KIRKLAND, Wash.–(BUSINESS WIRE)–GrowLife, Inc. (PHOT) one of the nation’s most recognized indoor cultivation services providers, today announced that it has completed the acquisition of 51% of assets from a tile flooring business with innovative intellectual property that is aligned with GrowLife’s core business competencies. The assets include intellectual property rights and FreeFit® patents, and the copyrights and trademarks associated with the technology. In addition to the asset acquisition, renowned chemical engineer and inventor of a patent pending luminous tile technology David Reichwein will join GrowLife as Vice President of Research and Development (R&D).
Reichwein brings with him to GrowLife years of experience in various executive leadership roles at public companies, including positions where he has lead global procurement, R&D, product development and manufacturing operation initiatives. Most recently, Reichwein was Founder and CEO of a product development manufacturing company focused on creating green, non-toxic building materials. He also holds over 50 patents in various technologies ranging from flooring to nuclear science.
“This asset purchase provides us with new ways to engage our customers with state-of-the art environmentally friendly building materials that we believe can help indoor cultivators lower the production cost of growing crops indoors,” said GrowLife CEO Marco Hegyi. “In addition, we are pleased to have David Reichwein join our management team and believe his depth of technological and engineering knowledge will enable us to further help responsible cultivation operations efficiently control supply costs, manage build-out investment, track supply usage and streamline workflows.”
“I truly believe in the vision of GrowLife and am looking forward to helping the Company achieve even greater success in this rapidly evolving indoor cultivation industry with my background and expertise in complex electrical systems engineering that improves building operating efficiencies, resulting in lower operating costs,” said GrowLife’s newly appointed Vice President of R&D David Reichwein.
For further information on this transaction, reference GrowLife, Inc.’s 8k SEC filing.
For more information about GrowLife and GrowLifeEco.com, please visit the company website. Additional commentary on the Company as well as the industry is also provided on the CEO’s blog. Specific financials and corporate actions on GrowLife (PHOT), can be found in the filings at the SEC website.
GrowLife, Inc. (PHOT) aims to become the nation’s largest cultivation service provider for cultivating organics, herbs and greens and plant-based medicines. Our mission is to help make our customers successful. Through a network of local representatives covering the United States and Canada, regional centers and its e-Commerce team, GrowLife provides essential goods and services including media, industry-leading hydroponics equipment, plant nutrients, and thousands more products to specialty grow operations. GrowLife is headquartered in Kirkland, Washington and was founded in 2012.