Provision Holding Announces Initial “Topper” Units Under Relaunched Production Schedule Ready To Ship
Reiterates Goal to Install 600 3D “Topper” Units by First Quarter of 2019
CHATSWORTH, CA, Dec. 27, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Provision Holding, Inc. (OTCPINK: PVHO) (“Provision”) today announced that it has prepared 81 initial 3D “topper” units for delivery to a large grocery retailer under its recently relaunched production schedule, that will be shipped during the first week of January 2019.
The initial 60 of these units will be installed during the week of January 7, 2019 and will complete Provision’s initial grocery store base in Northern California, and the balance will represent initial deployment in Southern California shortly thereafter. Provision reiterates its goal to install 600 3D “topper” units under its recently relaunched production schedule by the first quarter of 2019, which would represent a key commercial milestone of 1,000 installed stores.
During the month of December 2018, Provision has entered into advanced negotiations towards a transaction that would provide additional working capital and enhance its ability to successfully execute on its commercial retail strategy. As a result, the Company now expects to complete this transaction and to file its 10-K for the fiscal year ended June 30, 2018 during the month of January 2019.
Mark Leonard, Provision’s Chief Executive Officer, commented, “We are pleased to have recently executed on multiple strategic fronts that we believe has positioned Provision for an exciting 2019 and beyond. With the recently completed $2 Million funding, which enabled the re-launch of production of our 3D “toppers” which will begin to ship right after the New Year, and the successful extension on the terms of senior notes, we are confident in the positive operating momentum that is emerging in our business. In addition, we have received the kiosks previously deployed under our former Rite Aid collaboration, which are now wholly-owned by Provision. We plan to redeploy these units in 2019, and anticipate these kiosks to generate more favorable economic terms to Provision than would have been possible previously.”
Mr. Leonard continued, “As we enter 2019, we are focused on executing on the U.S. grocery channel opportunity through our alliance with Coinstar, LLC. On a corporate level, we expect to further bolster our balance sheet and working capital position to ensure that we fully capture this tremendous market opportunity. In addition, early in the year, we will complete and update our regulatory filings to regain current status which, when combined with these other catalysts, will begin to drive greater confidence in Provision, create value for its loyal shareholders and noteholders, and introduce the Company to new investors as well.”
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 27, 2018