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8-K - CURRENT REPORT - GROWLIFE, INC. | phot_8k.htm |
Exhibit 99.1
GrowLife, Inc. Announces Preliminary Results of Rights Offering,
Enabling Company Market Share Expansion Through Product
Innovation
KIRKLAND, Wash. – December 6, 2018 – GrowLife, Inc. (OTCQB: PHOT), one
of the nation’s most recognized indoor cultivation product
and service providers, is pleased to announce that it closed,
effective November 30, 2018, its previously announced rights
offering equity financing (the "Offering") resulting in
approximately $2,500,000 in gross proceeds to the
company. The Offering was designed to
give record shareholders the opportunity to invest directly in
the company at a set
price, with additional warrants
to support the company’s
capital raise (which will be
used for its continued
expansion in the burgeoning cannabis industry).
“I am proud to lead an
organization where our shareholder base strongly supports our
mission of growth, as illustrated by the participation in this
offering,” said GrowLife CEO Marco Hegyi. “Our
dedicated team works tirelessly to bring continued value to our
shareholders and propel our company forward in this emerging growth
market.”
Hegyi
continued: “We persist to
develop revolutionary indoor cultivation solutions and products,
and this influx of capital will enable us with the ability to forge
ahead in our mission - to help our customers produce the highest
quality products in the most efficient and profitable ways
possible. First, by bringing to
market our proprietary vertical
grow system, our products will
allow cultivators to yield the highest volume of final product per
square foot known to the industry. Secondly, we will focus on sales
via the distribution of our products by expanding our world-class
team of consultants, creating a larger marketing footprint,
and reaching new, previously
untapped customers.
The confidence our shareholders have placed in us is both humbling
and inspiring, as they made
their opinions known by re-investing in us for the long
term. We hope to return this trust through
the momentum and growth our company is
experiencing - making 2019 the best year for GrowLife to
date.”
The
results of the Offering are to date and the company’s
estimates regarding the number of shares to be issued and the gross
proceeds to be received are preliminary and subject to finalization
and verification by the transfer agent, Direct Transfer
LLC.
The Offering is made pursuant to the company’s effective
shelf registration statement.
For more information about GrowLife, including the CEO’s most
recent video statement, visit the company’s website. Products
can be purchased at ShopGrowLife.com.
in the US and GrowLifeHydro.ca/
in Canada.
###
About GrowLife, Inc.
GrowLife, Inc. (PHOT) aims to become the nation’s largest
cultivation service provider for cultivating organics, herbs and
greens and plant-based medicines. Our mission is to help make our
customers successful. Through a network of local representatives
covering the United States and Canada, regional centers and its
e-Commerce team, GrowLife provides essential goods and services
including media, industry-leading hydroponics and soil, plant
nutrients, and thousands more products to specialty grow
operations. GrowLife is headquartered in Kirkland, Washington and
was founded in 2012.
Public Relations Contact:
CMW Media
Cassandra Dowell, 858-264-6600
cassandra@cmwmedia.com
www.cmwmedia.com
Investor Relations Contact:
investors@growlifinc.com
206-483-0059