Fourth Quarter and 2017 HighlightsDuring 2017, GrowLife, Inc. achieved the following milestones and significant events: Secured Funding to Support Continued Expansion Efforts- The Company secured additional funding from private investment firm Chicago Venture Partners. The funding allowed the Company to deploy the resources needed to pursue its multi-faceted growth strategy. GrowLife's growth strategy includes the establishment of multiple subsidiary entities, hiring of new executive and sales talent positions, pursuing asset purchases and rolling out new and innovative product offerings. Established Division Pillar Strategy Resulting in New Business Channels - Company Executives developed and implemented a division pillar strategy designed to meet the growing needs of the indoor plant cultivation market. The strategy outlined the many verticals the Company operates and resulted in the creation of new business divisions including:
- GrowLife Commercial, a commercial consulting division that works with customers of all sizes to design state-of-the-art cultivation facilities.
- GrowLife Innovations, a research and development division that focuses on innovative product creation that revolutionizes indoor growing while expanding the Company's assets through the development of intellectual property.
- GrowLife Retail, the brick and mortar sales channel for the Company is comprised of wholly-owned retail locations throughout the United States and Canada as well as GrowLife's store-within-a-store concept. GrowLife's store-within-a-store model allows GrowLife to achieve representation in traditional hydroponics outlets, which furthers brand awareness with local consumers.
- GrowLife Hydroponics, the Company's flagship consumer channel with e-commerce and logistics offering more than 12,000 products to a national and worldwide audience.
Launched New Premier Branded Items - As part of its commitment to offering innovative and new branded products, the Company introduced new products to its already robust product offering including:
- GrowLife HP Soil • GrowLife HP, High-Porosity Organic Peat, is a highly oxygenated soil allowing it to dry out faster and more evenly then heavier soil mixes. The formulation offers cultivation operators the ability to feed plants more often, which results in increased yields; this aligns with the Company's mission of assisting customers to be more profitable and efficient.
- GrowLife Cube Pro • GrowLife Cube Pro is one of the world's first complete home grow packages designed to make plant cultivation attainable for consumers of all skillsets. The Company identified expanding interest in home cultivation after legalization of in-home cannabis production in numerous states.
Announced the Promotion of Joseph Barnes to President of the GrowLife Hydroponic Division - Mr. Barnes was previously the senior vice-president of business development for the Company where he led the Company to its third consecutive revenue growth quarters and contributed the highest gross margin in over a year for the Company. Mr. Barnes oversees all sales for the Company including its recently expanded sales force.FOURTH QUARTER AND YEAR-END 2017 FINANCIAL RESULTS Net Revenue: For the year ending December 31, 2017, GrowLife, Inc. showed net revenue of $2,452,104, as compared to revenue of $1,231,281 for the year that ended December 31, 2016, an increase of 99%. Balance Sheet: Total Assets for the company were $861,866 of December 31, 2017, compared to $534,576 as of December 31, 2016, an increase of 61%. Accounts payable were reduced by $708,521. Operating Loss: For the year ending December 31, 2017, GrowLife, Inc. had an Operating Loss of $2,048,954 as compared to $2,808,892 for the year ending December 31, 2016, which is a positive change of 27%. A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b8713324-f344-4c6b-be20-b87c61c88da3 For more information about GrowLife, please visit the Company's website. Products can be purchased at ShopGrowLife.com. Additional commentary on the Company and the industry as a whole can be found on the CEO's blog. 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. For more information, The GrowLife 2017 Stockholder Review presentation can be found on the Company's homepage at www.GrowLifeInc.com. Public Relations Contact: CMW Media Cassandra Dowell, 858-264-6600 email@example.com www.cmwmedia.com Investor Relations Contact: firstname.lastname@example.org FORWARD LOOKING STATEMENT: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of GrowLife, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words may, would, will, expect, estimate, can, believe, potential and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond GrowLife, Inc.'s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors.