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0 970

Surna, Inc. Announces Third Quarter Financial Results, Shareholder Conference Call

BOULDER, Colorado, November 17, 2015 /PRNewswire/ —

Surna Inc. (SRNA), a technology company that engineers state-of-the art equipment for controlled environment agriculture (“CEA”) with special expertise in cannabis cultivation, has announced financial results for the three and nine months ended Sept. 30, 2015.

For the nine months ended Sept. 30, 2015, the Company reported gross revenues of $6,182,936 compared to $1,206,047 for the same period in 2014, an increase of 413%.

Revenues for the three months ended Sept. 30, 2015 were $3,634,091, up from $1,677,950 in the previous quarter, and $859,488 in revenue during the same period in 2014.

Similarly, deferred revenue increased to $1,489,781 from $408,199 at year-end, a 265% increase. Deferred revenue represents contracts that are in progress, as the Company does not recognize revenue until the equipment is shipped.

The net loss for the three and nine months ended Sept. 30, 2015 was $1,335,422 and $3,730,475, respectively. The third quarter operating loss was $540,406, down from $690,773 in the prior quarter.

In the first nine months of 2015, the Company spent $533,808 in product development costs, primarily on the Surna Reflector. The Surna Reflector is Surna’s first product to combine lighting and environmental control into one unit while increasing light delivery to the plant canopy.

Marketing and branding expenses totaled $148,656 and $324,110 for the three and nine months ended Sept. 30, 2015. General and administrative expenses remained essentially flat with $846,806 in Q3 compared to $821,020 in Q2.

The Company finished the third quarter with a balance sheet that included liquid assets (cash, accounts receivable, inventory and prepaid assets) of $3,328,868, an increase of 137% over last year-end of $1,405,913.

“We had a strong quarter, with an increase in revenue growth of over 116% over Q2. The leadership team continues to implement cost savings measures and negotiate more favorable terms with our vendors in an effort to bring the company closer to profitability in the coming months,” said Stephen Keen, Surna’s CEO.

Surna will host an investor conference call on Monday Nov. 23, 2015, at 4:45pm EDT/1:45pm PDT. Current and potential shareholders may participate by calling 1-800-829-7603 and entering conference code 7627746# when prompted by the system. The conference call will be listen-in only, but will include a Q&A session comprising questions submitted by current or potential shareholders. Interested parties may send their questions to invest@surna.com until 12:00 PM Eastern Time the day of the call. Investors may also submit questions in real time via Twitter by directing the tweet to @surnainc or by using the hashtag: #surnaconfcall. Subject to time restrictions, Surna will attempt to answer some of the questions submitted via Twitter during the call.

About Surna

Surna, Inc. (http://www.surna.com) develops innovative technologies and products that monitor, control and or address the energy and resource intensive nature of indoor cannabis cultivation. Currently, the Company’s revenue stream is based on its main product offerings – supplying industrial technology and products to commercial indoor cannabis grow facilities.

Headquartered in Boulder, CO, Surna’s diverse engineering team is tasked with creating novel energy and resource efficient solutions, including the Company’s signature water-cooled climate control platform. The Company’s engineers continuously seek to create technology that solve the highly specific demands of the cannabis industry for temperature, humidity, light and process control.

Surna’s goal is to provide intelligent solutions to improve the quality, the control and the overall yield and efficiency of CEA. Though its clients do, the Company neither produces nor sells cannabis.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. Our actual results, such as the Company’s ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Statement About Cannabis Markets

The use, possession, cultivation, and distribution of cannabis is prohibited by federal law. This includes medical and recreational cannabis. Although certain states have legalized medical and recreational cannabis, companies and individuals involved in the sector are still at risk of being prosecuted by federal authorities. Further, the landscape in the cannabis industry changes rapidly. What was the law last week is not the law today and what is the law today may not be the law next week. This means that at any time the city, county, or state where cannabis is permitted can change the current laws and/or the federal government can supersede those laws and take prosecutorial action. Given the uncertain legal nature of the cannabis industry, it is imperative that investors understand that the cannabis industry is a high-risk investment. A change in the current laws or enforcement policy can negatively affect the status and operation of our business, require additional fees, stricter operational guidelines and unanticipated shut-downs.

At the Company
Tae Darnell
VP of Business Development
+1-303-993-5271
tae@surna.com

Investor Relations
David Kugelman
Atlanta Capital Partners, LLC
+1-404-856-9157
+1-866-692-6847 Toll Free – U.S. And Canada
David.kugelman@surna.com

0 1192

Form 8-K for SURNA INC.

13-Jan-2015

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01. Entry into a Material Definitive Agreement.On January 12, 2015, Surna, Inc. (the “Company”) entered into two agreements for professional services with CWNevada, LLC (“CWNevada”). Pursuant to the agreements, the Company agreed to provide and install a water chilled cooling system for the purpose of maintaining an ambient temperature of 78 degrees in two indoor cannabis cultivation facilities. In exchange for the Company’s provision of services pursuant to the agreements, CWNevada agreed to pay the Company an aggregate of $1,061,744. Absent alternative agreement, a down payment of 50% of the aggregate payment is due one month prior to installation or when agreed (whichever is later). Three days after commencement, an additional 25% of the aggregate payment is due, and the remaining 25% is due 21 days following completion of the installation. If cancellation occurs anytime between the initial down payment and the installation date, the Company retains 50% of the down payment. In the event of termination, the Company is entitled to compensation for services performed or subject to the terms and conditions contained in the agreements. Pursuant to the terms of the agreements, the Company was granted a security interest on any and all installed fixtures and materials until payment for services has been received in full.

