DirectView Holdings Completes Common Stock Reverse Split, Achieves Substantial Growth In First Two Quarters Of 2019, And Retires Restructured Convertible Debt Agreement.
NEW YORK, NY, Aug. 06, 2019 (GLOBE NEWSWIRE) -- DirectView Holdings, Inc. (DIRVD) (DIRV) (“DirectView” or the “Company”), a holding company focused on ownership and management of leading technology companies in the video surveillance and security space, today announced that DirectView has completed its 1:500 reverse split, is expected to achieve unaudited revenue in excess of $500,000 in the last week of the second quarter of 2019 alone, and has retired a restructured convertible note consisting of over $1.4 million dollars.
DirectView Holdings’ board of directors and majority voted shareholders approved the 1:500 common stock reverse split to ensure that the Company meets the requirements for uplisting to a higher tier marketplace, while reducing the reduce the number of shares of Common Stock issued and outstanding from approximately 732,531,880 to approximately 1,465,064. The reverse stock split was effective as of July 31st , 2019.
DirectView Holdings shares will continue to trade on The OTC Markets, under the symbol “DIRVD”, with the letter “D” added to the end of the trading symbol for a period of 20 trading days (ending on August 28, 2019) to indicate that the Reverse Split has been completed.
“Roger Ralston, CEO and Chairman of DirectView Holdings stated, “While the sentiment surrounding reverse stock splits is, in many cases, perceived negatively in the OTC Market community, in the case of DirectView, the decision was taken very seriously and we’ve seen tremendous support by our shareholders and our management team to proceed with the reverse split in order to accommodate our acquisition and up-listing strategy going forward.”
For DirectView Holdings growth in the second quarter of 2019 was attributed to new clients, such as Crestpark Condominums, and existing clients, such as Gruma Mission Foods and others. Additional growth was derived from DirectView’s wholly-owned e-retailer, ApexCCTV.com, which has recently seen an increase in inbound traffic to its e-commerce website, due in part to the addition of smart home products such as Google’s (GOOG) “Home”, and “Nest”, and Amazon’s (AMZN) Ring doorbell products.
“The investments we continue to make in our subsidiaries and our facilities are beginning to show improvements for the Company as we set the bar higher each quarter,” stated Roger Ralston, CEO and Chairman of DirectView.
DirectView Holdings has paid off its debt with a lending partner through its previously announced restuctured convertible debt agreement, whereby the Company settled over $1.4 million dollars of convertible debt by paying $1.2 million dollars cash over several month.
“We are happy to report that we have officially paid off a lending partner through a restructured convertible debt agreement. The ability to restructure our convertible debt grants DirectView the ability pay off debt in more favoritable terms and further supports our ongoing business plans, and our acquisition and growth strategy,” further stated Roger Ralston, CEO and Chairman of DirectView.
About DirectView Holdings, Inc.
DirectView Holdings, Inc., 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 website at www.DirectView.com and connect with us on Twitter, LinkedIn, Facebook, and Google+.
DirectView Holdings, Inc.
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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 "should," "anticipates," "plans," or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, and 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 risks and uncertainties include, but are not limited to, those described in our filings with the SEC, and readers should refer to those filings, including our Risk Factors described in those filings. 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.