PCT LTD closes a $2,250,000 equity financing
December 6, 2021
LITTLE RIVER, SC – PCT LTD – After performing due diligence with a Dallas based marketing, branding and business advising firm, Mike Sims, CEO of Krag Capital was lead investor in a $2,250,000 private placement of PCTL’s Series C Convertible Preferred Stock. The private placement consisted of 1,500,000 shares of Convertible Preferred Stock, at $1.50 per share. The Preferred shares are convertible to common stock at $0.015 per share.
This investment was committed to above the open market trading price. The proceeds are being used to make a significant impact on PCTL’s debt as well as purchasing materials to build twenty second generation hospital units and five second generation large volume units.
“This money has also provided funds for certain key components that require additional order time due to supply chain delays, as well as expanding R&D in the Oil & Gas, Medical and Agricultural sectors,” says Art Abraham, CFO of PCT.
Krag Capital has become a strategic partner and through its affiliation with The Edge, will assist PCT in marketing and branding.
“PCTL is positioned for explosive growth. PCTL has some category-creating technology that can impact the world. We are looking forward to being a strategic partner with PCTL to continue to deliver and develop strategy, attract intellectual capital and develop the marketing and branding need, to let the world see what we see,” stated Mike Sims, Krag CEO.
Gary Grieco, CEO of PCT states, “It’s a rare occurrence when a company like PCT can secure a private placement above the current market price for its shares. It is also rare to find an individual like Mr. Sims, who can look beyond the current situation and structure of the company and price his investment with a long-term view of the growth and profitability his investment brings.”
– BUSINESS WIRE
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. 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.