The foregoing description of the agreements is qualified in its entirety by reference to the agreements, which are filed as Exhibits 10.1 and 10.2 hereto, respectively, and incorporated herein by reference. The Company issued a press release related to the Company’s entry into the agreements. The press release is furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.(d) Exhibits.

Exhibit No.   Description of Exhibit

   10.1       Agreement for Professional Services by and between Surna, Inc. and
              CWNevada, LLC dated as of January 12, 2015.
   10.2       Agreement for Professional Services by and between Surna, Inc. and
              CWNevada, LLC dated as of January 12, 2015.
   99.1       Press release dated January 12, 2015.

 

1 1243

Surna, Inc. Secures $1.1 Million Tech Contract with Indoor Cannabis Grower CWNevada

BOULDER, Colo., Jan. 13, 2015 /PRNewswire/ — Surna Inc. (SRNA), an engineering, manufacturing, and installation Company specializing in commercial indoor cannabis cultivation technology, announced today it has finalized an exclusive $1.1 million contract to design, build and install the climate control systems for grower CWNevada.

CWNevada is one of the largest indoor cannabis cultivation facilities in Las Vegas, and was recently granted a Nevada grow license as the state prepares its infrastructure for the growth and distribution of legal medical marijuana in 2015. The Company’s 48,000 square-foot facility requires more than 700 tons of cooling equipment. Surna will provide CWNevada with their proprietary climate control technology which lends greater latitude and precision to the cultivation process while improving energy efficiency.

“The CWNevada contract will allow Surna to further demonstrate the efficiency and necessity of our cultivation technology,” said Tom Bollich, Surna’s Chief Executive Officer. “Indoor cannabis cultivation is more technically demanding than most people realize. The slightest deviation in temperature, timing, or light spectrum dramatically impacts the quality of the subject plant. Surna’s technology uses less power and stabilizes certain growth factors so indoor growers can consistently provide quality cannabis at a reduced cost. We believe our product line to be essential to the industry, so we are strategically moving forward to establish similar contracts with other large commercial indoor growers throughout North America,” Bollich said.

Revenue from the contract will be recognized throughout 2015 subject to start-date modification by CWNevada.

Surna management believes that CWNevada has the potential to become one of the top cultivators in Nevada once equipped with Surna’s chillers.

“We will grow Charlotte’s Web for patients with intractable epilepsy,” said Brian Padgett, Principal at CWNevada.  “These patients and their families are counting on us to grow the medicine they need on time, every time so there is no shortage of supply.  After researching every available option, we chose Surna for our air cooling needs. Any savings we achieve pertaining to energy costs can be subsequently passed on to the consumer. Selecting Surna was the obvious, logical choice,” added Tim Smits, Principal at CWNevada.

On November 3, 2014, the state of Nevada issued 182 provisional licenses to medical marijuana cultivation facilities, 13 of which are located in Las Vegas. Nevada is one of 23 key states to permit the regulated cultivation and distribution of medical marijuana. Sales are slated to begin in early 2015.

About Surna, Inc.:

Surna, Inc. (www.surna.com) develops innovative technologies and products that monitor, control or address the energy and resource intensive nature of indoor cannabis cultivation. Currently, the Company’s revenue stream is based on its main product offerings – supplying industrial technology and products to commercial indoor cannabis grow facilities.

Headquartered in Boulder, CO, Surna’s diverse engineering team is tasked with creating novel energy and resource efficient solutions, including the Company’s signature water-cooled climate control platform. The Company’s engineers continuously seek to create technology that solve the highly specific demands of the cannabis industry for temperature, humidity, light and process control.

Surna’s goal is to provide intelligent solutions to improve the quality, the control and the overall yield and efficiency of indoor cannabis cultivation. The Company’s operations exclude the production or sale of marijuana.

Surna’s premiere management team draws on backgrounds from life sciences, energy, and software sectors. Surna is headed by technology industrialist and robotics engineer Tom Bollich, co-founder of the highly-publicized gaming Company Zynga. The Company drew national attention when its market valuation quickly surpassed $10 billion.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. Our actual results, such as the Company’s ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Statement About Cannabis Markets

The use, possession, cultivation, and distribution of cannabis is prohibited by federal law.  This includes medical and recreational cannabis.  Although certain states have legalized medical and recreational cannabis, companies and individuals involved in the sector are still at risk of being prosecuted by federal authorities. Further, the landscape in the cannabis industry changes rapidly.  What was the law last week is not the law today and what is the law today may not be the law next week.  This means that at any time the city, county, or state where cannabis is permitted can change the current laws and/or the federal government can supersede those laws and take prosecutorial action. Given the uncertain legal nature of the cannabis industry, it is imperative that investors understand that the cannabis industry is a high risk investment. A change in the current laws or enforcement policy can negatively affect the status and operation of our business, require additional fees, stricter operational guidelines and unanticipated shut downs.

