GrowLife Updates Guidance, Projects Revenues in Excess of $5.45 Million for 2013 FY
WOODLAND HILLS, Calif., June 18, 2013 /PRNewswire/ -- GrowLife, Inc. (OTCQB: PHOT), a provider of highly effective indoor growing technologies and unique lifestyle brands, is pleased to announce that it has adjusted revenue guidance upward for the remainder of its fiscal year.
GrowLife, Inc. has successfully completed its full due diligence and financial analysis necessary to proceed with the timely completion of the previously announced acquisition of Rocky Mountain Hydroponics, LLC, Evergreen Garden Centers, LLC and on-line portal 58Hydro.com. GrowLife's updated revenue guidance forecast now can include incremental revenues from the acquisition for inclusion at the end of GrowLife's Q2 revenue forecast and for accounting periods of Q3 and Q4 in 2013. The revised total does not include the acquired companies' revenue for Q1 and Q2, which preceded the acquisition.
"Based on the aggregation of revenue for the newly acquired entities our accountants have projected that in addition to the actual revenue reported from Q1 of $760,709, that GrowLife's net revenue expectation for Q2 is $925,000, Q3 is $1,810,000, and Q4 is $1,955,000," said Sterling Scott, CEO, GrowLife. "As such, we are pleased to report that GrowLife's annual revenue guidance totals $5,450,000 for the 2013 Fiscal Year."
"GrowLife believes that the present political climate creates an important and urgent opportunity to be strategically acquisitive in our industry," Scott added. "Amid a cadre of robust and growing businesses, we have sought out acquisitions which we wholeheartedly believe provide to us an opportunity to not just add their robust top line revenue, but to simultaneously increase our sales and distribution efficacy while expanding our popular brands through well-established sales channels."
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About GrowLife, Inc.
GrowLife, Inc. (PHOT) (www.growlifeinc.com) is a diversified company with core holdings in innovative technology-based products and services for the indoor gardening industry and specialty markets. These brands include Stealth Grow, a producer of grow room automation equipment and hi-powered LED grow light products for indoor horticulture (www.sgsensors.com and www.stealthgrow.com), online hydroponics superstores Greners.com and 58Hydro.com (www.greners.com and www.58Hydro.com) , retail hydroponics store chains including Rocky Mountain Hydroponics (www.rmgardner.com) and Evergreen Garden Centers and Urban Garden Supplies (www.urbangardensupplies.com) and Phototron, producer of hydroponic grow containers, which are designed to grow vegetables, herbs, flowers and fruits in any environment (www.phototron.com). GrowLife is also the US distributor for the Urban Cultivator brand—the greens machine (www.urbancultivator.net).
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.
SOURCE GrowLife, Inc.