DirectView Successfully Negotiates Restructuring of $9 Million+ of Debt Exposure, Saving Company and Shareholders ........
October 15 2019 - 8:03AM
InvestorsHub NewsWire
DirectView
Successfully Negotiates Restructuring of
$9 Million+ of
Debt Exposure, Saving Company
and Shareholders Approximately $5.5
Million
Company Brings in New Investor to
Consolidate the Majority of Its Outstanding Debt and Reduce Its
Obligation to $3.5 Million
NEW
YORK, NY -- October 15, 2019 -- InvestorsHub NewsWire
-- DirectView Holdings, Inc.
(DIRV),
a company focused on ownership and management of leading video and
security technology companies, today announced that the Company's CEO, Roger
Ralston, has successfully
entered
into a
large debt
restructuring initiative
with
a new
high net worth
investor that will eliminate approximately $5.5
million of convertible debt
exposure and consolidate
that remaining
debt to
approximately $3.5 million.
The Company has
been working with this new investor over the past several months to complete this important milestone for
DirectView and its
stockholders. The agreement
between the
Company, its two largest debt holders, and the new investor will
result in
a significant reduction in penalties and
interest.
In addition to the reduction in debt, the new investor can
potentially provide additional capital and financial flexibility to
grow its security and surveillance sales and services
business.
Roger Ralston,
CEO and Chairman of DirectView stated, "I could not be happier
with the outcome
of these negotiations to reduce our debt coverage and consolidate our largest
outstanding convertible notes. We anticipate this
substantial reduction in
debt,
including over $30,000 in monthly interest payment
exposure, will allow us to better utilize our
financial
resources to expand DirectView's business for the benefit of our
stockholders."
Some Recent
Highlights Driving Future Growth of DirectView
•
DirectViews
ApexCCTV participates in Amazon
Prime Day 2019 with Storefront Discounts - The
Company's wholly-owned subsidiary,
ApexCCTV, a seasoned provider
of security, surveillance and access control products, is providing
discounted pricing on its
Amazon storefront in participation of Prime Day
2019.
•
New
Contract with Crestpark
Condominiums -
The
Company and it's
wholly-owned
subsidiary, Virtual Surveillance, LLC., has received a new contract
with Crestpark
Condominiums of
Dallas, Texas, and has been chosen to provide and install upgraded
high definition security
•
New Contract for Security and
Surveillance Implementation for Exclusive New York City Office
Tower - The company has been chosen to design, plan
and install their state of the art surveillance and access control
in a NYC to
About
DirectView Holdings, Inc.
DirectView
Holdings, Inc., together with its subsidiaries, provides video
surveillance solutions and teleconferencing products and services
to businesses and organizations. The company operates in two
divisions, Security (Video Surveillance) and Video Conferencing.
The Security division offers technologies in surveillance systems
providing onsite and remote video and audio surveillance, digital
video recording, and services. It also sells and installs
surveillance systems; and sells maintenance agreements. The company
sells its products and services in the United States and
internationally through direct sales force, referrals, and its
Websites. The Video Conferencing division offers teleconferencing
products and services that enable clients to conduct remote
meetings by linking participants in geographically dispersed
locations. It is involved in the sale of conferencing services
based upon usage, the sale and installation of video equipment, and
the sale of maintenance agreements. This division primarily
provides conferencing products and services to numerous
organizations ranging from law firms, banks, high tech companies
and government organizations. For more information visit our
website at www.DirectView.com and connect with us on Twitter,
LinkedIn, Facebook, and Google+.
Contact:
DirectView Holdings,
Inc.
Roger
Ralston
+1-212-858-9100
EXT. 111
www.DirectView.com
IR@DirectView.com
Cautionary
Statement Regarding Forward Looking Statements
Forward Looking
Statements: This press release contains forward-looking statements
that involve a number of risks and uncertainties, including
statements regarding the outlook of the Company's business and
results of operations. By nature, these risks and uncertainties
could cause actual results to differ materially from those
indicated. Generally speaking, any statements using terms such as
"will," "expect," "anticipate," or "may," or which otherwise
predict or address future results or events, are likely to contain
forward-looking statements. It is important to note that actual
results may differ materially from what is indicated in any
forward-looking statement. Readers should consider any
forward-looking statements in light of factors that could cause
actual results to vary. These factors are described in our filings
with the SEC, and readers should refer to those filings, including
Risk Factors described in those filings, in connection with any
forward-looking statements. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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