At the Company

David Traylor
Chief Business Officer
+1-(303)-993-5271
david.traylor@surna.com

Investor Relations

David Kugelman
Atlanta Capital Partners, LLC
+1-(404)-856-9157
+1-(866)-692-6847 Toll Free – U.S. And Canada

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/surna-inc-secures-11-million-tech-contract-with-indoor-cannabis-grower-cwnevada-300019723.html

0 1150

Form 8-K for SURNA INC

9-Jan-2015

Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01. Entry into a Material Definitive Agreement.On January 8, 2015, Surna, Inc. (the “Company”) entered into a membership interest purchase agreement (the “Agreement”) with Jim Willett and Forbeez Capital, LLC (together, the “Sellers”), pursuant to which the Company agreed to purchase and the Sellers agreed to sell all of their membership interests (the “Interests”) in Agrisoft Development Group, LLC (“Agrisoft”), a company that primarily operates as a point of sale software and technology company with a current focus on the cannabis sector. Together, the Sellers own, and will sell to the Company, 66% of the total membership interests in Agrisoft.

Pursuant to the terms of the Agreement, on the closing date, the Company will purchase the Interests from the Sellers for an aggregate purchase price of $4,000,001, 50% of which shall be paid in Company stock, and 50% of which shall be in the form of a promissory note (the “Note”). The shares of Company stock issued as partial payment for the Interests will be subject to lock-up and leak-out/bleed-out provisions that restrict the marketability, transferability and/or sale of Company securities to no more than 5% per day of the average of the prior five days’ closing volumes, with all restrictions lifting after 18 months. The Note shall be a two-year note in the aggregate principal amount of $2,000,000, with interest accruing at 8% annually, payable in quarterly installments of $150,000, with the first $150,000 payment due 90 days following the closing date, and with a balloon payment due at maturity.

The Note will be accelerated subject to the following terms:

(i) If the Company raises more than $4 million in any new financing, the Company will pay Sellers $500,000 for every $1 million raised above $4 million, and

(ii) If Agrisoft has more than $200,000 in net earnings in a single month, 50% of all net earnings above $200,000, not to exceed $50,000 in any month, shall be paid to Sellers.

The closing of the sale of the Interests, which is subject to customary closing conditions, is scheduled for March 15, 2015.

The foregoing description of the Agreement is qualified in its entirety by reference to the Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference. The Company issued a press release and a revised press release related to the Company’s entry into the Agreement. The press release and the revised press release are furnished herewith as Exhibits 99.1 and 99.2, respectively.

Item 9.01. Financial Statements and Exhibits.(d) Exhibits.

Exhibit No.   Description of Exhibit

   10.1       Membership Interest Purchase Agreement dated as of January 8, 2015
              by and between Surna, Inc. and Jim Willett and Forbeez Capital, LLC.

   99.1       Press release dated January 8, 2015.

   99.2       Revised press release dated January 8, 2015.

 

1 1657

Surna Inc. To Acquire Majority Interest in Agrisoft Development Group, a Leading Cannabis Seed-to-Sale Tracking Platform

BOULDER, Colo., Jan. 9, 2015 /PRNewswire/ — Surna, Inc. (SRNA) has signed a definitive agreement to acquire a controlling interest in Agrisoft Development Group, LLC, a privately-held company that is one of the leading software developers of seed-to-sale tracking systems for state regulated cannabis cultivation and distribution companies. The deal will provide Surna with additional technology and capabilities to complement its current technology portfolio.

Agrisoft is led by Charles Ramsey, CEO, and Matt Cook, COO. Cook authored and implemented Colorado’s medical marijuana regulatory structure, led the Medical Marijuana Enforcement Division and is widely regarded as the leading regulatory and implementation expert for cannabis. Cook has personally assisted with drafting and implementing state regulated cannabis models in numerous states across the country. His expertise insures that Agrisoft provides one of the most effective tracking solutions for strict compliance with state regulated cannabis models while also exceeding the most stringent regulatory requirements.

“We are convinced that this highly-sought acquisition will enable us to substantially increase our strength and impact in the cannabis industry,” said Tom Bollich, CEO of Surna. “Because of my background in software development this particular acquisition is nothing short of a perfect storm in regards to Surna’s diversification and rapid growth. Coupled with one of the strongest management teams in the sector, Agrisoft is the ideal platform to expand upon and develop the most robust, comprehensive, system to seamlessly integrate with Surna’s existing and future technology. This is a game changer for us.”

David Traylor, Surna’s CBO stated, “The addition of a software point-of-sale tracking system fits ideally with our strategic direction of providing a complete solution for process control and monitoring that is mandated by state regulated cannabis models.”

“Surna’s proprietary technology improves cannabis grow operating margins by significantly increasing energy efficiency. Agrisoft’s management and capabilities provides regulators, legislators, and banks with greater confidence in regards to the required decision making that will expand the cannabis industry. Surna and Agrisoft make the cannabis industry a more common sense, economically sound option for businesses and states,” said Agrisoft COO Cook.

