GrowLife Inc (PHOT)

[moneymker]

GrowLife, Inc. has announced that it has completed its acquisition of Rocky Mountain Hydroponics, Evergreen Garden Center and on-line portal 58Hydro.com, following a rigorous due diligence process. This makes the provider of highly effective indoor growing technologies and unique lifestyle brands, one of the largest and most diversified conglomerates related to indoor gardening in the United States.

The terms involved payment of $1,625,000 to the owners of Rocky Mountain Hydroponics and Evergreen Garden Center. One of them, Rob Hunt, will be a member of the Board of Directors. He will receive the majority of the stock, note and cash consideration and will be part of GrowLife's future successes.

The consideration will be in the form of 7,857,143 shares of GrowLife common stock, $800,000 in convertible notes that can be redeemed by the company or converted by the holders to common stock in GrowLife at $0.035/share within the next two years and a one-time payment of $550,000 in cash.

Sterling Scott, Chief Executive, GrowLife Inc., stated, "This acquisition is a game changer for GrowLife. With national interest rising, it is vital that GrowLife has ultra-efficient operations, the collective buying power to dominate our markets, and a team of industry professionals that is second to none. This acquisition will propel GrowLife forward in all of these imperative objectives while delivering immediate and significant revenue to GrowLife."