GrowLife Announces Proposed Settlement for Pending Securities Litigation
February 12 2015 - 9:00AM
Business Wire
Notice of a proposed settlement was filed
February 9, 2015 with the U.S. District Court
GrowLife, Inc. (OTCMKTS: PHOT) announced today that on February
9, 2015, the Company and plaintiff’s counsel filed a Notice of
Proposed Settlement with the Court presiding over the Consolidated
Class Action lawsuits filed in 2014. The parties expect to file
Notices of Proposed Settlement in the Court presiding over the
Derivative Actions during February, 2015. The Company anticipates
that the settlements will be documented and any necessary motions
for Court approval of the settlements will be filed within the next
45 days.
For more information about GrowLife, please
visit: www.growlifeinc.com. Additional commentary on the
Company as well as the industry is also provided on Mr.
Hegyi’s blog.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (www.growlifeinc.com) aims to become the
nation’s largest cultivation service provider for cultivating
organics, herbs and greens and plant-based medicines. Our mission
is to best serve more cultivators in the design, build-out and
expansion of their facilities with products of high quality,
exceptional value and competitive price. Through a nationwide
network of local representative, regional centers and its
e-Commerce team, GrowLife provides essential goods and services
including media (farming soil), industry-leading hydroponics
equipment, plant nutrients, and thousands more products to
specialty grow operations in 17 states. GrowLife is headquartered
in Seattle, WA and was founded in 2012.
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, Inc.Media Relations:Tina Qunell,
206-919-9652GrowLife Communication
Teamtina@growlifeinc.comorInvestor Relations:Tina Qunell,
206-919-9652Shareholders Support Teamtina@growlifeinc.com
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