“Once we recognized the economic efficiency of Surna’s cultivation technologies, and the even greater potential of their technology under development, we immediately knew joining the Surna organization was the best possible decision,” said Agrisoft CEO Ramsay. “We are exceptionally enthusiastic about creating an even broader array of quality products that provide tracking solutions and satisfy the requirements of regulators and consumers.”

The Agreement provides for the purchase of sixty-six percent (66%) of the member interests of Agrisoft for $4,000,000 payable at closing with shares of common stock equal to $2,000,000 and $2,000,000  in the form of a promissory note (the “Note”).  The Note bears interest at the rate of 10% and calls for payments of $150,000 on a quarterly basis with a balloon payment two years from issuance.  The quarterly payments may be increased based upon Agrisoft meeting certain levels of financial performance.  The transaction is subject to completion of satisfactory due diligence and audit of Agrisoft.

The transaction is expected to close in the first half of 2015.

About Surna Inc.

Surna, Inc. (www.surna.com) develops innovative technology and products that control or address the energy and resource intensive nature of indoor cannabis cultivation. Currently, the Company’s revenue stream is based on its main product offerings – supplying industrial technology and products to commercial indoor cannabis grow facilities.

Headquartered in Boulder, CO, Surna’s diverse engineering team is tasked with creating novel energy and resource efficient solutions, including the Company’s signature water-cooled climate control platform. The Company’s engineers continuously seek to create technology that solve the highly specific demands of the cannabis industry for temperature, humidity, light and process control.

Surna’s goal is to provide intelligent solutions to improve the quality, the control and the overall yield and efficiency of indoor cannabis cultivation. The Company’s operations exclude the production or sale of marijuana.

Surna’s premier management team consists of leaders from the life science, energy, cannabis and software sectors. The Company is headed by technology industrialist and robotics engineer Tom Bollich, co-founder of the highly-publicized gaming company Zynga. Zynga drew national attention when its market valuation quickly surpassed $10 billion.

Agrisoft

Agrisoft Development Group, LLC has created an enterprise-level, cloud-based software suite designed for cannabis dispensaries, cultivation sites, and processors of cannabis-oil-infused products (including foods, capsules, and topicals). These modules come standard with integration for surveillance cameras and alarms, biometric and RFID tracking, yield and THC/CBD enhancement, and the first infused-products solution on the market.

The Company’s proprietary, global; solutions keep operators in compliance with complicated state regulations by tracking cannabis down to the milligram and milliliter levels to prevent diversion into illegal markets. Agrisoft Seed to Sale helps these businesses manage profitability through robust, comprehensive business reporting, and its custom solutions serve government entities tasked with tracking cannabis operations. The core module was launched in October 2013 and the infused-products module was launched in November 2013.

Management is headed by COO Matt Cook, the most respected cannabis regulatory expert in the United States, who wrote the successful Colorado medical marijuana statute. Cook has helped dozens of state agencies craft current regulations and future statutes. Management also includes a successful, serial entrepreneur, CEO Charles Ramsey, who has proven experience in the FDA-compliant medical software and patient authentication and relational database sphere.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. Our actual results, such as the Company’s ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Statement About Cannabis Markets

The use, possession, cultivation, and distribution of cannabis is prohibited by federal law. This includes medical and recreational marijuana. Although certain states have legalized medical and recreational cannabis, companies and individuals involved in the sector are still at risk of being prosecuted by federal authorities. Further, the landscape in the cannabis industry changes rapidly. What was the law last week is not the law today and what is the law today may not be the law next week. This means that at any time the city, county, or state where cannabis is permitted can change the current laws and/or the federal government can supersede those laws and take prosecutorial action. Given the uncertain legal nature of the cannabis industry, it is imperative that investors understand that the cannabis industry is a high risk investment. A change in the current laws or enforcement policy can negatively affect the status and operation of our business, require additional fees, stricter operational guidelines and unanticipated shut downs.

At the Company

David Traylor Chief Business Officer +1-(303) 993-5271 david.traylor@surna.com

Investor Relations

David Kugelman Atlanta Capital Partners, LLC +1-(404) 856-9157 +1-(866) 692-6847 Toll Free – U.S. And Canada

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/surna-inc-to-acquire-majority-interest-in-agrisoft-development-group-a-leading-cannabis-seed-to-sale-tracking-platform-300018330.html

0 1213

Form 8-K for SURNA INC.

8-Jan-2015

Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.On January 5, 2015, Surna, Inc. (the “Company”) appointed Bryon Jorgenson as its Chief Operating Officer, effective January 12, 2015. Also on January 5, 2015, the Company entered into an employment agreement (the “Employment Agreement”) with Mr. Jorgenson. The Employment Agreement has a term of three years and provides for an annual base salary of $130,000, a one-time sign-on bonus of $15,000 and 1,200,000 stock options. Twenty-five percent of the options will vest one year following the date Mr. Jorgenson’s employment as Chief Operating Officer begins, and the remainder will vest monthly thereafter at the rate of 25% per year. Pursuant to the terms of the Employment Agreement, the Company will reimburse Mr. Jorgenson for his actual moving expenses up to a maximum of $20,000. The Employment Agreement contains a 1-year non-solicitation provision. Pursuant to the terms of the Employment Agreement, if Mr. Jorgenson’s employment is terminated upon a change of control, change of employment or without cause, the Company will pay Mr. Jorgenson six months’ severance.

