Phototron Holdings, Inc. (OTCBB: PHOT) (OTCQB: PHOT), a leading technology supplier to the hydroponic growing industry, today announced that it has signed a letter of intent (“LOI”) to acquire Greners.com. Subject to meeting certain conditions, the definitive asset purchase agreement is anticipated to be signed at the end of April 2012, with the closing of the all-cash transaction to occur shortly thereafter.
“We are excited to announce the signing of our LOI with Greners.com,” said Sterling Scott, Phototron’s CEO. “Greners.com is the premier hydroponics online supply business in the country. Our Stealth Grow LED subsidiary has been a major supplier to Greners.com for the last two years. We have long admired the breadth of their product line, customer service, prompt shipping and returns, and knowledgeable staff, and given their online expertise, we are excited about the resulting synergies that Greners.com brings to Phototron Holdings.”
Greners.com is a leading gardening website that sells the best of everything you need to grow your garden. The online portal features products running the gamut from soils, bulbs, ballasts, climate control equipment, LED grow lights and hydroponic systems. Greners.com will provide Phototron Holdings with another powerful base in which to support the strong trends in favor of the $50 billion a year home gardening market. Based in the Bay Area, its knowledgeable sales and technical support teams, as well as its key management personnel will continue with the company.
“We are pleased with the prospect of combining our operations with Phototron Holdings,” said Tao Klauenburch, Co-President of Greners.com. “We are strong believers in the incredible growth prospects of the hydroponics industry, as exemplified by the way we have aligned our brand as a progressive, customer-oriented and visionary purveyor of the best equipment for your garden. This transaction will provide us with increased access to capital for growing Greners.com more rapidly in 2012 and beyond.”