LITTLE RIVER, S.C.--(BUSINESS WIRE)--PCT LTD (OTC Pink: PCTL) ("PCTL") is continuing to expand business operations at a rapid rate while experiencing a dramatic increase in inquiries and orders from new and existing clients.
Following up on an earlier release from March 18th; a second 10,000-gallon fluid order has been shipped to an existing customer in the Midwest. Recurring orders to this sub-registrant are expected to follow in the coming weeks.
“The demand for our products has been nothing short of explosive,” explains CEO Gary Grieco. “Due to this high demand, we are shifting our focus, in the short term, towards fluid production, sales, and distribution.”
The company has shifted its focus towards fulfilling an increasing number of fluid orders. To meet this growing demand, PCTL is expanding its production capacity and will double their current fluid production output within the next week to ten days.
Jody Read, COO stated: “We are still continuing to see significant interest in the facility-based Annihilyzer® Infection Control System. However, we are not able to coordinate installations due to travel restrictions and availability of hospital staff to implement the systems. We are continuing to build systems and at the same time utilize our current South Carolina facility’s capabilities with large volume systems to produce mass quantities of disinfectant for distributors and hospitals. PCT’s previous investment in building large volume systems and the testing facility was easily modified into a fluid production operation with little to no additional expense. In addition, we are continuing to engage suppliers to propagate the pipeline of systems in process.”
“We’re adding additional production and support personnel to our growing team,” says PCT Corp. President Bill Prince. “Currently, we are focusing our efforts on providing a much-needed solution for our clients and our communities. Our disinfecting solutions offer an elevated level of safety for patients, healthcare professionals, and support staff to be around; while at the same time providing an effective weapon in the fight against infection.”
The Annihilyzer® Infection Control System remains the company’s flagship product and continues to garner intense interest from prospective hospitals and healthcare facilities.
CEO Gary Grieco adds, “We’re temporarily adjusting our focus towards where we can have the biggest impact. With everything going on in the country right now, we have a tremendous opportunity to not only grow as a business, but to help our fellow Americans in their time of need.”
Due to increased attention as a result of the ongoing coronavirus pandemic, PCTL has been on an accelerated pace towards profitability and is preparing for double-digit growth into Q2 and beyond.
“Growth has been tremendous,” says CFO Marion Sofield, adding that the company is expecting to report record sales and revenues in Q1 2020. “We are working diligently on becoming current with our financial filings and are eager to share information on current and ongoing events with our shareholders. The world looks different today than it did a few weeks ago. Many of the professionals involved with the filing of our financials find themselves displaced or working from home under these unusual circumstances. However, we are full steam ahead on all fronts. Our reports are in the appropriate hands and we expect to make all required filings as quickly as possible.”
Additional News and Corporate Updates:
PCTL would like to warn its stockholders and potential investors that material corporate information regarding sales, areas of business and other corporate updates will only be made through press releases or filings with the SEC. PCTL does not utilize social media, chatrooms or other online sources to disclose material information. The public should only rely on official press releases and corporate filings for accurate and up to date information regarding PCTL.
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 (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: actual sales derived by the Company; the transition to producing large quantities of fluids; 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.