PCT: Closes $ 2,250,000 Equity Financing – Form 8-K
PCT LTD closes $ 2,250,000 equity financing
LITTLE RIVER, SC – (BUSINESS WIRE) – PCT LTD (PCTL OTC Pink). After performing extensive due diligence with a Dallas-based marketing, branding and business consulting firm, Mike Sims, CEO of Krag Capital, was the lead investor in a 2,250,000 private placement. $ PCTL Series C Convertible Preferred Shares (âPreferred Sharesâ). The private placement consisted of 1,500,000 preferred shares, which are convertible into common shares at $ 0.015 per share.
This investment was made above the open market trading price. The proceeds are used to have a significant impact on PCTL’s debt as well as to purchase materials to build twenty second generation hospital units and five high volume second generation units. “This money has also helped fund some key components that require additional ordering lead time due to supply chain delays, as well as the expansion of R&D in the oil and gas, medical and of agriculture, âsaid Art Abraham, chief financial officer of PCT.
Krag Capital has become a strategic partner and, through its affiliation with The Edge, will assist PCT in marketing and branding.
âPCTL is positioned for explosive growth. PCTL has category creation technology that can impact the world. We look forward to being a strategic partner with PCTL to continue to deliver and develop strategy, attract intellectual capital and develop the need for marketing and branding, to let the world see what we see â said Mike Sims, CEO of Krag.
Gary Grieco, CEO of PCT, said: âIt’s rare that a company like PCT can get a private placement above the current market price for its shares. It is also rare to find a person like Mr. Sims who can look beyond the current situation and the structure of the company and assess their investment with a long-term view of the growth and profitability that their investment brings. . ”
About PCT LTD:
PCT LTD (âPCTLâ) is focused on the acquisition, development and supply of sustainable and environmentally friendly disinfection, cleaning and monitoring technologies. The company acquires and owns the rights to innovative products and technologies, which are marketed through its wholly owned operating subsidiary, Paradigm Convergence Technologies Corporation. The company has established its entry into its target markets with commercially viable products in the United States and now continues to gain market share in the United States and the United Kingdom.
This press release contains “forward-looking statements” as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. All statements which express or involve discussions regarding predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be “forward-looking statements”.
These statements are based on expectations, estimates and projections at the time the statements are made, which involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those currently expected. Such statements involve risks and uncertainties, including, but not limited to: the ability of PCTL to raise sufficient funds to meet its working capital requirements; the ability of PCTL to execute its business plan; the expected results of commercial contracts in terms of turnover; and any other effect resulting from the information disclosed above; the risks and effects of legal and administrative proceedings and government regulations; future financial and operational results; competetion; general economic conditions; and the ability to manage and sustain growth. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove to be incorrect, actual results could differ materially from those shown. Important factors that could cause actual results to differ materially from forward-looking statements made by PCTL in this press release include market conditions and those set forth in reports or documents that it files from time to time with the SEC. . PCTL assumes no obligation to revise or update these statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unforeseen events.
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