New Settlement Agreement Allows Company to Retire Convertible Debt Agreement Providing Approximately $250,000 Plus in Savings to the Company, Continuing Our Ongoing Business Plans
NEW YORK, October 16, 2018 /PRNewswire/ — DirectView Holdings, Inc., (OTC:DIRV) (“DirectView” or the “Company”), a company focused on ownership and management of leading video and security technology companies, announced today that the Company successfully restructured all outstanding debt with an existing lending partner. The company settled over $1.4 million dollars of convertible debt for an agreement to pay $1.2 million dollars cash over a three month period. As part of the settlement, the lender also agreed to an immediate lock up on all of its convertible notes and no further conversions.
Roger Ralston, DirectView’s CEO stated: “DirectView’s ability to restructure our debt is of large importance as we continue our forward direction. Restructuring our current debt further supports our ongoing business plans, including our acquisition and organic growth strategy.” Mr. Ralston added: “We continue to invest heavily in people, process, and technology, with the goal of significantly transforming our industry and customer experience. I continue to believe the timely execution of our business transformation plans will drive our sales and gross profit results for 2018, while solidifying the foundation for future growth.”
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.comand 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.