PCT
LTD
FORMALIZES AGREEMENT
WITH PCT EUROPE AND PROVIDES
UPDATE ON CURRENT BUSINESS
OPERATIONS
Little
River, SC -- May 29, 2020 -- InvestorsHub NewsWire
-- PCT LTD (OTC
Pink: PCTL) is
pleased
to announce they have reached a
final agreement with
Paradigm Convergence Technologies (Europe) Ltd. The agreement was
enacted on May 25th,
2020 and will secure a mutually beneficial business relationship
between the two entities, in
which
PCTL will hold a
beneficial stake.
"We have
been working diligently to formalize the
final
terms of our arrangement,"
says PCTL CEO Gary Grieco. "Through this agreement Paradigm
Convergence Technologies (Europe) Ltd will be able to introduce our
technology throughout the United Kingdom and their interconnected
healthcare system." The arrangement also provides territory rights
to PCT Europe throughout 5 additional European nations.
"We see a
growing need for our technology in the UK and throughout Europe,
both in the short and long-term," explains Grieco. "The highly
talented team PCT Europe has in place will spearhead sales and
placements in their respective territories and should result in a
highly lucrative and beneficial arrangement for both
parties."
Grieco
explains that the only current barriers are the increased travel
restrictions in the UK and Europe as a result of the ongoing
COVID-19 pandemic. "Once restrictions are relaxed,
we
anticipate tying down the final pieces and moving the
commercialization efforts forward," Grieco
says.
The
company is also providing an update on the state of their 10-K
annual filing, due May 29th.
A form 8-K was filed earlier
today with the SEC providing an update on the status
of that
filing.
Social
distancing measures have been taken by both PCTL's
outside
accountants and its independent registered public accounting firm
in order to protect the health of their employees. Further, travel
restrictions have delayed certain inventory audit procedures and
other items required for the annual audit.
"Unfortunately, even
in today's connected
world
there are several
aspects
of an annual audit which cannot easily
be tended
to remotely," explains PCT CFO Marion Sofield. "Unlike
with
pre-pandemic quarterly
filings,
our annual audit
requires
creative
methods to counteract the lack of in-person,
on-premises auditing of certain financial records, inventory
records,
and other pertinent business information. The current travel
restrictions have disturbed
that
process, despite the best efforts of our team
as well
as our outside accountants and auditors."
"We're
hard at work trying to get things completed," says Sofield, adding
that the company plans to file their annual 10-K as soon 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.
Forward-Looking
Statements:
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: the ability of
PCT LTD
and PCT
(Europe)
Ltd. to commercialize the Annihilyzer technology in the U.K and
other European countries; the timeframe for lifting COVID-19
restrictions; the time required for finalizing PCTL's annual audit
and 2019 10-K; 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.
Gary Grieco, CEO and
Chairman, PCT LTD
(843) 390-7900
Office
(843) 390-2347
Fax
www.para-con.com
www.pctcorphealth.com
www.survivalyte.com