Boise, Idaho (PRWEB) October 07, 2013
BOISE, Idaho – October 7, 2013 – PCS Edventures!.com, Inc., (PCSV) a leading provider of K-12 programs focused on Science, Technology, Engineering and Mathematics (STEM), today announced the successful execution of $260,000 in bridge funding and $175,000 in debt restructuring.
PCS entered into a 60-day, $260,000 short term note with Director Todd Hackett for the purpose of stabilizing vendor relationships, positioning the Company to support fulfillment of the current Saudi Arabia contract; provide capital to be deployed in the Company’s sales and marketing efforts for Q3; pursuing strategic relationships in the STEM education community; launching digital classroom tools; and co-funding of expansion of the Edventures Labs “hands-on” learning programs for K12 students. The Note is due and payable in 60 days from issuance and is secured by the Company’s license with Creya Learning Centers.
Robert Grover, PCS Edventures, Inc. CEO, said “This short term bridge loan of $260,000 provides us with the ability to actively engage in the pursuit of other immediate opportunities in the Middle East, fulfill and support our growing domestic order pipeline, and continue refining our Edventures Lab program. Our board is now actively reviewing options for securing the expansion capital required to take the company to the next level.”
PCS also issued new notes to Directors Murali Ranganathan ($25K) and Todd Hackett ($150K) to replace previous notes that had come due. Both notes were reissued as 36 month notes at 8% interest convertible at .04/share, the closing market price of PCSV stock on the days the respective notes came due.
With respect to these notes, Grover said “PCS shareholders owe Directors Hackett and Ranganathan a sincere thank you for their willingness to extend these notes at this time and allow PCS to preserve all cash for operations and capturing new business opportunities. Their commitment to the company and its long term success is obvious and much appreciated.”
Full details on the terms of the debt restructuring and bridge loan are available in the 8K released October 3, 2013.
To learn more about PCSV products and new and continuing initiatives, visit the PCS Investor News website. http://www.edventures.com/investors
About PCS Edventures!
PCS Edventures!.com, Inc. (PCS) designs and delivers educational products and services to the K-16 market that develop 21st century skills. PCS programs emphasize hands-on experiences in Science, Technology, Engineering and Math (STEM) and have been deployed at over 7,000 sites in all 50 United
States and 17 foreign countries. Additional information on our STEM products is available at http://www.edventures.com.
PCS Edventures is headquartered in Boise, Idaho, and its common stock is listed on the OTC Markets (OTCQB) under the symbol "PCSV."
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934, actual results could differ materially from such statements.
Financial Contact: Shannon Hull 1.800.429.3110, Shannon(at)edventures(dot)com
Investor Contact: Jolene Anderson 1.800.429.3110, Jolene(at)edventures(dot)com
Investor Relations Web Site: http://www.edventures.com/investors