On January 5, 2015, the Company and Mr. Jorgenson also entered into an executive officer confidentiality, non-competition and non-solicitation agreement (the “Confidentiality Agreement”). The Confidentiality Agreement provides that Mr. Jorgenson will have overall strategic and operational responsibility for all Company programs and will manage a group of departments. In addition, Mr. Jorgenson will be responsible for external relationship development and strategic plan implementation. The Confidentiality Agreement provides for a 12-month non-competition and non-solicitation period and a 5-year confidentiality period.

Mr. Jorgenson is 52 years of age and brings to the Company over 25 years of experience as an executive level manager, engineer and independent consultant working in various technology-based industries comprising industrial electronics, life sciences, and industrial automation systems. Mr. Jorgenson is highly experienced in the leadership of new product commercialization programs from concept and design through production and distribution. Several of Mr. Jorgenson’s programs had included the development and support of both domestic and off-shore manufacturing operations. Mr. Jorgenson is also a Lean Green Belt level facilitator and an experienced Strategic Deployment practitioner.

Most recently, since November 2012, Mr. Jorgenson has been the Chief Operations Officer and founder of MIROPEX, LLC, a management consulting organization serving technology-based companies. In that capacity, he was focused on business development functions including product commercialization, pre-acquisition due diligence, business integration, management team transition, and operations performance improvement.

Prior to forming MIROPEX, LLC, Mr. Jorgenson was Senior Director of Operations and Engineering at St. Jude Medical’s Cardiovascular Division from January 2009 to October 2012. In this role, he led several engineering functions comprising over 180 staff members, supported multiple mergers and acquisitions transactions, and established project management office systems and training for SJM-Cardiology Division’s global operations organization. Additionally, from May 2007 to January 2009, Mr. Jorgenson was Sr. Manager and Director of St. Jude Medical’s global industrial automation department and several Cardiovascular Division’s Process Engineering departments.

Mr. Jorgenson has also worked as a Senior Engineering Manager at ev3 Endovascular, as a Program & Engineering Manager at Synovis IS, as a Manager of R&D and Advanced Technology programs at Pentair, as an Adjunct Instructor in Product Development and Manufacturing at the Anoka-Ramsey College, and has worked in various engineering positions at Smiths Medical, SciMed Surgical, Ultra Machining Co., and Sperry Computer Systems.

Mr. Jorgenson holds a Master’s of Science degree in Management of Technology from the University of Minnesota’s Institute of Technology & Carlson School of Business, a Bachelor’s of Science degree in Industrial Technology Management from the Minnesota State University of Moorhead, and has completed extensive postgraduate studies in Mechanical Engineering from the University of Minnesota.

The foregoing descriptions of the Employment Agreement and the Confidentiality Agreement are qualified in their entirety by reference to the Employment Agreement and the Confidentiality Agreement, which are filed as Exhibits 10.1 and 10.2 hereto and incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.(d) Exhibits.

Exhibit No.   Description of Exhibit

   10.1       Employment Agreement effective as of January 5, 2015 by and between
              Surna, Inc. and Bryon Jorgenson.

   10.2       Executive Officer Confidentiality, Non-competition and
              Non-solicitation Agreement executed on January 5, 2015 by and
              between Surna, Inc. and Bryon Jorgenson.

   99.1       Press release dated January 6, 2015.

 

0 1116

Surna Inc. Acquires Majority Interest in Agrisoft Development Group, a Leading Cannabis Seed-to-Sale Tracking Platform

BOULDER, Colo., Jan. 8, 2015 /PRNewswire/ — Surna, Inc. (SRNA) has signed a definitive agreement to acquire a controlling interest in Agrisoft Development Group, a privately-held company that is one of the leading software developers of seed-to-sale tracking systems for state regulated cannabis cultivation and distribution companies. The deal will provide Surna with additional technology and capabilities to complement its current technology portfolio.

Agrisoft is led by Charles Ramsey, CEO, and Matt Cook, COO. Cook authored and implemented Colorado’s medical marijuana regulatory structure, led the Medical Marijuana Enforcement Division and is widely regarded as the leading regulatory and implementation expert for cannabis. Cook has personally assisted with drafting and implementing state regulated cannabis models in numerous states across the country.  His expertise insures that Agrisoft provides one of the most effective tracking solutions for strict compliance with state regulated cannabis models while also exceeding the most stringent regulatory requirements.

“We are convinced that this highly-sought acquisition will enable us to substantially increase our strength and impact in the cannabis industry,” said Tom Bollich, CEO of Surna. “Because of my background in software development this particular acquisition is nothing short of a perfect storm in regards to Surna’s diversification and rapid growth. Coupled with one of the strongest management teams in the sector, Agrisoft is the ideal platform to expand upon and develop the most robust, comprehensive, system to seamlessly integrate with Surna’s existing and future technology. This is a game changer for us.”

David Traylor, Surna’s CBO stated, “The addition of a software point-of-sale tracking system fits ideally with our strategic direction of providing a complete solution for process control and monitoring that is mandated by state regulated cannabis models.”

