Paradigm Convergence Technologies, Ltd and RB Capital Restructure Debt
LITTLE RIVER, S.C.–(BUSINESS WIRE)–PCT LTD (OTC Pink: PCTL) is excited to announce that they have restructured and consolidated their notes with RB Capital Partners, Inc., into a single note for $1,465,000 at 5% interest. The note is convertible to common stock above the market at $0.07 and the due date has been extended to December 15, 2024.
Brett Rosen, Managing Partner of RB Capital, stated, “We are proud of the work and effort that the team at PCTL has done to develop and enhance the Company’s products and services. As long-time supporters of PCTL, we were happy to restructure our debt, extending the time on the repayment of the loans so PCTL could implement its strategic marketing plans.”
Gary Grieco, CEO, stated, “RB Capital stepped up with funding at a critical time in PCTL’s history. The funding allowed us to repay debt, add personnel, and redesign our product line. By extending the repayment of the debt, it affords us time to use our cash flow to expand and grow sales and invest in our R&D programs. RB’s action along with the recent equity investment of $2,250,000 from Krag Capital, will help us to build our reputation in the industry and capture additional market share with our breakthrough products in healthcare, oil & gas, and agricultural industries.”
About PCT LTD:
PCT LTD (“PCTL”) focuses its business on acquiring, developing, and providing sustainable, environmentally safe disinfecting, cleaning, and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its wholly owned operating subsidiary, Paradigm Convergence Technologies Corporation.
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. Any statements that express or involve discussions with respect to 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.”
Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: PCTL’s ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; the anticipated results of business contracts with regard to revenue; and any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.