The Company received an initial funding tranche of $700,000 on July 9, 2015 to grow profitability and fund steps to full regulatory compliance.
SEATTLE, Wash.–(BUSINESS WIRE)– July 16, 2015 — GrowLife, Inc. (PHOT), one of the largest cultivation service providers in the nation, announced today a closing of up to $3,000,000 in financing from a single institutional accredited investor with an initial tranche of $700,000 in financing funded on July 9, 2015.
The Company entered into and closed a Securities Purchase Agreement and related agreements dated July 9, 2015 (the “Transaction Documents”) with an accredited investor (the “Purchaser”) whereby the Company agreed to sell up to $3,000,000 of senior secured, convertible, redeemable debentures to the Purchaser, of which $700,000 was purchased and funded on July 9, 2015.
The Company plans to immediately deploy much of the capital into revenue-generating product initiatives while also earmarking a portion of the proceeds to target getting current in its reporting obligations with the SEC and using our best efforts to secure listing on the OTCQB within ninety (90) days of closing of the financing.
“The GrowLife team remains focused on reaching its goal to get current in its SEC reporting, achieve re-listing on the OTC Markets to enhance liquidity and build shareholder value with this additional financing,” said Marco Hegyi, CEO of GrowLife, Inc. Mr. Hegyi added, “Everyone has worked hard to secure financing on reasonable terms during this period to get GrowLife back on track. Much of this funding will be applied to enhance revenue and reach profitability.”
Further details in regards to the financing can be found in the Company’s Current Report on Form 8-K filed with the United States Securities and Exchange Commission on July 16, 2015.
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