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].
For DirectView Holdings’ subsidiaries, confidence in the Company is at an all-time high, as the Company’s wholly-owned e-retailer, ApexCCTV.com, recorded an increase in orders and revenue of 172%, and 185%, respectively. The addition of Smart Home Products like Google’s (GOOG) “Home”, “Nest”, and Amazon’s (AMZN) “Ring” doorbell products, have been strong contributing factors for ApexCCTV’s record-breaking increases.
DirectView Holdings’ management share a similar outlook as the Company works diligently on completing the previously announced letter of intent (LOI) to acquire 100% of the business assets of a nationwide security, surveillance, and low voltage supply company, whose 2018 unaudited revenues were reported to be in excess of $45 million. As reported, management looks to close the transaction in short order. [see DirectView Proceeds with Next Phase of Acquisition].
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.”
About DirectView Holdings, Inc.
DirectView Holdings, Inc., (DIRV) together with its subsidiaries, provides video surveillance solutions and teleconferencing products and services to businesses and organizations. The company operates in two divisions, Security (Video Surveillance) and Video Conferencing. The Security division offers technologies in surveillance systems providing onsite and remote video and audio surveillance, digital video recording, and services. It also sells and installs surveillance systems; and sells maintenance agreements. The company sells its products and services in the United States and internationally through direct sales force, referrals, and its websites. The Video Conferencing division offers teleconferencing products and services that enable clients to conduct remote meetings by linking participants in geographically dispersed locations. It is involved in the sale of conferencing services based upon usage, the sale and installation of video equipment, and the sale of maintenance agreements. This division primarily provides conferencing products and services to numerous organizations ranging from law firms, banks, high tech companies and government organizations. For more information visit our websites at http://www.DirectView.com, http://www.ApexCCTV.com, http://www.VS-US.com and connect with us on Twitter, LinkedIn, Facebook, and Google+.
Cautionary Statement Regarding Forward Looking Statements
Forward Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in our filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.