PCSV Balance Sheet Improves
Dear friends and shareholders:
On the heels of our announcements of $1.2MM in new orders from Saudi Arabia, I am happy to announce further progress on our company as we reduced debt on our balance sheet by nearly $700,000 dollars last week in what we consider to be a tremendous vote of confidence in our business plan and progress. From our 8K:
The holders of eight (8) convertible notes of the Company have elected to convert those notes into shares of common stock of the Company. The principal of the notes being converted aggregates $646,500 of convertible debt of the company Conversion of the aggregate principal and accrued interest of the notes will result in the issuance of 18,455,666 shares of common stock. $575,000 of the aggregate principal of the convertible notes represent loans provided to the Company by two of the members of the board of the Company. With interest, the conversions remove a total of $696,374 in long term debt from the PCS balance sheet.
These note conversions by four long term shareholders eliminate long term debt, reduce our monthly overhead in interest expense, and indicate a strong vote of confidence in PCSV. We have been working hard for all of our shareholders to put PCS on track for rapid growth in the coming months through cleaning up our balance sheet, actively working on securing more robust operating lines to support our growing sales, improving infrastructure, and maximizing our resources to fulfill multiple needs within the company. PCS is on the leading edge of educational technology and methods with our new gamified robotics and engineering software releases, and the expansion of our adaptive learning framework. We are excited about where we are going and look forward to sharing more news as we progress on these fronts.
Our business plan has three primary initiatives:
1) Expanding our adaptive learning EdventuresLab program and positioning it to scale.
2) Building our domestic sales reach through more points of distribution and the release of our gamified robotics and engineering products.
3) Securing and fulfilling projects in Saudi Arabia and continuing to expand our international presence.
All three initiatives, although generating different revenue streams from different markets, contribute common STEM research and development advances used across the company. For example, much of the contract work we are doing in Saudi Arabia directly relates to the work we are doing in our EdventuresLab initiative – our adaptive learning framework, pedagogy, tools, and curriculum developed in the lab are directly applied to the needs of Saudi Arabia. The extensive upgrades to our robotics platform this fiscal year will benefit all three initiatives as we push robotics, engineering, and computer science programs to classrooms, afterschool programs, International customers, and the EdventuresLab program. In short, we are working to be as efficient as possible with the people and resources we have to accomplish some very challenging sales goals.
We have plans to continue improving our financial statements. We hope to achieve a healthy cash-flow positive state this fiscal year while simultaneously continuing to invest in R&D and sales and marketing. We believe we are on the right track.
Thanks for your continued support of PCSV.
About PCS Edventures!
PCS Edventures!.com, Inc. (PCS) designs and delivers educational products and services to the K-16 market that develop 21st century skills. PCS programs emphasize hands-on experiences in Science, Technology, Engineering and
Math (STEM) and have been deployed at over 7,000 sites in all 50 United States and 17 foreign countries. Additional information on our STEM products is available at http://www.edventures.com.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Actual results could differ materially from such statements.
Investor Contact: Robert Grover, CEO 1-800-429-3110
Investor Relations Website: http://pcsv.global