WOODLAND HILLS, Calif., July 23, 2013 /PRNewswire/ –GrowLife, Inc. (PHOT), a provider of highly effective indoor growing technologies and unique lifestyle brands, today announced that it has begun the execution of a strategic plan to grow its GrowLife specialty retail sales channels to 30 stores with an initial build-out goal of 12 stores and $15 million in annual retail sales in 2014.
“The GrowLife retail businesses currently operate through six sales channels and generate an annualized sales run rate of $8 million,” states Robert Hunt, President of Growlife Hydroponics, Inc. “We are committed to rapidly growing this by roughly 200% with a combination of new store openings and the acquisition of existing stores over the next 12-18 months. As we progress toward the goal of 30 stores, our buying and selling leverage increases substantially and GrowLife expects that it will be in an ideal position to return strong value and profitability to our shareholders.”
Through recent staff additions and strategic acquisitions, GrowLife has assembled a uniquely qualified and specialized team that can manage this expansion and growth. GrowLife is actively strengthening its core retail platform in preparation for the expansion through the building of a robust ERP solution managed by an exceptional IT department. Additionally, the Company is evaluating several funding proposals that would support the expansion while remaining very shareholder friendly and minimizing dilution of existing common stock holders as GrowLife expands.
According to Hunt, “Industry analysts are nearly unanimous that the fast growing indoor specialty gardening industry is set to double in size next year and that specialty suppliers, such as GrowLife, are very likely to benefit. Measured by revenue, GrowLife is the largest SEC compliant and fully reporting company in its space. We expect to grow at or in excess of the rate of our industry while providing investors with true transparency.”
“GrowLife is intent on aggressively identifying market opportunities for its growing brand in this rapidly expanding market,” Hunt added. “Our recent store openings and acquisitions are just the beginning of execution on our goal to be the de facto leader in the online and brick and mortar specialty hydroponic industry.”
For a GrowLife Investor Presentation visit: http://growlifeinc.com/wp-content/uploads/2013/05/PHOT-DECK-4_30_13.pdf
To view a Grassroots Research report on PHOT please visit the link below:
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (formerly Phototron Holdings, Inc.) (www.growlifeinc.com) is a company with core holdings in innovative technology-based products and services for the indoor gardening industry and specialty markets. These brands include Greners.com, the online hydroponics superstore (www.greners.com), Phototron, producer of hydroponic grow containers, which are designed to grow vegetables, herbs, flowers and fruits in any environment (www.phototron.com) as well as bricks and mortar retailers Urban Garden, Rocky Mountain Hydroponics and Evergreen Garden Center (www.rmgardener.com) .
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this press release contains financial estimates and other forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are subject to risks and uncertainties, and actual results might differ materially. Examples of such forward-looking statements include management’s projected 2013 revenue guidance, references to potential acquisitions, and other references to potential growth in the business. A discussion of factors that may affect future results is contained in GrowLife’s filings with the Securities and Exchange Commission. In addition, all industry products are subject to additional uncertainty, including the risks of delay, cancellation and poor critical or financial reception. GrowLife disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.