.5 million per year over the deployment period. Management also anticipates other network deployment opportunities to become available through this new client. With the addition of the MSA and the recently-announced contract awards to TAM and B&R, the combined Company backlog is estimated in excess of $10 million.
Billy V. Ray, Jr., CEO of AQUM, stated: "We are excited about this opportunity with Goodman Networks. It will allow us to grow our business nationwide and allow us to utilize the management expertise recently acquired in the Green Wire Enterprise, Inc. transaction. The MSA and the recently-announced contracts awarded to B&R Telephone and TAM are examples of the success that our management's efforts are producing. The footprint expansion and service expansion are other steps in the implementation of the AQUM strategy."
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 a multiple of 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: Investorrelations.firstname.lastname@example.org
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