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Company Brings in New Investor to Consolidate the Majority of Its Outstanding Debt and Reduce Its Obligation to $3.5 Million
NEW YORK, NY- New York, Oct. 15, 2019 (GLOBE NEWSWIRE) -- DirectView Holdings, Inc. (DIRV), a company focused on ownership and management of leading video and security technology companies, today announced that the Company’s CEO, Roger Ralston, has successfully entered into a large debt restructuring initiative with a new high net worth investor that will eliminate approximately $5.5 million of convertible debt exposure and consolidate that remaining debt to approximately $3.5 million.
The Company has been working with this new investor over the past several months to complete this important milestone for DirectView and its stockholders. The agreement between the Company, its two largest debt holders, and the new investor will result in a significant reduction in penalties and interest. In addition to the reduction in debt, the new investor can potentially provide additional capital and financial flexibility to grow its security and surveillance sales and services business.
Roger Ralston, CEO and Chairman of DirectView stated, “I could not be happier with the outcome of these negotiations to reduce our debt coverage and consolidate our largest outstanding convertible notes. We anticipate this substantial reduction in debt, including over $30,000 in monthly interest payment exposure, will allow us to better utilize our financial resources to expand DirectView’s business for the benefit of our stockholders.”
Some Recent Highlights Driving Future Growth of DirectView
DirectView Common Stock Reverse Split is Completed on the Heels of Restructured Financing & Growth in 2019 - DirectView Holdings Completes Common Stock Reverse Split, Achieves Substantial Growth In First Two Quarters Of 2019, And Retires Restructured Convertible Debt Agreement
DirectViews ApexCCTV participates in Amazon Prime Day 2019 with Storefront Discounts - The Company’s wholly-owned subsidiary, ApexCCTV, a seasoned provider of security, surveillance and access control products, is providing discounted pricing on its Amazon storefront in participation of Prime Day 2019.
New Contract with Crestpark Condominiums - The Company and it’s wholly-owned subsidiary, Virtual Surveillance, LLC., has received a new contract with Crestpark Condominiums of Dallas, Texas, and has been chosen to provide and install upgraded high definition security
New Contract for Security and Surveillance Implementation for Exclusive New York City Office Tower - The company has been chosen to design, plan and install their state of the art surveillance and access control in a NYC to
New Contract from Gruma Foods – GRUMA Mission Foods, contract valued in excess of $200,000. For DirectViews security, surveillance, and access control equipment, for Mission Foods, the manufacturer of tortilla-related products and
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+.
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.