Provision Holding Extends Senior Secured Convertible Promissory Notes Until 2021
CHATSWORTH, Calif., Dec. 04, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Provision Holding, Inc. (OTCPINK: PVHO) (“Provision”) today announced that it has entered into a Note Extension Agreement extending the Company’s senior secured notes.
Under terms of the agreement, the holders of senior secured convertible promissory notes (the “Notes”), with principal totaling $4.9 million, have agreed to amend certain terms, including a thirty month extension of the Notes’ maturity until May 13, 2021. The Notes will continue to accrue interest during this period.
Importantly, extending the expiration date by more than two years will provide the Company with greater flexibility and working capital to execute on its commercial strategy, which is focused on accelerating production and delivery of its 3D “topper” units, under a collaboration agreement with Coinstar LLC.
Mark Leonard, Provision’s Chief Executive Officer, commented, “We are excited to have negotiated an extension on these Notes, thus eliminating any potential default issues. We appreciate the support of our noteholders and remain committed to creating value for all of Provision’s stakeholders.”
“With our recently completed $2 million funding and the successful extension on the terms of these Notes, we remain confident that we are sufficiently capitalized to execute on our business plan and begin to create revenue for our stakeholders in 2019.”
About Provision Interactive Technologies, Inc.
Provision Interactive Technologies, Inc., a subsidiary of Provision Holding, Inc. (OTCPINK: PVHO), is the leading developer of intelligent, interactive 3D holographic display technologies, software, and integrated solutions used primarily in retail settings. Provision’s 3D advertising displays are designed to increase in-store engagement, coupon redemption and point-of-purchase activity.
Provision's 3D holographic display systems represent a revolutionary technology that project full color, high-resolution videos into space detached from the screen, without the need for special glasses. Provision holds more than 10 patents related to its 3D holographic technology, for both consumer and commercial applications. For more information, visit www.provision.tv.
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements unless legally required.
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Released December 4, 2018