Pacific Ventures Group Inc (PACV)

[penny.dreamer]

Pacific Ventures Group Pays Off Convertible Notes to Avoid Potential Equity Dilution

Tuesday, March 10, 2020 8:30 AM
LOS ANGELES, CA / ACCESSWIRE / March 10, 2020 / Pacific Ventures Group, Inc. (OTCPINK:PACV), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, is pleased to announce that it has repaid and satisfied all the convertible notes that had become due and convertible into common stock at a discount to market.

Ms. Shannon Masjedi, Pacific Venture Group's Chief Executive Officer, commented, "As an emerging growth micro-cap publicly traded company, we had to do what was needed to survive and advance our business. With that said, we were grateful to attract funding from institutional convertible notes over the past two years to advance the company to where it is today. However, as additional notes matured and recently became convertible into common stock, we realized the negative effects those conversions were having on the dilution of our stock and the downward pressure on its price. Thus, we have repaid and satisfied these convertible notes in order to avoid any further potential equity dilution. At this time, there are no other convertible notes that have the ability to convert into equity. We look forward to keeping our shareholders and the Wall Street community updated as the company continues to integrate its recent acquisition, improve its efficiencies and identify organic and acquisitive opportunities for growth."

https://www.accesswire.com/579811/Pacific-Ventures-Group-Pays-Off-Convertible-Notes-to-Avoid-Potential-Equity-Dilution