Provision Interactive Technologies Inc. received a $2 million investment from a Florida firm, the company announced Tuesday.
The Chatsworth manufacturer of 3-D kiosks for retail shops was given the investment from Lifestyle Ventures, a Sarasota, Fla that may raise its investment to $20 million as Provision rolls out the kiosks in stores in Los Angeles and New York City.
“This first deployment is forecasted to increase Provision's annual revenues to over $5 million, but equally important, will further demonstrate the demand for and viability of 3-D holographic advertising in the huge marketplace of digital media,” said Provision Chief Executive Curt Thornton, in a prepared statement.
Lifestyle Ventures also will purchase and market the Provision kiosks in approved regional store chains. The release did not indicate if the Florida firm is getting an equity stake in Provision.
GrowLife Inc., a supplier of lights and other marijuana-growing supplies, widened its net loss in the fourth quarter, the company announced Tuesday.
The Woodland Hills firm reported a net loss of $16.8 million (-2 cents a share) for the quarter ended Dec. 31, compared with a net loss of $1.3 million (0 cents) in the same period a year earlier. Revenue increased 183 percent to $1.9 million.
The company attributed the revenue growth to acquisitions of Rocky Mountain Hydroponics LLC and Evergreen Garden Center LLC, both in Colorado, new product development and improving market conditions as more states consider laws or regulations on the medical use of marijuana. It did not comment on the wider loss.
Shares closed up 2 cents, or 4 percent, to 60 cents on the OTC Bulletin Board.