GrowLife Inc. Signs LOI to Expand Presence in Fast-Growing Colorado
Medical Marijuana Businesses: Agreement Initiates GrowLife's Entry
in Licensing and Branding
WOODLAND HILLS, Calif.,
Feb. 19, 2013 /PRNewswire/
-- GrowLife, Inc. (OTCQB: PHOT), a provider of highly
effective indoor growing technologies, is pleased to announce that
it has entered into a strategic licensing letter of intent with
GrowLife Consulting Colorado, LLC ("GLCC"). Under the
agreement, GLCC is authorized to use the name "GrowLife" in
Colorado, as well as certain
intellectual property and technology rights in exchange for
licensing fees. GrowLife's agreement with GLCC provides GrowLife
with an option to acquire ownership in GLCC. The LOI between
GrowLife and GLCC is scheduled to close on March 8, 2013.
GLCC is chartered in compliance with Colorado's trailblazing marijuana laws and
regulations to provide management services and equipment to
marijuana dispensaries and marijuana production operations in
Colorado's burgeoning marijuana
industry.
According to GrowLife CEO Sterling C.
Scott, "The GrowLife Consulting Division positions our fully
reporting public company to more aggressively participate in the
most profitable parts of the medical marijuana space and provides
an opportunity to leverage our brand equity in this quickly
expanding industry. The business model of our GrowLife Consulting
division should provide GrowLife with relatively high margin
licensing revenue and equipment sales opportunities. It also
increases our engagement in value added products in the marijuana
space. We are very pleased to be proceeding forward with GLCC in
Colorado and are open to expanding
on this seminal approach in cooperation with GLCC in the other 17
states where medical marijuana has been legalized. This agreement
is not only a potential value-add to our increasingly diverse
revenue lines, but a testament to our opportunistic approach and
pursuit of market share."
GrowLife expects that the GLCC business model will allow it to
participate much more broadly in what the San Diego-based MMJ Biz Daily has
described as a $40+ billion dollar U.S. opportunity. Bruce Perlowin, industry advocate and CEO of
HEMP, Inc. (OTC: HEMP), another publicly traded industrial
hemp-focused company, described the company's move as "brilliant
positioning." Perlowin explained, "As soon as the federal
government completes the inevitable process of formally recognizing
medical uses of marijuana, GrowLife will already be well positioned
to capitalize on the enormous opportunity."
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (formerly Phototron Holding, 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
forward-looking statements that are subject to risks and
uncertainties, and actual results might differ materially. Examples
of forward looking statements contained in this press release
include statements relating to potential research results and plans
relating to acquisitions, investments or collaborations. 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.
SOURCE GrowLife, Inc.