urban-gro Strengthens Balance Sheet
- Company eliminates $5.76 million of debt
- Well-positioned to access near-term growth opportunities and acquisitions to enhance offering of full turn-key indoor controlled environment agriculture solutions
LAFAYETTE, Colo., Feb. 22, 2021 (GLOBE NEWSWIRE) — urban-gro, Inc. (NASDAQ: UGRO) (“urban-gro” or the “Company”), a leading global horticulture company that engineers and designs commercial Controlled Environment Agriculture (“CEA”) facilities and integrates complex environmental equipment systems into these high-performance facilities, today announced it has extinguished more than 80% of its indebtedness through repayment of $5.76 million in debt. Following this payment, the Company’s total debt is approximately $1.0 million.
urban-gro has made significant progress since the start of 2021. With the completion of our recent financing and Nasdaq listing, the Company is fundamentally stronger than ever and well-positioned to execute and drive shareholder value.
Bradley Nattrass, Chief Executive Officer and Chairman of urban-gro
Supported by our significant cash position, we have a robust strategy in place and a dedicated team ready to pursue market opportunities we see in the end markets we serve. Eliminating high-cost debt strengthens our balance sheet and equips us with greater free cash flow to unlock greater stakeholder value.
About urban-gro, Inc.
urban-gro, Inc. (NASDAQ: UGRO) is a leading engineering design and services company focused on the commercial horticulture market. We engineer and design commercial Controlled Environment Agriculture (“CEA”) facilities and then integrate complex environmental equipment systems into these high-performance facilities. Operating in the global market, our custom-tailored approach to design, procurement, and equipment integration provides a single point of accountability across all aspects of growing operations. Visit www.urban-gro.com to learn more.