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SOURCE GrowLife, Inc.
Recognized leader in the specialty hydroponics industry restates non-cash losses for first quarter 2014, and adheres to stronger financial controls
WOODLAND HILLS, Calif., June 26, 2014 /PRNewswire/ -- GrowLife, Inc. (OTC: PHOT) informed its investors the Company will restate non-cash losses by $33.7 million in warrants for the quarter ending March 31, 2014 without changing its cash performance. Details of the restatement were disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) last week, after further review of the Company's financial practices. Other filings reported include formation of committees and standard policies such as code of ethics, insider trading and other standard disclosures.
President of GrowLife, Marco Hegyi issued a formal statement addressing the recent filings:
"GrowLife has become a different Company than it was three months ago. We are poised to become an industry leading Company that can weather what the world throws at us. Our decision to adopt and exercise a sustainable and conservative financial structure will increase our accountability to our shareholders and to government agencies. These are actions to help get this Company back on track, and move forward with GrowLife 2.0."
GrowLife revenues for its first financial quarter of 2014 remains unchanged as first reported on May 15, 2014. The Company's earnings showed an increase in revenues of $2,382,836, or 213% compared against revenues in Q1 2013. For further comments, the Company's President addresses the recent changes here.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (www.growlifeinc.com) develops, markets and deploys products and services addressing the needs of legal cannabis growing and retail operations, including hydroponic growing equipment and retail support software. The Company provides these solutions in our nationwide retail network, as well as online sites Greners.com and StealthGrow.com.
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for GrowLife's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in GrowLife's filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting GrowLife, Inc. please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. GrowLife, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
GrowLife Communication Team
Shareholders Support Team
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