GrowLife, Inc. is a nationally recognized cultivation brand, providing world-class hydroponic equipment, lighting, nutrients, media, and other cultivation supplies to commercial and urban operations. With a complete selection of cultivation products combined with logistics and distribution services, GrowLife can help responsible cultivation operations efficiently control supply costs, manage build-out investments, track supply usage and streamline workflows.
GrowLife Strengthens Its Financial Position
Company announces new financing and acquisition intent in California
GrowLife, Inc. (OTCBB: PHOT), one of the nation’s most recognized indoor cultivation service providers, today announced its intent to acquire Go Green Hydroponics, a Southern California hydroponic retailer, and new funding with investment firms to expand and better manage its financial needs.
“The 15c2-11 approval in mid-February has given GrowLife the ability to negotiate more flexible financing terms for expansion, working capital and efficiently reduce its debt, thus improving the Company’s financial position and opportunity to grow once again,” stated Marco Hegyi, GrowLife President and CEO. Mr. Hegyi continued, “The financing includes a new investment firm, Chicago Venture Partners, and has instilled greater confidence in GrowLife from the Company’s senior secured lender, TCA Global Credit Fund, so as to remove the default overhang with forbearance and enabling GrowLife to better service and retire its credit debt over time.”
GrowLife also announced a non-binding letter of intent to acquire Go Green Hydroponics, a California hydroponics supply retailer, which has established a respected reputation among its customers over its seven-year history. Mr. Hegyi explained, “It is exciting to finally start the acquisition expansion process. Go Green’s 2015 revenue, combined with GrowLife’s 2015 sales, would double our 2015 revenue. However, it is the return to California with a strong and successful retail operation that provides GrowLife the strategic presence in a market, which can surpass the legalization of Colorado in 2014, that is most exciting.” There is no guarantee that the Company will close the acquisition of Go Green.