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Replies to post #151426 on PCT Ltd (PCTL)
02/01/21 9:21 AM
Date: November 30, 2020
Exhibit 99.1
November 24, 2020 1:17 PM
PCT LTD REPORTS FINAL SETTLEMENT OF VARIABLE RATE CONVERTIBLE DEBT
PCT LTD (OTC Pink: PCTL), today announced the final settlement of Variable Rate Convertible Debt, which has substantially reduced the default payment amount, number of shares of common stock potentially issuable and warrants associated with such notes.
PCTL entered 2020 with approximately 499 million shares of common stock outstanding. During the year, six convertible notes backed by shares of stock with floating conversion prices, heavy penalties, warrants and interest amounted to approximately $2,150,000. These notes were convertible at a significant discount to the market price and also had attached 447,670,272 warrants exercisable at $0.00165 per share.
After months of negotiations, PCTL was able to settle the $2,150,000 in debt for $625,000 and the issuance of 123,000,000 shares of common stock. The settlements also included the cancellation of 447,140,272 warrants.
As of November 23, 2020, PCTL had 723,737,000 shares of common stock outstanding and only 530,000 warrants outstanding; with exercise prices ranging from $0.10 to $2.00.
CEO Gary Grieco commented, “We are relieved to finally have these variable rate convertible notes settled. The dilution and compounding interest were a heavy burden on the Company.” Grieco further stated, “PCT LTD is now in a position, with increasing sales, revenue, and manufacturing capability, to qualify for more conventional financing, if needed, to continue our accelerated growth into 2021 and beyond.”
On January 1, 2020, the Company entered into a four-year employment agreement with Gary, J. Grieco, its President and CEO, whereby Mr. Grieco will receive $48,000 per year commencing April 1, 2020, and receive 15,000,000 shares of the Company’s common stock for services to the Company as its President and CEO. In addition, once monthly revenue exceeds monthly expenses the salary will be increased and Mr. Grieco will be issued an additional 10,000,000 shares of the Company’s common stock. The employment agreement begins on January 1, 2020, and is automatically renewable for two years unless terminated earlier as per the terms of the agreement.
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