Company Website:
http://www.growlifeinc.com
KIRKLAND, Wash. -- (Business Wire)
GrowLife,
Inc. (PHOT) (“GrowLife”), one of the nation’s most recognized indoor
cultivation service providers, today announced that it has agreed to
acquire the remaining stake in the assets of a building materials
manufacturer, including its intellectual property, as a part of the
Company’s strategic product development subsidiary, GrowLife Innovations.
The Company announced
in October 2017, that it had completed the acquisition of 51% of
assets from a building materials manufacturer that specializes in
development of eco-friendly and non-toxic products, which aligns with
GrowLife’s core business competencies. GrowLife has now acquired the
remaining 49% of the asset, making the Company the sole owner of
FreeFit®, which includes patents, copyrights and trademarks associated
with the technology. The agreement was finalized through an addendum to
the original agreement.
“This strategic acquisition aligns with our goal of bringing sustainable
and healthy best practices to indoor plant cultivation,” said Marco
Hegyi, CEO of GrowLife, Inc. “As we move forward, the Company must be
able to innovate and develop proprietary products that render the most
efficient and safe yield for our customers. This acquisition equips us
with the talent, intellectual property rights and manufacturing
capabilities to produce the highest quality, non-toxic and eco-friendly
products available to the market.”
GrowLife established wholly-owned subsidiary GrowLife Innovations as the
product development division of the organization, led by Vice President
of R&D David Reichwein. Reichwein has extensive experience in leadership
of public companies, including positions where he has led research and
development (“R&D”), product development and manufacturing operation
initiatives for global companies, with a focus on sustainable and
healthy building material solutions. This further acquisition will allow
the Company to fully capitalize on the proprietary technology developed
by the manufacturer and expand these capabilities into other products,
allowing GrowLife to better service the indoor plant cultivation market
with innovative and unique product offerings – all supported by
intellectual property rights.
“GrowLife shares my passion and commitment to creating a healthy,
non-toxic indoor world,” said David Reichwein, Vice President of R&D for
GrowLife, Inc. “I am very confident that we will grow the GrowLife
building materials business in multiples.”
For further information on this transaction, reference GrowLife, Inc.’s 8k
SEC filing.
For more information about GrowLife, Inc. please visit the Company’s website.
Products can be purchased at GrowLifeEco.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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180222005188/en/
Contacts:
Public Relations Contact:
CMW Media
Cassandra Dowell,
858-264-6600
cassandra@cmwmedia.com
www.cmwmedia.com
or
Investor
Relations Contact:
info@growlifinc.com
Source: GrowLife, Inc.
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