“Surna’s proprietary technology improves cannabis grow operating margins by significantly increasing energy efficiency. Agrisoft’s management and capabilities provides regulators, legislators, and banks with greater confidence in regards to the required decision making that will expand the cannabis industry. Surna and Agrisoft make the cannabis industry a more common sense, economically sound option for businesses and states,” said Agrisoft COO Cook.

“Once we recognized the economic efficiency of Surna’s cultivation technologies, and the even greater potential of their technology under development, we immediately knew joining the Surna organization was the best possible decision,” said Agrisoft CEO Ramsay. “We are exceptionally enthusiastic about creating an even broader array of quality products that provide tracking solutions and satisfy the requirements of regulators and consumers.”

The deal is expected to close in the first half of 2015.

About Surna Inc.

Surna, Inc. (www.surna.com) develops innovative technology and products that control or address the energy and resource intensive nature of indoor cannabis cultivation. Currently, the Company’s revenue stream is based on its main product offerings – supplying industrial technology and products to commercial indoor cannabis grow facilities.

Headquartered in Boulder, CO, Surna’s diverse engineering team is tasked with creating novel energy and resource efficient solutions, including the Company’s signature water-cooled climate control platform. The Company’s engineers continuously seek to create technology that solve the highly specific demands of the cannabis industry for temperature, humidity, light and process control.

Surna’s goal is to provide intelligent solutions to improve the quality, the control and the overall yield and efficiency of indoor cannabis cultivation.  The Company’s operations exclude the production or sale of marijuana.

Surna’s premier management team consists of leaders from the life science, energy, cannabis and software sectors.  The Company is headed by technology industrialist and robotics engineer Tom Bollich, co-founder of the highly-publicized gaming company Zynga. Zynga drew national attention when its market valuation quickly surpassed $10 billion.

Agrisoft

Agrisoft Development Group, LLC has created an enterprise-level, cloud-based software suite designed for cannabis dispensaries, cultivation sites, and processors of cannabis-oil-infused products (including foods, capsules, and topicals). These modules come standard with integration for surveillance cameras and alarms, biometric and RFID tracking, yield and THC/CBD enhancement, and the first infused-products solution on the market.

The Company’s proprietary, global; solutions keep operators in compliance with complicated state regulations by tracking cannabis down to the milligram and milliliter levels to prevent diversion into illegal markets. Agrisoft Seed to Sale helps these businesses manage profitability through robust, comprehensive business reporting, and its custom solutions serve government entities tasked with tracking cannabis operations. The core module was launched in October 2013 and the infused-products module was launched in November 2013.

Management is headed by COO Matt Cook, the most respected cannabis regulatory expert in the United States, who wrote the successful Colorado medical marijuana statute.  Cook has helped dozens of state agencies craft current regulations and future statutes.  Management also includes a successful, serial entrepreneur, CEO Charles Ramsey, who has proven experience in the FDA-compliant medical software and patient authentication and relational database sphere.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. Our actual results, such as the Company’s ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Statement About Cannabis Markets

The use, possession, cultivation, and distribution of cannabis is prohibited by federal law.  This includes medical and recreational marijuana.  Although certain states have legalized medical and recreational cannabis, companies and individuals involved in the sector are still at risk of being prosecuted by federal authorities. Further, the landscape in the cannabis industry changes rapidly.  What was the law last week is not the law today and what is the law today may not be the law next week.  This means that at any time the city, county, or state where cannabis is permitted can change the current laws and/or the federal government can supersede those laws and take prosecutorial action. Given the uncertain legal nature of the cannabis industry, it is imperative that investors understand that the cannabis industry is a high risk investment. A change in the current laws or enforcement policy can negatively affect the status and operation of our business, require additional fees, stricter operational guidelines and unanticipated shut downs.

At the Company

David Traylor
Chief Business Officer
+1-(303) 993-5271
david.traylor@surna.com

Investor Relations

David Kugelman
Atlanta Capital Partners, LLC
+1-(404) 856-9157
+1-(866) 692-6847 Toll Free – U.S. And Canada

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/surna-inc-acquires-majority-interest-in-agrisoft-development-group-a-leading-cannabis-seed-to-sale-tracking-platform-300017766.html

0 1106

Surna Appoints Bryon Jorgenson as Chief Operating Officer

BOULDER, CO–(Marketwired – Jan 6, 2015) – Surna Inc. (OTCQB: SRNA), an engineering, manufacturing, and installation company specializing in commercial indoor cannabis cultivation technology, announced today it has appointed Bryon Jorgenson as Chief Operating Officer.

Jorgenson has more than 25 years of experience as an executive-level manager and engineer in the industrial electronics and industrial automation systems sectors.

Before joining Surna, Jorgenson was Chief Operations Officer and Founder of MIROPEX, LLC, a management consulting organization serving technology based companies; and has been focused on business development functions including product commercialization, pre-acquisition due diligence, business integration, management team transition, and operations performance improvement.

“The vast experience Bryon possesses in leading new product commercialization programs will greatly enrich Surna’s engineering proficiency and ability to consistently provide the most efficient, highest quality technology systems to the cannabis industry,” said CEO Tom Bollich. “Bryon is an essential addition to the Surna team and will be pivotal to our success, permitting us more deftly develop and manufacture cutting-edge innovations in licensed cannabis cultivation.”

