Business
GreenGro Technologies Expects Its Restructuring and Strategic Transformation Should Enable Company to Achieve Its Strongest Financial Year Since Inception
GreenGro Technologies Expects Its Restructuring and Strategic Transformation Should Enable Company to Achieve Its Strongest Financial Year Since Inception.
About this update from Greengro Technologies, Inc.
[{"type":"text","content":"\nHighlights:\n Company begins to recognize initial revenues from April 1 management contractsNew CEO initiates process to accelerate strategic transformation and facilitate financial restructuringAnnounces intent to reorganize around three core business divisions with performance measured at division-level EBITDAImplements Board and management changes in support of restructuring process; Transitions CEO responsibilities from Founder James Haas to government contract veteran Matthew Burden who also is Chairman of Independent Restructuring CommitteeStrategic initiatives underway should enable Company to achieve its strongest financial year since its inception2019’s restructuring enables GreenGro to capitalize on recently passed Farm Bill while favorably positioning Company to benefit from potential cannabis legalization at Federal level ANAHEIM, Calif., May 17, 2019 (GLOBE NEWSWIRE) -- GreenGro Technologies, Inc. (OTC: GRNH), a leading provider of eco-friendly green technologies for the cannabis industry, today announced that, under new management’s direction, it has implemented a series of actions with the intention to position the Company to establish a sustainable capital structure, continue streamlining its operating model and achieve and grow profitably for the long term. “Over the past several years, GreenGro has worked hard to capitalize on the emerging cannabis industry in Southern California,” said Matthew Burden, Chief Executive Officer of GreenGro Technologies, Inc. “While the Company has made significant progress in establishing a strong footprint in the Southern California market, it has yet to deliver the results our shareholders have rightfully so desired. However, we believe those expectations will significantly change under our new management’s strategic transformation and financial restructuring, which I am proud to report has already begun to generate the return on invested capital we have been pursuing. “As a result, we are making significant progress towards unlocking the true value of our assets and intellectual property, which should enable us to deliver what likely will be the strong financial year since our inception. These achievements, which are only possible due to the expected stellar performance at our Cannabis, CBD and Genobreeding Divisions, should provide ...