SRNA BIG News: Surna Closes Hydro Innovations Acquisition; Company More Than Doubles Its HQ Space
BOULDER, CO--(Marketwired - Aug 12, 2014) - Surna Inc. (OTCQB: SRNA), a company that develops, acquires, produces and sells equipment for the legal marijuana industry with a focus on disruptive technology, today announced it has successfully closed its previously announced acquisition of Hydro Innovations ("Hydro").
Boulder, Colorado-based Hydro is a leading designer, manufacturer and distributor of proprietary, state-of-the-art indoor climate control systems such as chillers, lights, reflectors and irrigation systems designed for cannabis and other indoor agriculture markets (www.hydroinnovations.com). Accordingly, Hydro's revenue and other financials will be integrated into Surna's quarterly financial results beginning with the current quarter ending September 30, 2014. Details of the transaction are contained in the Company's report filed on Form 8-K with the SEC.
Surna More than Doubles HQ Space
In conjunction with its anticipated closing of the Hydro acquisition, Surna expanded its Boulder office headquarters and manufacturing space from about 7,000 to 18,000 square feet by leasing space directly adjacent.
In addition to expanding its office space, the increase enables Surna to substantially increase its R&D and manufacturing capacity as well as to build out a showroom to meet accelerating demand for its leading-edge cannabis and other indoor agriculture growing equipment.
Surna Chairman and CEO, Tom Bollich, commented, "Closing the Hydro acquisition was an important milestone for the Company. Founded in 2007, it has a solid and rapidly growing installed customer base. It has an exceptional intellectual property portfolio upon which we intend to capitalize as we apply for additional patents in the weeks and months ahead. We plan to commercialize new, leading edge cannabis indoor agriculture equipment products -- some of which are in advanced development and testing phase and will be launched in 2014, while we have a growing pipeline of sophisticated new products in the pipeline for 2015.
"We had maxed out our current Boulder headquarters," Mr. Bollich added. "Securing a long term lease on the additional space provides a big boost to operating and manufacturing capacity and widens our options for consolidating any future acquisitions."
About Surna Inc.
Led by Tom Bollich, the visionary technologist who co-founded famed gaming company Zynga which ultimately rose to a $10 billion market valuation, Surna's mission is to acquire intellectual property and scalable operating companies in the nascent, legal marijuana industry with a focus on disruptive technology, equipment and related support services. Through its wholly owned subsidiary, Hydro Innovations, the Company offers a comprehensive line of commercial and small business indoor agriculture equipment (www.hydroinnovations.com).
The Company represents a pure play on explosive growth in the cannabis industry, while being agnostic as to the escalating proliferation of regulated, commodity cannabis growers & sellers, winners or losers; its business model excludes the production or sale of marijuana. ArcView industry research projects the highly fragmented $2.3 billion US cannabis industry will increase over four-fold to $10.2 billion by 2018.
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