GROWLIFE, INC. (OTCMKTS:PHOT) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.
On November 14, 2019, GrowLife Innovations, Inc., a subsidiary of GrowLife, Inc. (the “Company”), closed a Settlement and Release and Intellectual Property Assignment Agreements with All Commercial Floors, Inc. dated October 22, 2019. GrowLife Innovations transferred inventory, property and equipment and intellectual property to All Commercial Flooring in exchange for a release of liabilities.
The Agreements are qualified in their entirety by reference to the Agreements, copies of which are attached to this Current Report on Form 8-K as Exhibit 10.1 and 10.2, respectively, and incorporated by reference into this Item 2.01. Certain capitalized terms used herein but not otherwise defined shall have the meaning ascribed thereto in the Agreements.
Item 9.01 Financial Statements and Exhibits.
|10.1||Settlement and Release Agreement dated October 22, 2019 and which closed November 14, 2019 by and Between GrowLife Innovations, Inc. and All Commercial Floors, Inc.|
|10.2||Intellectual Property Assignment Agreement dated October 22, 2019 and which closed November 14, 2019 by and Between GrowLife Innovations, Inc. and All Commercial Floors, Inc.|
GROWLIFE, INC. Exhibit
EX-10 2 ex_10-1.htm SETTLEMENT AND RELEASE AGREEMENT DATED OCTOBER 22,…
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About GROWLIFE, INC. (OTCMKTS:PHOT)
GrowLife, Inc. (GrowLife) provides goods, including media (farming soil), hydroponics equipment, organic plant nutrients, and various other products to specialty grow operations across the United States. The Company primarily sells through its subsidiary, GrowLife Hydroponics, Inc. In addition to the promotion and sales of GrowLife owned brands, GrowLife distributes and sells over 3,000 products through its e-commerce distribution channel, Greners.com, and through its regional retail storefronts. The Company serves a community of commercial and urban cultivators growing specialty crops, including organics, greens and plant-based medicines. Indoor growing techniques are used to cultivate plant-based medicines. The Company holds rights in approximately 30 Website addresses related to its business, such as www.growlifeinc.com, www.growlifeeco.com, www.stealthgrow.com and www.greners.com.