urban-gro, Inc. Secures Contract for Architectural Design Services on Critical Municipal Infrastructure Project in Union City, Georgia

Rhea-AI Summary

urban-gro, Inc. (NASDAQ:UGRO), an integrated professional services and Design-Build firm, has secured a contract for architectural design services for Union City Fire Station #44 in Georgia. The project involves designing a state-of-the-art three-story building with three apparatus bays, living quarters, and a community room. urban-gro will serve as a design team partner under Foresite Group.

Work on the project is starting immediately, with the majority of the undisclosed revenue expected to be recognized by the end of the first quarter of 2025. Bradley Nattrass, Chairman and CEO, emphasized that this opportunity allows the company to showcase its expertise in delivering community-centered design solutions and leverage its experience in municipal projects.

Positive

• Secured new contract for architectural design services
• Project revenue expected to be recognized by Q1 2025
• Expands presence in municipal infrastructure sector

Negative

• None.

Insights

Municipal Infrastructure Expert

This contract for architectural design services on Union City Fire Station #44 represents a strategic expansion of urban-gro's portfolio into critical municipal infrastructure projects. The three-story facility, featuring apparatus bays, living quarters and a community room, underscores the company's ability to tackle complex, multi-functional designs.

While the contract value remains undisclosed, the expected revenue recognition by Q1 2025 suggests a significant project scope. This timeline allows for comprehensive design development and potential integration of advanced safety and community-oriented features.

urban-gro's selection as a design team partner under Foresite Group indicates growing industry recognition and potential for future collaborations in the municipal sector. This project could serve as a valuable reference for securing similar contracts, potentially opening up a new revenue stream in public infrastructure design.

Investors should note that diversification into municipal projects may provide more stable, long-term revenue opportunities compared to the company's traditional focus areas, potentially reducing overall business risk.

LAFAYETTE, CO / ACCESSWIRE / October 2, 2024 / urban-gro, Inc. (NASDAQ:UGRO) ("urban-gro" or the "Company"), an integrated professional services and Design-Build firm offering solutions to multiple sectors, today announced that the firm has been selected to provide architectural design services for Union City Fire Station #44 in Georgia. Work is commencing immediately, with the majority of the undisclosed revenue expected to be recognized by the end of the first quarter of 2025.

Union City Fire Station #44 will be a state-of-the-art three-story building with three apparatus bays, living quarters, and a community room. The Company will serve as a design team partner under Foresite Group.

"We are pleased to be a part of the design team for Union City," said Bradley Nattrass, Chairman and CEO. "This opportunity allows us to further showcase our expertise in delivering community-centered design solutions. Our depth of municipal project experience and understanding will ensure that this facility meets the unique needs of the community by enhancing local infrastructure and providing long-term resident benefit."

About urban-gro, Inc.

urban-gro, Inc.^® (NASDAQ:UGRO) is an integrated professional services and Design-Build firm. We offer value-added architectural, engineering, and construction management solutions to the Controlled Environment Agriculture ("CEA"), industrial, healthcare, and other commercial sectors. Innovation, collaboration, and creativity drive our team to provide exceptional customer experiences. With offices across North America and in Europe, we deliver Your Vision - Built. Learn more by visiting www.urban-gro.com.

Safe Harbor Statement

This press release contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this release, terms such as "believes," "will," "expects," "anticipates," "may," "projects" and similar expressions and variations as they relate to the Company or its management are intended to identify forward-looking statements. The forward-looking statements in this press release include, without limitation, financial projections, financial guidance, future events, business strategy, future performance, future operations, future demand, backlog, financial position, estimated revenues, losses, adjusted EBITDA, prospects, plans and objectives of management, including the future ability to position the Company for long-term profitable growth. These and other forward-looking statements are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including, among others, our ability to successfully manage and integrate acquisitions, our ability to accurately forecast revenues and costs, competition for projects in our markets, our ability to predict and respond to new laws and governmental regulatory actions, including delays granting licenses to clients or potential clients and delays in passage of legislation expected to benefit our clients or potential clients, our ability to successfully develop new and/or enhancements to our product offerings and develop a product mix to meet demand, risks related to adverse weather conditions, supply chain issues, rising interest rates, economic downturn or other factors that could cause delays or the cancellation of projects in our backlog or our ability to secure future projects, our ability to maintain favorable relationships with suppliers, risks associated with reliance on key customers and suppliers, our ability to attract and retain key personnel, results of litigation and other claims and insurance coverage issues, risks related to our information technology systems and infrastructure, risks associated with climate change and ESG matters, our ability to maintain effective internal controls, our ability to execute on our strategic plans, our ability to achieve and maintain cost savings, the sufficiency of our liquidity and capital resources, and our ability to achieve our key initiatives for 2023, particularly our growth initiatives. A more detailed description of these and certain other factors that could affect actual results is included in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as may be required by law.

Investor Contacts:
Dan Droller - urban-gro, Inc.
-or-
Jeff Sonnek - ICR, Inc.
(720) 730-8160
investors@urban-gro.com

Media Contact:
Barbara Graham - urban-gro, Inc.
(720) 903-1139
media@urban-gro.com

SOURCE: urban-gro, Inc.

View the original press release on accesswire.com

FAQ

What contract did urban-gro (UGRO) secure in Union City, Georgia?

urban-gro secured a contract to provide architectural design services for Union City Fire Station #44 in Georgia.

When is the revenue from the Union City project expected to be recognized for UGRO?

The majority of the undisclosed revenue from the Union City Fire Station #44 project is expected to be recognized by the end of the first quarter of 2025.

What are the main features of the Union City Fire Station #44 project for UGRO?

The Union City Fire Station #44 will be a state-of-the-art three-story building with three apparatus bays, living quarters, and a community room.

Who is urban-gro (UGRO) partnering with for the Union City Fire Station project?

urban-gro will serve as a design team partner under Foresite Group for the Union City Fire Station #44 project.