urban-gro, Inc. Awarded First Project Under Master Services Agreement with P.F. Chang’s, Marking a Significant Milestone in Hospitality Sector Diversification

LAFAYETTE, CO / ACCESSWIRE / September 3, 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 after executing a Master Services Agreement (MSA) in the third quarter of 2023, the Company has been awarded its first project with the well-known Asian culinary restaurant, P.F. Chang's. Anticipated to commence in the third quarter of 2024, the project scope of work will include the full build-out of a restaurant location in Westminster, Colorado. The company anticipates that the majority of the undisclosed revenue for this project will be recognized during the next six months.

"We are incredibly excited to partner with P.F. Chang's and look forward to delivering on schedule, and in turn, earning the opportunity to participate on additional projects in the future," said Bradley Nattrass, Chairman and CEO. "The partnership underscores our commitment to excellence in the hospitality sector through the deployment of innovative construction management solutions."

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, industrial, hospitality, 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.

About P.F. Chang's

Founded in 1993 by Philip Chiang and Paul Fleming, P.F. Chang's is the first internationally recognized multi-unit Asian culinary brand to honor and celebrate the 2,000-year-old tradition of wok cooking as the center of the guest experience. With roots in Chinese cuisine, today's menu at P.F. Chang's spans across all of Asia, honoring cultures and recipes from Japan, Korea, Thailand, and beyond. Each item offers a unique exploration of flavor, whether it's a handcrafted cocktail, wok-fired lunch bowl, or celebratory Chef's Feast 3-course dinner. Worldwide, P.F. Chang's has more than 300 restaurants in 22 countries and U.S. airport locations. For more P.F. Chang's news, visit pfchangs.com and follow us on Facebook, Instagram, and TikTok @pfchangs.

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:

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.