GrowLife Acquires Urban Garden to Expand Retail Hydroponics Presence
GrowLife, Inc. (formerly known as Phototron Holdings Inc.) (OTCBB:PHOT), an innovative leader in high end horticulture supply, today announced the acquisition of Urban Garden Supplies, a retail hydroponics store with a sizable presence in the Los Angeles market over the past 12 years. The stock transaction that closed on October 22, 2012 furthers the company's goal to build upon its presence in the retail hydroponics industry.
“GrowLife's expansion into the retail hydroponics industry adds a key brick-and-mortar element to our digital strategy,” said GrowLife Inc. CEO Sterling Scott. “After our recent acquisition of Greners.com, we've developed a leadership position in retail hydroponics online, while our new SG Sensor line has helped bolster our product line-up. The acquisition of Urban Garden Supplies marks our next step into the very profitable brick-and-mortar side of the business. Over the next couple of quarters, we will operate Urban Garden Supplies as a model store before exploring a nationwide rollout covering major population centers across the United States.”
The consumer gardening market is estimated to be between $34-36 billion or up to $50 billion, according to a 2010 survey by the Garden Writers Association (GWA). Meanwhile, the Progressive Gardening Trade Association estimates that the retail hydroponics industry could be worth over $1 billion, suggesting a significant market opportunity, particularly given the enormous size of the consumer gardening industry.
About GrowLife, Inc.
GrowLife, Inc. (PHOT) (formerly Phototron Holding, Inc.) is a company with core holdings in innovative technology-based products and services for the indoor gardening industry and specialty markets. These brands include Stealth Grow LED producer of hi-powered LED grow light products for indoor horticulture (www.stealthgrow.com), Greners.com, the online hydroponics superstore (www.greners.com) and Phototron, producer of hydroponic grow containers, which are designed to grow vegetables, herbs, flowers and fruits in any environment (www.phototron.com).
For more information about our public holding company, please visit www.growlifeinc.com.
Cautionary Language Concerning Forward-Looking Statements
Information set forth in this press release contains financial estimates and other forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in GrowLife's filings with the Securities and Exchange Commission. In addition, all entertainment 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.
Kyle Tracey, 800-977-5255