Provision Holding Announces Settlement of Litigation with Rite Aid
Provision Reiterates Plan to File 10-K and 10-Q by Year End
CHATSWORTH, Calif., Nov. 28, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Provision Holding, Inc. (OTCPINK: PVHO) (“Provision”) today announced the settlement of the lawsuit related to its collaboration agreement with Rite Aid.
Under terms of the settlement, Provision has been awarded 100% ownership of the approximately 650 kiosks that had been deployed in Rite Aid stores. Importantly, Provision is not subject to any settlement-related costs, nor any future revenue obligations to Rite Aid upon kiosk redeployment. Provision expects all kiosks to be returned by the end of 2018 and the Company intends to repurpose these kiosks and redeploy them with various retailers in 2019.
Mark Leonard, Provision’s Chief Executive Officer, commented, “We are pleased to have resolved the litigation with Rite Aid on favorable terms that allow Provision to focus on executing on its growth strategy. We are now sufficiently capitalized with our recently completed $2 million in funding to allocate resources towards expanding our network of 3D toppers in U.S. grocery stores. We expect redeployment of these kiosks across the retail channel in 2019 to further expand the scale of the Provision advertising network, and provide an additional tailwind of operating momentum.”
As previously disclosed, Provision expects to file its 10-K for the year ended June 30, 2018 before the end of the year. The Company is currently working with its auditors, lawyers and finance group to complete and file all required documents by year-end.
About Provision Interactive Technologies, Inc.
Provision Interactive Technologies, Inc., a subsidiary of Provision Holding, Inc. (OTCPINK: 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.
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Released November 28, 2018