Provision Holding Closes on $2 Million Financing
Funding to Support Advancement of ProVision and Coinstar Rollout and Achievement of Key Near-Term Corporate Milestones
CHATSWORTH, Calif., Nov. 14, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Provision Holding, Inc. (OTCQB: PVHO) (“Provision”) today announced the closing and receipt of funding of a $2 million financing through a Joint Venture Agreement (“Agreement”) with London & Scottish Investments Ltd and a UK based family office. With the proceeds, Provision has initiated production of an additional 600 3D “topper” units under its collaboration agreement with Coinstar, LLC, and expects to begin installations into a national grocery chain over the next 30 days and continuing into the first quarter of 2019.
Provision expects fulfillment of this next wave of its proprietary 3D “topper” installations to extend the total number of units deployed to over 1,000 U.S. stores, which would represent a key corporate milestone and support the commencement of revenue from advertising over the Provision network.
Under terms of the Agreement, the parties have a mutual option to enter into a second round investment for $3 million during the first quarter of 2019, which would enable production, delivery and installation of an additional 1,000 3D units.
As a result of this new investment partnership, Provision has revised its forecasted installations to a total of 2,000 toppers during the first half of 2019 with the second half supporting at least 3,000 more toppers.
Mark Leonard, Provision’s Chief Executive Officer, commented, “We are excited to have secured funding that will enable us to reinvigorate our production and rollout schedule. Although the timing for securing funding has proven to be more challenging than we had anticipated this year, we are increasingly confident in our ability to enter into additional funding relationships to accelerate unit production and delivery over the coming months.”
Provision expects to file its Form 10-K for the year ended June 30, 2018 in this fourth calendar quarter.
About Provision Interactive Technologies, Inc.
Provision Interactive Technologies, Inc., a subsidiary of Provision Holding, Inc. (OTCQB: PVHO), is the leading developer of intelligent, interactive 3D holographic display technologies, software, and integrated solutions used primarily in retail settings. Provision’s 3D advertising displays are designed to increase in-store engagement, coupon redemption and point-of-purchase activity.
Provision's 3D holographic display systems represent a revolutionary technology that project full color, high-resolution videos into space detached from the screen, without the need for special glasses. Provision holds more than 10 patents related to its 3D holographic technology, for both consumer and commercial applications. For more information, visit www.provision.tv.
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements unless legally required.
CONTACT Provision Holding, Inc. email@example.com 818.775.1624
Released November 14, 2018