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Provision Interactive Technologies, Inc.
A Provision Holding Company
9253 Eton Avenue, Chatsworth, CA 91311
Contact : COO Curt Thornton Curt@Provision.TV
QUICK DD UPDATE DECEMBER 27, 2018
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.
SHARE STRUCTURE UPDATE DECEMBER 20 2018.
NO DILUTION OVER THE LAST MONTH share structure unchanged
Outstanding Shares 254,248,262 12/20/2018
Restricted 53,304,709 12/20/2018
Unrestricted 200,943,553 12/20/2018
Held at DTC 192,578,977 12/20/2018
- Acquired $2 million in JV financing, with an option for $3 million more (November 14th PR)
- Awarded new design patent for its technology (November 20th PR)
- Lawsuit against RiteAid settled in PVHO's favor - they are awarded 100% ownership of all 650 kiosks in Rite Aid stores (November 28th PR)
- Entered into agreement with lenders so no notes will mature for over TWO years! (December 4th PR).
- COO indicated much more news coming as they continue rolling out their 3D hologram advertising technology across the country!
- There are lots of concurrent activities in progress at this time with both tactical and strategic items being taken into consideration
- Company remains excited about 2019!
Provision holdings closes on 2 million financing
Funding to Support Advancement of ProVision and Coinstar Rollout and Achievement of Key Near-Term Corporate Milestones
CHATSWORTH, Calif., Nov. 14, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Provision Holding, Inc. (OTCQB: PVHO) (“Provision”) today announced the closing and receipt of funding of a $2 million financing through a Joint Venture Agreement (“Agreement”) with London & Scottish Investments Ltd and a UK based family office. With the proceeds, Provision has initiated production of an additional 600 3D “topper” units under its collaboration agreement with Coinstar, LLC, and expects to begin installations into a national grocery chain over the next 30 days and continuing into the first quarter of 2019.
Provision expects fulfillment of this next wave of its proprietary 3D “topper” installations to extend the total number of units deployed to over 1,000 U.S. stores, which would represent a key corporate milestone and support the commencement of revenue from advertising over the Provision network.
Under terms of the Agreement, the parties have a mutual option to enter into a second round investment for $3 million during the first quarter of 2019, which would enable production, delivery and installation of an additional 1,000 3D units.
As a result of this new investment partnership, Provision has revised its forecasted installations to a total of 2,000 toppers during the first half of 2019 with the second half supporting at least 3,000 more toppers.
Mark Leonard, Provision’s Chief Executive Officer, commented, “We are excited to have secured funding that will enable us to reinvigorate our production and rollout schedule. Although the timing for securing funding has proven to be more challenging than we had anticipated this year, we are increasingly confident in our ability to enter into additional funding relationships to accelerate unit production and delivery over the coming months.”
Provision expects to file its Form 10-K for the year ended June 30, 2018 in this fourth calendar quarter.
Provision awarded Design Patent on Interactive Top Element for a Kiosk
CHATSWORTH, California, Nov. 20, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Provision Interactive Technologies, Inc. ("Provision" or the “Company”), a subsidiary of Provision Holding, Inc. (OTCPINK: PVHO), announced today that the Company was awarded a new design patent for its unique technology. This design patent, US. No. D820,824, is for the Interactive Top Element for a Kiosk and provides the Company with the right to exclude others from making, using, selling, offering to sell and importing this design for 15 years, until June, 2033.
Provision’s patented topper design is currently in use and has been deployed in hundreds of retail stores across the U.S. This new patent design award boosts Provision’s intellectual property protection in the U.S. and ultimately through the international PCT (Patent Cooperation Treaty) process recognized by countries around the world.
“This new patent design award will provide critical protection for our growth efforts, as we transform the consumer kiosk experience not just in the U.S. but worldwide,” said Mark Leonard, Provision Holding President and CEO. “Our technology is unique and valuable, so we are continuing to take aggressive steps toward protecting the Company and its intellectual property while also focusing our energy on generating additional sales and driving shareholder value.”
Nov 28 (Reuters) - Provision Holding Inc:
* PROVISION HOLDING INC - SETTLEMENT OF LAWSUIT RELATED TO ITS COLLABORATION AGREEMENT WITH RITE AID
* PROVISION HOLDING ANNOUNCES SETTLEMENT OF LITIGATION WITH RITE AID
* PROVISION HOLDING INC - HAS BEEN AWARDED 100% OWNERSHIP OF ABOUT 650 KIOSKS THAT HAD BEEN DEPLOYED IN RITE AID STORES
* PROVISION HOLDING- EXPECTS ALL KIOSKS TO BE RETURNED BY END OF 2018 &INTENDS TO REPURPOSE THESE KIOSKS, REDEPLOY THEM WITH VARIOUS RETAILERS IN 2019 Source text for Eikon: Further company coverage:
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.”