Home > Boards > US OTC > Cannabis > Surna Inc. (SRNA)

Surna Signs Two Project Contracts for a Combined

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
goodgodyall Member Profile
 
Followed By 4
Posts 150
Boards Moderated 0
Alias Born 12/22/09
160x600 placeholder
Current Report Filing (8-k) Edgar (US Regulatory) - 5/20/2019 4:09:10 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 5/13/2019 4:12:08 PM
Quarterly Report (10-q) Edgar (US Regulatory) - 5/13/2019 4:09:00 PM
Amended Annual Report (10-k/a) Edgar (US Regulatory) - 4/24/2019 8:01:26 AM
Annual Report (10-k) Edgar (US Regulatory) - 3/19/2019 4:13:06 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 3/19/2019 4:12:14 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 3/6/2019 4:03:47 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 1/14/2019 5:28:38 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 1/14/2019 5:26:55 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 12/26/2018 9:01:49 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 12/20/2018 4:12:35 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 12/20/2018 4:08:15 PM
Current Report Filing (8-k) Edgar (US Regulatory) - 11/28/2018 4:07:10 PM
Quarterly Report (10-q) Edgar (US Regulatory) - 11/14/2018 7:04:15 AM
Current Report Filing (8-k) Edgar (US Regulatory) - 11/14/2018 7:02:05 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 11/13/2018 8:47:47 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 11/13/2018 8:47:16 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 11/13/2018 8:45:52 AM
Initial Statement of Beneficial Ownership (3) Edgar (US Regulatory) - 9/14/2018 9:11:01 AM
Current Report Filing (8-k) Edgar (US Regulatory) - 9/13/2018 7:02:30 AM
Amended Annual Report (10-k/a) Edgar (US Regulatory) - 8/28/2018 7:01:44 AM
Quarterly Report (10-q) Edgar (US Regulatory) - 8/14/2018 7:04:03 AM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 8/2/2018 4:50:30 PM
Statement of Changes in Beneficial Ownership (4) Edgar (US Regulatory) - 8/2/2018 4:50:11 PM
Initial Statement of Beneficial Ownership (3) Edgar (US Regulatory) - 7/10/2018 7:07:03 AM
goodgodyall   Tuesday, 04/09/19 09:59:23 AM
Re: st007 post# 10118
Post # of 10184 

Surna Signs Two Project Contracts for a Combined Value of $4.7 Million
GlobeNewswire•April 9, 2019

$2.5 million facility expansion project serves 40,000 square feet of cultivation space for Surna customer

Boulder, Colorado, April 09, 2019 (GLOBE NEWSWIRE) -- Surna Inc. (SRNA) announced today that it recently signed two contracts with a combined value of $4.7 million.

1) New facility construction project for $2.2 million: This contract is for a 90,000 square foot indoor cannabis facility that is being built in the Midwest. Our customer has been pre-approved for a state cannabis cultivation license and is moving forward with construction plans. We have received an advance payment of $167,000 on this contract, which is partial payment for engineering and design services expected to be completed in Q2 2019. Payment for the remaining value of the contract, about $2.1 million, is primarily for delivery of HVAC equipment, the timing of which remains uncertain due to construction permitting and typical construction delays—which are outside of our control. We estimate that the equipment portion of this contract could be delivered in Q3 and Q4 2019. However, this is only an estimate and there is no assurance when or if our customer will obtain construction permitting and be able to accept delivery of our equipment.

2) Facility expansion project for $2.5 million. This contract is for the sale of equipment for a customer’s 40,000 square foot expansion of a fully operational and licensed indoor cannabis cultivation facility. We have received an advance payment of $500,000 on this contract and have commenced preparing the initial equipment package. Since this project is not subject to typical new construction licensing and permitting risks and the expansion building infrastructure is already in place, the full value of this contract is expected to be recognized by the end of Q2 2019 or early Q3 2019.

“With these contracts in hand, Surna is off to a promising start in 2019. If fully realized, these contracts alone would represent almost 49% of our full year 2018 revenue. The facility expansion project reflects our new strategy that focuses on more consistent and predictable revenue streams. While there are risks in all of our projects, expansion and retrofit projects are typically already licensed and operational, thus reducing the risks associated with new facility construction,” said Surna’s President & CEO Tony McDonald.

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist