NORTH ANDOVER, Mass., Feb. 1, 2013 /PRNewswire/ -- Urban AG Corp. (OTCQB: AQUM) (the "Company" or "AQUM"), announced today that the Company has completed the acquisition of Green Wire Enterprises, Inc. ("GWE"). The acquisition of GWE is the first using the acquisition model developed to ensure that the purchase price as adjusted for Make-whole payments and claw-back provisions is commensurate with actual future performance. Projected Average Revenue and Net Income over the measurement period of eighteen months used to calculate the initial purchase price was $6 million and $550,000.00 respectively. GWE operates primarily in the Southwestern United States serving the Telecom market but has contracts with major telecommunication companies and general contractors in other locations within the United States providing comprehensive telecommunication construction and installation services for data, voice, broadband Internet, and wireless projects.
Billy V. Ray, Jr. CEO of the Company stated, "With the addition of Green Wire Enterprises, Inc. and its three operating subsidiaries, led by Terra Asset Management and Green Wire, AQUM has taken
an important step in the implementation of its business strategy on several different levels. The Board of Directors and Management of AGUM and GWE are excited about the opportunities that this transaction affords the combined entity."
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 school in the Texas market.
Contact: Billy V. Ray, Jr.
Urban AG Corp. Corporate Office
Email address Investor Relations Department Investorrelations.email@example.com
SOURCE Urban AG Corp.