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/. Highlights include:
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. Milestones include:
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.
