PCT
LTD Reports Final
Settlement of Variable
Rate Convertible
Debt
Little River, SC
-- November
24, 2020 --
InvestorsHub NewsWire -- PCT LTD (OTC
Pink: PCTL), today
announced
the final settlement of Variable Rate
Convertible Debt,
which has substantially reduced the default payment amount, number
of shares of common stock potentially issuable and warrants
associated with such notes.
PCTL entered 2020
with approximately 499 million shares of common stock outstanding.
During the year, six convertible notes
backed by shares of stock with floating conversion prices, heavy
penalties, warrants and interest amounted to approximately
$2,150,000. These notes were
convertible at a significant discount to the market price and also
had attached 447,670,272 warrants
exercisable at
$0.00165
per
share.
After months of
negotiations, PCTL was able to settle the $2,150,000 in debt for
$625,000 and the issuance of 123,000,000 shares of common stock.
The settlements also included the cancellation of
447,140,272
warrants.
As of November 23,
2020, PCTL had
723,737,000
shares of
common stock outstanding and only 530,000 warrants outstanding;
with exercise prices ranging from $0.10 to $2.00.
CEO Gary
Grieco commented,
"We
are relieved to finally
have these variable rate
convertible notes
settled. The dilution and compounding interest were
a heavy
burden on the Company." Grieco
further stated, "PCT LTD is now in a position, with increasing
sales, revenue, and manufacturing capability, to qualify for more
conventional financing, if needed, to continue our accelerated
growth into 2021 and beyond."
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:PINK,
"PCTL"
is actively engaged in applying for listing its common stock to the
OTC QB market. 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.
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.
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
actual settlement amounts of
each convertible note; the actual impact of
the settlement of the convertible notes on PCTL's operations or
financial statements; 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.
Contacts
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
Rich Inza, Investor
Relations (RMJ Consulting, LLC)
(843)
491-4611
IR@para-con.com
Dave
Donlin,
Investor Relations (Cervelle
Group)
(407)
405-8142