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.
Media Relations:
GrowLife Communication Team
pr@growlifeinc.com
Investor Relations:
Shareholders Support Team
Shareholdersupport@growlifeinc.com
SOURCE GrowLife, Inc.