LITTLE RIVER, S.C.--(BUSINESS WIRE)--PCT LTD (OTC Pink: “PCTL”) announced it has executed a term sheet for a USD $500,000 convertible note which, if fully realized, would provide funding for PCTL to redeem a portion of its current debt, as well as funding its operating company, Paradigm Convergence Technologies Corp. (“PCT Corp.”) with needed money to move its aggressive goals forward.
PCTL’s CEO, Gary Grieco, stated, “We need to redeem some of the less than favorable debt we’ve incurred in the past, and this convertible note is much more ‘friendly’ than the other notes we will replace with it.” Grieco further commented, “We keep in mind the dilutive effect on our shareholders and try to balance that with our need to grow the operating company effectively for a longer-term benefit to all.”
About PCT LTD:
PCT LTD ("PCTL") focuses its business on acquiring, developing and providing sustainable, environmentally safe disinfecting, cleaning and tracking technologies products. The company acquires and holds rights to innovative products and technologies, which are commercialized through its wholly-owned operating subsidiary, Paradigm Convergence Technologies Corporation (PCT Corp). Currently trading on OTC, "PCTL" aspires to and is actively engaged in preparations for up-listing its common stock to a national securities exchange. The Company established entry into its target markets with commercially viable products in the United States and now continues to gain market share in the U.S. and U.K.
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: receipt of funding under the term sheet; use of proceeds from the anticipated funding; ability to redeem current debt on satisfactory terms; PCTL's and its subsidiary's business prospects; PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; 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.