LITTLE RIVER, South Carolina, May 29, 2020 /PRNewswire/ -- PCT LTD (OTC Pink: PCTL) is pleased to announce they have reached a final agreement with Paradigm Convergence Technologies (Europe) Ltd. The agreement was enacted on May 25th, 2020 and will secure a mutually beneficial business relationship between the two entities, in which PCTL will hold a beneficial stake.
"We have been working diligently to formalize the final terms of our arrangement," says PCTL CEO Gary Grieco. "Through this agreement Paradigm Convergence Technologies (Europe) Ltd will be able to introduce our technology throughout the United Kingdom and their interconnected healthcare system." The arrangement also provides territory rights to PCT Europe throughout 5 additional European nations.
"We see a growing need for our technology in the UK and throughout Europe, both in the short and long-term," explains Grieco. "The highly talented team PCT Europe has in place will spearhead sales and placements in their respective territories and should result in a highly lucrative and beneficial arrangement for both parties."
Grieco explains that the only current barriers are the increased travel restrictions in the UK and Europe as a result of the ongoing COVID-19 pandemic. "Once restrictions are relaxed, we anticipate tying down the final pieces and moving the commercialization efforts forward," Grieco says.
The company is also providing an update on the state of their 10-K annual filing, due May 29th. A form 8-K was filed earlier today with the SEC providing an update on the status of that filing.
Social distancing measures have been taken by both PCTL's outside accountants and its independent registered public accounting firm in order to protect the health of their employees. Further, travel restrictions have delayed certain inventory audit procedures and other items required for the annual audit.
"Unfortunately, even in today's connected world there are several aspects of an annual audit which cannot easily be tended to remotely," explains PCT CFO Marion Sofield. "Unlike with pre-pandemic quarterly filings, our annual audit requires creative methods to counteract the lack of in-person, on-premises auditing of certain financial records, inventory records, and other pertinent business information. The current travel restrictions have disturbed that process, despite the best efforts of our team as well as our outside accountants and auditors."
"We're hard at work trying to get things completed," says Sofield, adding that the company plans to file their annual 10-K as soon as possible.
Additional News and Corporate Updates:
PCTL would like to warn its stockholders and potential investors that material corporate information regarding sales, areas of business and other corporate updates will only be made through press releases or filings with the SEC. PCTL does not utilize social media, chatrooms or other online sources to disclose material information. The public should only rely on official press releases and corporate filings for accurate and up to date information regarding PCTL.
About PCT LTD:
PCT LTD ("PCTL") focuses its business on acquiring, developing and providing sustainable, environmentally safe disinfecting, cleaning and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its wholly-owned operating subsidiary, Paradigm Convergence Technologies Corporation (PCT Corp). Currently trading on OTC, "PCTL" aspires to and is actively engaged in preparations for up-listing its common stock to a national securities exchange. The Company established entry into its target markets with commercially viable products in the United States and now continues to gain market share in the U.S. and U.K.
This press release contains "forward-looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Such statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those presently anticipated. Such statements involve risks and uncertainties, including but not limited to: the ability of PCT LTD and PCT (Europe) Ltd. to commercialize the Annihilyzer technology in the U.K and other European countries; the timeframe for lifting COVID-19 restrictions; the time required for finalizing PCTL's annual audit and 2019 10-K; PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; any other effects resulting from the information disclosed above; risks and effects of legal and administrative proceedings and government regulation; future financial and operational results; competition; general economic conditions; and the ability to manage and continue growth. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Gary Grieco, CEO and Chairman, PCT LTD
SOURCE PCT LTD