Several of Mr. Jorgenson’s programs have included the development and support of both domestic and offshore manufacturing operations. Mr. Jorgenson is also a Lean Green Belt level facilitator and an experienced strategic deployment practitioner.

“I am honored and very excited to have this opportunity to work with such a high caliber senior management team and talented professional staff at Surna,” Jorgenson said. “With such incredible growth in the indoor horticultural market, I look forward to bringing a fast-paced and systematic approach to the operations team at Surna. The challenge of buildings business processes, talent pools, and fine-tuned infrastructure that delivers high-value products to our growing customer base is the chance of a lifetime. I am eager to leverage my broad experience to ensure Surna’s success on every front of the cannabis industry,” Jorgenson said.

Prior to forming MIROPEX, Jorgenson was Senior Director of Operations and Engineering at St. Jude Medical’s Cardiovascular Division from January 2009 to October 2012 where he led several engineering projects comprised of more than 180 staff members, supported multiple M&A transactions, and established project management office systems and training for SJM-Cardiology Division’s global operations organization. Additionally, from May 2007 to January 2009, Jorgenson was Sr. Manager and Director of St. Jude Medical’s global industrial automation department and several other cardiovascular division’s process engineering departments.

Jorgenson holds a Master’s of Science degree in Management of Technology from the University of Minnesota’s Institute of Technology & Carlson School of Business, a Bachelor’s of Science degree in Industrial Technology Management from the Minnesota State University of Moorhead, and has completed extensive postgraduate studies in Mechanical Engineering from the University of Minnesota.

About Surna Inc.

Surna Inc. (www.surna.com) develops innovative technology and products that control or address the energy and resource intensive nature of indoor cannabis cultivation. Currently, the Company’s revenue stream is based on its main product offerings — supplying industrial technology and products to commercial indoor cannabis grow facilities.

Headquartered in Boulder, CO, Surna’s diverse engineering team is tasked with creating novel energy and resource efficient solutions, including the Company’s signature water-cooled climate control platform. The Company’s engineers continuously seek to create technology that solve the highly specific demands of the cannabis industry for temperature, humidity, light and process control.

Surna’s goal is to provide intelligent solutions to improve the quality, the control and the overall yield and efficiency of indoor cannabis cultivation. The Company’s operations exclude the production or sale of marijuana.

Surna’s premier management team draws on backgrounds from life sciences, energy, and software sectors. Surna is headed by technology industrialist and robotics engineer Tom Bollich, co-founder of the highly-publicized gaming Company Zynga. The Company drew national attention when its market valuation quickly surpassed $10 billion.

Safe Harbor Statement
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. Our actual results, such as the Company’s ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Statement About Cannabis Markets
The use, possession, cultivation, and distribution of cannabis is prohibited by federal law. This includes medical and recreational marijuana. Although certain states have legalized medical and recreational cannabis, companies and individuals involved in the sector are still at risk of being prosecuted by federal authorities. Further, the landscape in the cannabis industry changes rapidly. What was the law last week is not the law today and what is the law today may not be the law next week. This means that at any time the city, county, or state where cannabis is permitted can change the current laws and/or the federal government can supersede those laws and take prosecutorial action. Given the uncertain legal nature of the cannabis industry, it is imperative that investors understand that the cannabis industry is a high risk investment. A change in the current laws or enforcement policy can negatively affect the status and operation of our business, require additional fees, stricter operational guidelines and unanticipated shut downs.

Contact:
At the Company
David Traylor
Chief Business Officer
(303) 993-5271
david.traylor@surna.com

Investor Relations
David Kugelman
Atlanta Capital Partners, LLC
(404) 856-9157
(866) 692-6847 Toll Free – U.S. And Canada

1 1319

Happy Holidays from Surna!

BOULDER, CO / December 18, 2014 / Thanks for a green 2014! Happy Holidays and Happy New Year from the entire Surna team. We look forward to growing with you in 2015!

About Surna, Inc.:

Surna, Inc. (www.surna.com) engineers, manufactures and installs commercial agricultural equipment to cannabis cultivation facilities. Surna acquires scalable operating companies in the cannabis sector and expands them by incorporating its proprietary grow technology and comprehensive support systems.

Surna is headed by technology industrialist and robotics engineer Tom Bollich, co-founder of the highly-publicized gaming Company Zynga. The Company drew national attention when its market valuation quickly surpassed $10 billion.

Surna’s nine-man engineering team sidesteps technological obsolescence by perpetually developing improved cultivation systems. This engineering advantage provides the Company with financial access to the entire cannabis economy. Surna continuously creates highly adaptivetechnology and software that satisfies the numerous, highly-specific and essential demands of the cannabis industry. Because cannabis remains federally illegal, Surna’s operations exclude the production or sale of marijuana. Interested parties are advised to read Surna’s Statement About Cannabis Markets below.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. Our actual results, such as the Company’s ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Statement About Cannabis Markets

The use, possession, cultivation, and distribution of cannabis is prohibited by federal law. This includes medical and recreational marijuana. Although certain states have legalized medical and recreational cannabis, companies and individuals involved in the sector are still at risk of being prosecuted by federal authorities. Further, the landscape in the cannabis industry changes rapidly. What was the law last week is not the law today and what is the law today may not be the law next week. This means that at any time the city, county, or state where cannabis is permitted can change the current laws and/or the federal government can supersede those laws and take prosecutorial action. Given the uncertain legal nature of the cannabis industry, it is imperative that investors understand that the cannabis industry is a high risk investment. A change in the current laws or enforcement policy can negatively affect the status and operation of our business, require additional fees, stricter operational guidelines and unanticipated shut downs.

