WOODLAND HILLS, Calif., April 2, 2013 (GLOBE NEWSWIRE) -- GrowLife, Inc. (OTCQB:PHOT), a provider of highly effective indoor growing technologies and unique lifestyle brands, is pleased to announce the timely filing of its audited results for the fourth quarter 2012, as well as the fiscal year ending December 31, 2012. The full 10K filing is available at http://www.GrowLifeInc.com/ or on the SEC's website http://edgar.sec.gov/.
- Sales of $675,000 in Q4 2012
- 300% + revenue improvement compared to Q4 2011
- 42% revenue improvement compared to Q3 2012
"We are very pleased with GrowLife's fourth quarter and full year performance, particularly as Q4 2012 was the first profitable quarter in the company's history, exclusive of cash used to pay obligations that carried over from prior accounting periods, and charges to G&A that reflect stock based incentives to management and employees," said GrowLife Inc. CEO Sterling Scott.
"GrowLife has become a much deeper and stronger company since early 2012, with many more products, more channels for distribution and more industry connectedness than at any time in our history. While our outstanding share count has increased overall, share issuance has been directly connected with acquisitions, balance sheet strengthening with debt reduction, and broadening of our base of committed shareholders. Our opportunity for expansion of product offerings in the legal medical marijuana business in the USA has never been greater."
GrowLife continues to differentiate itself from other public companies looking to target the medical marijuana industry by maintaining fully reporting status and detailing a forward looking business plan that aims to support the growth of our respective business units.
- Acquisition of Greners.com – Online Hydro Superstore
- GrowLife was established as the name for our holding company (formerly Phototron Holdings) as we expanded from a single product line to a more broadly based company with many product lines
- Acquisition of Urban Garden – Retail Hydro Store
- GrowLife securities established as DTC eligible to facilitate electronic transfer of certificates by our shareholders
- High Times Cover: SG Sensors – Cutting Edge Remote Grow Technology
- High Times Cover: Stealth Grow LED – "Game Changer" in LED Technology
- GrowLife Productions, Inc., a wholly owned subsidiary, launched to focus on branding and entertainment industry promotions for GrowLife
- GrowLife Hydroponics, Inc., a wholly owned subsidiary, launched to focus on brick and mortar hydroponics retailing launched
- Initiated the first stage of GrowLife's push into therapeutic applications of Cannabis with Medicus Research
Significant milestones were achieved for GrowLife, Inc. as far as brand penetration with potential for future growth. We acquired business units that are basically litmus tests and infrastructure for growth. We have online retail, brick-and-mortar, and technologies which we believe are superior to the rest of the market. Understanding these sales channels is instrumental in building a scalable business and the integrated brand that is GrowLife.
GrowLife's FY 2013 Guidance
For 2013, GrowLife's management provides the following forward-looking guidance, which is limited to revenue from sales, consistent with our current visibility into operations.
Management projects sales in 2013 in the range between $3.9 million and $4.3 million, exclusive of any expansion of GrowLife business through potential acquisitions. These projections are explicitly based upon past results and extrapolating that data.
For details regarding our business, our detailed financial statements, significant accounting policies and notes to our detailed financial statements, we refer interested parties to our 10K report filed on this date with the SEC.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (formerly Phototron Holdings, Inc.) (www.growlifeinc.com) is a company with core holdings in innovative technology-based products and services for the indoor gardening industry and specialty markets. These brands include Stealth Grow, a producer of grow room automation equipment and hi-powered LED grow light products for indoor horticulture (www.sgsensors.com and www.stealthgrow.com), Greners.com, the online hydroponics superstore (www.greners.com) and Phototron, producer of hydroponic grow containers, which are designed to grow vegetables, herbs, flowers and fruits in any environment (www.phototron.com). GrowLife is also the US distributor for the Urban Cultivator brand—the greens machine (www.urbancultivator.net).
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this press release contains financial estimates and other forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are subject to risks and uncertainties, and actual results might differ materially. Examples of such forward-looking statements include management's projected 2013 revenue guidance, references to potential acquisitions, and other references to potential growth in the business. A discussion of factors that may affect future results is contained in GrowLife's filings with the Securities and Exchange Commission. In addition, all industry products are subject to additional uncertainty, including the risks of delay, cancellation and poor critical or financial reception. GrowLife disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.