WOODLAND HILLS, Calif.,
May 27, 2014 /PRNewswire/
-- GrowLife, Inc. (OTC: PHOT), the recognized leader in
specialty hydroponics and a provider of essential goods for indoor
growers, today announced that financial executive Mark E. Scott joined its Board of Directors
effective May 21, 2014. Mr. Scott has
served as Chief Financial Officer and held board and secretary
positions for several publically traded companies. Mr. Scott will
help advise the company on strategic growth investments, financial
reporting and governance.
"GrowLife needs to ensure it has the strongest financial
controls in place that not only meet regulatory standards, but
responsibly exceed them during this volatile time in the market,"
said Marco Hegyi, President of
GrowLife. "Mark is a critical addition to the future of GrowLife,
and with his guidance, we will strengthen and stabilize the
Company's ability to work with the public market."
Mr. Scott has deep knowledge in all of the major aspects of
finance with significant experience leading financial operations
for fast paced growth companies in technology, consumer goods,
telecommunication and mining sectors. He has built and managed
financial teams in companies focused on high growth opportunities,
and closed significant mergers and acquisitions over the past
decade.
Mr. Scott also has an exceptional background in working on U.S.
Securities and Exchange Commission (SEC) reporting and compliance
matters. As a Board Member for GrowLife, his experience is expected
to help expedite the return to active trading on a preferred
exchange, and guide the Company's SEC reporting policies and
procedures.
"The challenge of capitalizing on such market growth requires
solid infrastructure and reporting systems to mitigate risks that
are necessary to scale a company," said Mr. Scott. "The leadership
team at GrowLife understands these challenges and, with my help, is
reinforcing Company-wide financial controls to lead industry
growth."
GrowLife continues to strengthen its SEC reporting policies and
procedures, as well as improved internal controls following the
trading suspension in April. Currently, the Company is voluntarily
conducting an in-depth evaluation of the company's financial
operations with assistance from independent counsel. The internal
evaluation, and all new financial practices, is part of a larger
effort designed to have the Company return to active trading on a
preferred exchange.
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,
Phototron.com and StealthGrow.com. The Company also operates the
political and social forum, Cannabis.org.
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 Relations:
GrowLife Communication Team
pr@growlifeinc.com
Investor Relations:
Shareholders Support Team
Shareholdersupport@growlifeinc.com
SOURCE GrowLife, Inc.