Business
urban-gro, Inc. Announces Sale of Investment for Proceeds of $2.3 Million
LAFAYETTE, Colo., Aug. 31, 2023 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an integrated professional services and
About this update from Urban-gro, Inc.
[{"type":"text","content":"LAFAYETTE, Colo., Aug. 31, 2023 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), an integrated professional services and design-build firm offering solutions to the Controlled Environment Agriculture (“CEA”) and commercial sectors, today announced that the Company has entered into an agreement related to its investment in a private placement convertible note with XS Financial Inc (“XSF”) (CSE: XSF) (OTCQB: XSHLF), a leading equipment finance company to the US cannabis industry. Both companies mutually agreed that XSF would retire the Company’s convertible note for $2.3 million, a 10% discount to the Company’s current book value of the investment. The $2.3 million cash payment received is in addition to the $0.3 million of interest earned and received since making the original $2.5 million investment in Q4 2021. Bradley Nattrass, Chairman and CEO, commented, “We believe XS Financial is a great company working to support the cannabis industry by helping clients finance their capital expenditures and we look forward to continuing our strategic relationship. As we look ahead and position ourselves for the future, we are focused internally on sound capital management, maintaining a healthy balance sheet, and executing on our multi-sector business development plan.” About urban-gro, Inc. urban-gro, Inc.® (Nasdaq: UGRO) is an integrated professional services and design-build firm. We offer value-added architectural, engineering, and construction management solutions to the Controlled Environment Agriculture (“CEA”), industrial, healthcare, and other commercial sectors. Innovation, collaboration, and creativity drive our team to provide exceptional customer experiences. With offices across North America and in Europe, we deliver Your Vision – Built. Learn more by visiting www.urban-gro.com. Safe Harbor Statement This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this release, terms such as “believes,” “will,” “expects,” “anticipates,” “may,” “projects,” \"forecast\" and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. The forward-looking statements in this pr...