|By PR Newswire||
|March 24, 2014 07:15 AM EDT||
WOODLAND HILLS, Calif., March 24, 2014 /PRNewswire/ -- GrowLife, Inc. (PHOT), a diversified company operating in the legal cannabis industry which develops, markets and deploys products and services of legal cannabis, together with Organic Growth International, LLC ("OGI"), its joint venture with CANX USA, LLC, extended the date for completion of due diligence and closing the transaction with RXNB Inc. ("RXNB") to April 4, 2014. Under the agreement, GrowLife will sell and distribute RXNB proprietary technologies globally, and share profits related to technology licensing, subject to the approval of the GrowLife Board of Directors. GrowLife currently has a 45% ownership interest in OGI, with conditions under which it can gain majority interest.
RXNB is an investment company with holdings in drug formulation, manufacturing, and distribution. The company represents a recent roll-up of several independent companies in the pharmaceutical and nutraceutical market. RXNB has numerous pending patents in the field of THC research and development.
According to RXNB executive Dr. Sam Alaweih, "We are very pleased to have reached a mutually agreeable go-forward plan with GrowLife and OGI management. RXNB has agreed to withdraw its contemplated litigation, without prejudice."
"I am pleased to join Sam Alaweih and Bill Chaaban in our renewed dedication to completing the exciting partnership with RXNB," commented GrowLife CEO and OGI member Sterling Scott. "We have agreed to complete the deal by April 4, 2014, and are confident in both parties' ability to achieve consensus by that time. Given the complexities of this transaction, and the number of different parties involved, additional time was necessary."
A full 8-K detailing the Agreement was released January 30, 2014.
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
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 StealthGrow.com. The Company also operates the political and social forum, Cannabis.org.
About RXNB, Inc.
RXNB possesses proprietary, cutting-edge systems in the field of agriculture, applicable to medical marijuana. In particular, these technologies focus on Current Good Manufacturing Practices (cGMP) manufacturing and growing process of medicinal marijuana. cGMP refers to the Current Good Manufacturing Practice regulations enforced by the US Food and Drug Administration (FDA). cGMPs provide for systems that assure proper design, monitoring, and control of manufacturing processes and facilities, which assures the identity, strength, quality, and purity of drug products. RXNB technologies will accelerate plant growth, allow perpetual grow cycles of about 35 days and protect plants from adulterants, which will yield greater harvests. RXNB has a pharmacy division, which dispenses prescription drugs direct to approximately 50,000 patients per month in the US. RXNB owns a distribution network, which supplies approximately 2,700 clinicians with tailored functional medicine across the US. It operates its own call center and owns software technologies in the field of tailored specialty drugs and batch record keeping in compliance with USP 797.
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.
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