Tuesday, April 09, 2019 9:59:23 AM
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.
Recent CEAD News
- CEA Industries Inc. Reports Fourth Quarter and Full Year 2023 Results • GlobeNewswire Inc. • 03/28/2024 08:10:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 01:05:03 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/03/2024 09:04:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/03/2024 09:04:56 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/03/2024 09:04:53 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/18/2023 10:19:04 PM
- Form SC 13D - General statement of acquisition of beneficial ownership • Edgar (US Regulatory) • 11/30/2023 09:00:22 PM
- CEA Industries Inc. Reports Third Quarter 2023 Results • GlobeNewswire Inc. • 11/14/2023 09:15:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 11/14/2023 09:00:54 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/31/2023 09:27:27 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 10/26/2023 08:26:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/13/2023 03:01:38 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 10/11/2023 06:45:32 PM
- CEA Industries Inc. Reports Second Quarter 2023 Results and Initiates Review of Strategic Alternatives • GlobeNewswire Inc. • 08/14/2023 08:05:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2023 08:00:46 PM
- CEA Industries Inc. to Hold Second Quarter 2023 Conference Call on August 14 at 4:15 p.m. ET • GlobeNewswire Inc. • 08/07/2023 12:00:00 PM
- CEA Industries Inc. Reports First Quarter 2023 Results • GlobeNewswire Inc. • 05/15/2023 08:05:00 PM
FEATURED Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • May 7, 2024 8:51 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM