Surna Announces Largest Contract in its History
Announces $3.2 Million Sales Contract, Surpassing Previous Record of $2.8 Million
Boulder, Colorado, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Surna Inc. (OTCQB: SRNA) announced today that it recently signed a sales contract valued at $3.2 million.
The project in Arizona is for an approximately 53,000 square feet facility. Surna is under contract to provide custom air handlers, heat recovery chillers, and its StrataAir™ vertical racking air flow system, for the cultivation, processing, drying and office spaces (the mechanical engineering design was done by Surna through a previous contract in October). Surna will also provide its SentryIQ® environmental controls, and system start-up.
Tony McDonald, CEO commented: “For the second time in six months Surna is announcing its largest-ever single contract with this latest contract being nearly 15% larger than the previous record. Over the last several years Surna has invested heavily in technology R&D as well as in our engineering capabilities. The result has been an expanding portfolio of product and system offerings and enhanced engineering sophistication. With Surna’s expanded array of technology offerings, our engineering and sales teams were able to present several options to the client, giving them the opportunity to compare and contrast design approaches and choose the solution best tailored to their particular goals, budget and cultivation methods.”
About Surna Inc.
Surna Inc. (www.surna.com) designs, engineers and sells cultivation technologies for controlled environment agriculture including: (i) liquid-based process cooling systems and other climate control systems, (ii) air handling equipment and systems, (iii) a full-service engineering package for designing and engineering commercial scale thermodynamic systems specific to cannabis cultivation facilities, and (iv) automation and control devices, systems and technologies used for environmental, lighting and climate control. Our customers include commercial, state- and provncial-regulated cannabis growers in the U.S. and Canada as well as other international locations, including those growers building new facilities and those expanding or retrofitting existing facilities. Currently, our revenue stream is derived primarily from supplying our products, services and technologies to commercial indoor and hybrid sealed greenhouse facilities ranging from several thousand to more than 100,000 square feet.
Headquartered in Boulder, Colorado, we leverage our experience in this space to bring value-added climate control solutions to our customers that help improve their overall crop quality and yield, optimize energy and water efficiency, and satisfy the evolving state and local codes, permitting and regulatory requirements. Although our customers do, we neither produce nor sell cannabis.
Forward Looking Statements
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect our current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release, including the factors set forth in “Risk Factors” set forth in our annual and quarterly reports filed with the Securities and Exchange Commission (“SEC”), and subsequent filings with the SEC. Please refer to our SEC filings for a more detailed discussion of the risks and uncertainties associated with our business, including but not limited to the risks and uncertainties associated with our business prospects and the prospects of our existing and prospective customers; the inherent uncertainty of product development; regulatory, legislative and judicial developments, especially those related to changes in, and the enforcement of, cannabis laws; increasing competitive pressures in our industry; and relationships with our customers and suppliers. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. The reference to Surna’s website has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
Statement about Cannabis Markets
The use, possession, cultivation, and distribution of marijuana is prohibited by U.S. federal law for medical and recreational purposes. 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. 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 investments in the cannabis industry should be considered very high risk. 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.
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