At the Company
David Traylor
Chief Business Officer
(303) 993-5271
david.traylor@surna.com

Investor Relations
David Kugelman
Atlanta Capital Partners, LLC
(404) 856-9157
(866) 692-6847 Toll Free – U.S. And Canada

SOURCE: Surna Inc.

 

1 1158

Surna Selected to Present at Investor-Focused Cannabis Investor Webcast

Boulder, CO / ACCESSWIRE / December 16, 2014 / Surna Inc. (SRNA), an engineering, manufacturing, and installation Company specializing, where state law permits, in commercial indoor cannabis cultivation technology, has been selected to participate in the Cannabis Investor Webcast on December 18, 2014, at 11:00 a.m. EST. Surna CEO Tom Bollich will speak live and detail the Company’s engineering and tech-based approach to cannabis cultivation.

“This webcast is a great opportunity for our shareholders to gain a better understanding of the technology our engineering team has developed, as well as where Surna is heading. We believe our Company and our disruptive technology are well positioned to advance the entire cannabis industry,” said Bollich. “Cannabis cultivation is becoming increasingly technical, so Surna has assembled some very ambitious engineers and put them to work under one roof. Our engineering collective is motivated, diverse and capable of creating technologies that are years ahead of their time.”

Surna’s keystone product, a water-cooled climate control system, is an energy efficient alternative to traditional HVAC. In Q1 2015, Surna will release its water-cooled reflector, which will offer up to 50% energy savings on climate control, when paired with Surna’s chiller. Behind lighting, climate control is the second largest energy cost in a grow operation.

The webcast will include presentations and Q&A sessions from Surna and nine additional private and public cannabis related companies including Viridian Capital and Research and Lexaria Corp. over the course of the day. Interested cannabis investors can register for the webcast at no charge at www.cannawebcast.com.

About Surna, Inc.:

Surna, Inc. (www.surna.com) engineers, manufactures and installs commercial agricultural equipment to cannabis cultivation facilities. Surna acquires scalable operating companies in the cannabis sector and expands them by incorporating its proprietary grow technology and comprehensive support systems.

Surna is headed by technology industrialist and robotics engineer Tom Bollich, co-founder of the highly-publicized gaming Company Zynga. The Company drew national attention when its market valuation quickly surpassed $10 billion.

Surna’s nine-man engineering team sidesteps technological obsolescence by perpetually developing improved cultivation systems. This engineering advantage provides the Company with financial access to the entire cannabis economy. Surna continuously creates highly adaptive technology and software that satisfies the numerous, highly-specific and essential demands of the cannabis industry. Because cannabis remains federally illegal, Surna’s operations exclude the production or sale of marijuana. Interested parties are advised to read Surna’s Statement About Cannabis Markets below.

About Cannabis Investor Webcast:

The Cannabis Investor Webcast is held monthly on the fourth Tuesday of the month. The webcast includes 45-minute live presentations and Q&A by CEO’s and CFO’s of privately-held and publicly traded cannabis companies. The webcast audience includes international and domestic cannabis entrepreneurs, individual and institutional investors, analysts, media, and consumers. The Cannabis Investor Webcast offers cannabis companies a convenient and inexpensive way to increase liquidity, awareness and exposure. In addition, the Cannabis Investor Webcast gives cannabis entrepreneurs, individual and institutional investors, analysts, media, and consumers a convenient and inexpensive way to research privately-held and publicly traded cannabis companies.

Safe Harbor Statement

This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as “may,” “should,” “expect,” “anticipate,” “believe,” “estimate,” “intend,” “plan” and other similar expressions. Our actual results, such as the Company’s ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Statement About Cannabis Markets

The use, possession, cultivation, and distribution of cannabis is prohibited by federal law. This includes medical and recreational marijuana. Although certain states have legalized medical and recreational cannabis, companies and individuals involved in the sector are still at risk of being prosecuted by federal authorities. Further, the landscape in the cannabis industry changes rapidly. What was the law last week is not the law today and what is the law today may not be the law next week. This means that at any time the city, county, or state where cannabis is permitted can change the current laws and/or the federal government can supersede those laws and take prosecutorial action. Given the uncertain legal nature of the cannabis industry, it is imperative that investors understand that the cannabis industry is a high risk investment. A change in the current laws or enforcement policy can negatively affect the status and operation of our business, require additional fees, stricter operational guidelines and unanticipated shut downs.

At the Company
David Traylor
Chief Business Officer
(303) 993-5271
david.traylor@surna.com

Investor Relations
David Kugelman
Atlanta Capital Partners, LLC
(404) 856-9157
(866) 692-6847 Toll Free – U.S. And Canada

SOURCE: Surna Inc.

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