GrowLife Names Former Microsoft, Yahoo! Exec, Marco Hegyi, as New President Leadership Team Strengthens as GrowLife Begins Implementing $40 Million Capital Infusion
WOODLAND HILLS, Calif., Dec. 11, 2013 /PRNewswire/ -- GrowLife, Inc. (OTCBB: PHOT), a diversified company operating in the legal cannabis industry which 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, is pleased to announce that effective immediately, Marco Hegyi will assume the position of President and join the Board of Directors.
"The Board of Directors and I are elated to add Mr. Hegyi's vision and considerable experience in world class team building to the GrowLife management team," stated Sterling Scott, CEO, GrowLife Inc. "The unprecedented capital infusion by CANX of $40 million in funding to a joint venture with GrowLife and the extraordinary business opportunity of the legal cannabis marketplace, led our executive search to look outside of our core industry to candidates with exemplary business experience and strategic acumen. GrowLife is very fortunate to have Mr. Hegyi and his vast skills now dedicated to our core mission of expanding GrowLife shareholder value in the legal cannabis industry."
Mr. Hegyi's extensive background includes significant terms of management service and world class team building experience at market leading companies. Notably, Mr. Hegyi served as Senior Director of Global Product Management at Yahoo! and prior to Yahoo!, led Microsoft's Partner Program management for Microsoft Windows, Office and server beta releases.
Mr. Hegyi holds a degree in Information and Computer Sciences from the University of California, Irvine, and has completed advanced studies in innovation marketing, advanced management, and strategy at Harvard Business School, Stanford University, UCLA's Anderson Graduate School of Management, and MIT's Sloan School of Management.
"During my business career I have actively participated in a number of tremendous market opportunities," stated Hegyi. "I have worked through the formation of the PC industry, the Internet revolution and more. Today, I believe that the legal cannabis market is one of the greatest business opportunities. GrowLife has a unique leadership position in the industry and I welcome the challenge and the opportunity of our extending our leadership through the unprecedented $40 million capital infusion recently announced in GrowLife's joint venture with CANX USA, LLC. I am very proud to accept this position and to serve the GrowLife Board of Directors in our mission to enhance shareholder's value."
At the same time that GrowLife welcomes Mr. Hegyi, the company extends its gratitude and best wishes to our interim president, Kyle Tracey, for his distinguished service to GrowLife over the past year, which included many accomplishments led by Mr. Tracey. Mr. Tracey has elected to leave GrowLife for an exciting new engagement in our industry that is pending announcement.
A GrowLife Investor Presentation can be viewed online at http://growlifeinc.com/growlife-presentations-october-2013/
From time to time, GrowLife will provide market updates and news via its websites GrowLifeInc.com, Cannabis.org or the Company's Facebook page at https://www.facebook.com/tellthetruthfederalgovernment
For a GrowLife Investor Presentation visit: http://growlifeinc.com/wp-content/uploads/2013/05/PHOT-DECK-4_30_13.pdf
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 58Hydro.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.
Investor Relations Contact:
Kurt Divich (702) 396-1000
SOURCE GrowLife, Inc.