$DIRV DirectView CEO Exchanges $1.8M Debt For Preferred Shares
NEW YORK, March 13, 2019 (GLOBE NEWSWIRE) -- DirectView Holdings, Inc. (DIRV) (“DirectView” or the “Company”), a company focused on ownership and management of leading video and security technology companies, today announced that, in a show of confidence, the Company’s Chairman and CEO, Roger Ralston, is taking approximately $1.8M in debt owed to him from DirectView (consisting of money he invested, along with accruded salary), and has agreed to convert that debt into equity of the the company or preferred shares.
For DirectView Holdings Chairman and CEO, Roger Ralston, the exchange of debt for additional equity in the Company, reinforces his positive outlook on DirectView. This comes as part of a roll-up strategy Mr. Ralston initiated to reduce debt and support DirectView’s ongoing business plans; including its acquisition and growth strategy. The CEO’s exchange of debt to equity is the next step in the Company’s roll-up strategy to reduce debt and tighten its balance sheet, following DirectView’s previously announced settlement agreement to retire outstanding convertible debt [see DirectView Successfully Enters Into Agreement to Retire Outstanding Convertible Debt Agreement].
Roger Ralston, Chairman and CEO of DirectView, said, “For any successful holding company, an outlook that instills confidence among management and subsidiaries is a real morale booster, and it’s a critical component to future growth, productivity, and success. I’m happy to report that in our case, this outlook is shared among all of our team members. DirectView Holdings is having a stellar year thus far with Virtual Surveillance and DirectView Security Systems finishing several projects, ApexCCTV reporting record sales and traffic, and our management working diligently on closing our next big acquisition. As a firm believer in DirectView, I am opting to exchange the $1.8M owed to me [from DirectView] for the preferred shares of a Company I am confident in and commited to.”