WOODLAND HILLS, Calif.,
April 30, 2014 /PRNewswire/
-- GrowLife, Inc. (PHOT), the recognized leader in specialty
hydroponics and an essential facilitator of the grower marketplace,
announced an initial component of its GrowLife 2.0 go-forward plan
with the creation of stronger governance policies at the Board
level, the restructuring of Board compensation and the creation of
guiding principles for the long-term growth of the company.
A new compensation plan for independent Directors on GrowLife's
Board has been proposed to replace the stock award plan originally
established in August 2012. The initial step in the
implementation of the proposed compensation plan is the agreement
by all four independent directors of GrowLife to cancel their
respective 500,000 share stock grants for Q1 2014 issued pursuant
to the August 2012 plan.
"Upon review of director compensation, the independent directors
recognized the importance of making this change for the good of the
company, and called-upon themselves to serve as leadership
examples," commented Marco Hegyi,
President and Board Director. "This is the first of several
strategic announcements GrowLife will make over the next few weeks,
as key components of our GrowLife 2.0 plan."
The proposed plan shifts compensation away from historical stock
awards, and moves it toward incenting/rewarding independent
Directors for overseeing the long-term growth and expansion of the
company. Director compensation will become more equitable and
in-line with the company's performance.
"This long-term incentive plan will align Board compensation
with company performance," said Sterling
Scott, GrowLife's Chairman and CEO. "It recognizes the
importance of strong governance, industry leadership and a
long-term view of what's right for the company and the
industry. That tenet is a fundamental guiding principle of
our GrowLife 2.0 strategy."
Also fundamental is stronger business acumen shared throughout
the company, and compliance policies that ensure GrowLife's
business practices and investment strategies are in full compliance
with regulatory requirements and market dynamics. To provide
oversight and clear direction, the Board has established four
essential committees:
- Audit Committee to provide greater oversight on all compliance
matters;
- Compensation Committee to review compensation programs,
specifically around stock incentive plans;
- Nominating Committee to identify and screen additional board
members who are committed to the long-term growth of the
company;
- Mergers and Acquisitions Committee to guide purchasing and
investments by the company
About GrowLife, Inc. (PHOT). GrowLife
(www.growlifeinc.com) is the recognized leader in specialty
hydroponics and an essential facilitator of the grower marketplace,
through our nationwide retail network, as well as online sites
Greners.com, Phototron.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.
Media/Investor Relations
(866)632-3111
shareholdersupport@growlifeinc.com
SOURCE GrowLife, Inc.