Growlife Releases Shareholder Letter from CEO Addressing Reverse Split and Upcoming Initiatives


KIRKLAND, Wash., Dec. 04, 2019 (GLOBE NEWSWIRE) -- GrowLife, Inc. (OTC: PHOT) (“GrowLife” or the “Company”), one of the nation’s most recognized indoor cultivation product and service providers, released the following letter today from the Company’s Chief Executive Officer Marco Hegyi.

Dear Shareholders,

I would like to take this opportunity to discuss some of the most recent developments within GrowLife from a financial and operational standpoint.  We have had a very exciting year to-date – from the successful integration of industry-renowned EZ-CLONE Enterprises, which allowed us to surpass our 2018 annual revenue in just over six months of 2019, to the retirement of over a half-billion shares and subsequent reversal of shares, 2019 has proved to be one of the most pivotal and important years from a strategic positioning stand-point in GrowLife’s history. That said, we continue to see questions from our valued investors about the impact of this reversal, where we are headed in our cloning business, and how we are positioned to capitalize on this new opportunity.

Company management believes that the recent reversal of shares came at the right time for our company as we prepare for our next steps in becoming a nationwide supplier of industry-leading, proprietary hemp clones. Most importantly, for our current shareholders, this reduction in the number of shares does not have any effect on your percentage interest in our company. It is merely a mathematical equation that reduces every 150 shares to 1, inherently changing our share price which will allow us to potentially re-uplist to OTCQB and beyond. This will make it easier for shareholders to trade with more brokerage houses, as well as potentially attracting more favorable investments from larger organizations and individuals. While the swift change may catch our shareholders off-guard, we hope they will see the positive outcomes that this transaction opens up. Shareholders can find us trading temporarily at “PHOTD” until we move back full time to “PHOT.”

Although we do expect to see some continued volatility in the short-term, we can offer some reassurance by highlighting a few items we believe to be noteworthy: First, look back and see our solid revenue growth, on-going management continuity, and leadership accountability. Second, look at the difficult decisions we made that were aimed at increasing shareholder value in the long run; most investors know that 3.8 billion shares trading under $0.01 on the Pink Sheets is not sustainable nor would lead us to the outcome shareholders expect. Finally, look to 2020 and see how the demand for CBD, EZ-CLONE systems and GrowLife products are growing simultaneously. The reverse has ultimately created a more attractive company with potentially better access to equity and investors as we prepare to serve the CBD industry, which is estimated to reach $23.7 billion by 2023 as projected by Brightfield Group. This is why management concluded that now was and remains the right time to take this step. We will continue to do what we believe is right in order to build long-term shareholder value with your support.

As I have publicly stated on multiple occasions, we are headed into 2020 with the vision of becoming one of the leading suppliers of CBD-rich hemp clones. We plan to leverage our industry experience and relationships to expand our offering to including proprietary hemp strains that our customers are looking for in order to meet the raw material need of the booming CBD market. We hope that our investors are as excited as we are to forge forward on this journey and see the opportunity we have ahead of us in the new year and beyond.

We will continue to update you in the coming days and weeks.

Sincerely Yours,
Marco Hegyi
Chief Executive Officer

About GrowLife, Inc.
GrowLife, Inc. (PHOT) aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Our mission is to help make our customers successful. Through a network of local representatives covering the United States and Canada, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media, industry-leading hydroponics and soil, plant nutrients, and thousands more products to specialty grow operations. GrowLife is headquartered in Kirkland, Washington and was founded in 2012.

For more information, The GrowLife 2018 Stockholder Review presentation can be found on the Company’s homepage at www.GrowLifeInc.com.

Public Relations Contact:
CMW Media
Cassandra Dowell, 858-264-6600
cassandra@cmwmedia.com
www.cmwmedia.com

Investor Relations Contact:
investors@growlifinc.com

FORWARD LOOKING STATEMENT:
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of GrowLife, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words may, would, will, expect, estimate, can, believe, potential and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond GrowLife, Inc.’s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors.