LITTLE RIVER, S.C.–(BUSINESS WIRE)–#hai–PCT LTD (OTC Pink: PCTL) has filed its a 2020 Second Quarter 10-Q report for the period ending June 30, 2020, and is providing this shareholder update on statistical facts from that filing. Highlighting the filing, PCTL is excited to report $881,172 in revenue for the second quarter; a 640% increase over the same period in 2019. The company welcomes shareholders to view the complete filing at www.sec.gov or by following the Investor Relations link on www.para-con.com. However, selected highlights include, but are not limited to:
- Over 85% increase in total current assets YTD
- Over 640% revenue growth over the same period in 2019
- $1,153,354 YTD revenue compared to $314,819 for first 6 months of 2019 (266% increase)
- Accounts Receivable increased to $319,128 compared to $127,660 in Q1 of 2020 (an increase of 150%) and $121,129 in Q2 of 2019 (an increase of 163%)
- Net loss $213,073 compared to $408,535 over the same period in 2019 (improvement of more than 47%)
- Diluted Net loss Per Share of 0.00 compared to (0.07)
Revenue Increases by 640% over Q2 of 2020
The company posted revenues of $881,172 in the second quarter, representing a 640% increase over the same quarter in 2019 and a 223% increase over Q1 of 2020. The total amount of revenue generated represents an all-time high for PCTL.
The company is reporting across the board increases in revenue generating activities, including product sales, equipment leases, and licensing fees. The largest increase comes from sale of products, including the company’s flagship Hydrolyte® disinfectant (US EPA registration 92108-1).
“We are continuing our growth and expansion plans on all fronts,” says PCTL CEO Gary Grieco. “We worked hard to achieve this record quarter and look forward to building on this success in Q3 and throughout the rest of 2020 and beyond.”
“We’re excited to finally get these numbers out,” says PCT Corp. President Bill Prince. “It has been a busy year for us. The momentum that began in late March has continued, and we’ve been able to build on our success with more distributors, fluid sales, and Annihilyzer® placements, including the 5 we recently released news about. We’re firing on all cylinders and our AR increases reflect that growth.”
The company recently added a new distributor to their growing network and announced the placement of 5 additional rack-mounted Annihilyzer® Infection Control Systems to an existing NYC hospital client. The company is preparing for additional machine installations throughout the rest of 2020 and plans on adding additional distributorships as well.
“We don’t plan on slowing down,” adds Prince. “We will continue to add distribution partners in key geographic regions in order to increase our footprint and continue to gain market share in our industry.”
The company remains committed to increasing shareholder value. The company is reporting diluted net loss per share of 0.00 in Q2 2020, representing an improvement over the previous quarter as well as the same quarter of 2019.
“We continue to appreciate the patience and trust of our investors,” says CEO Gary Grieco. “We know the last few months have been a bit rocky at times and we thank everyone for their patience and understanding. We remain committed to increasing shareholder value and are taking multiple steps on those fronts.”
The company anticipates releasing further updates at regular intervals going forward.
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 PCTL’s most recently added distributors to gain and maintain certain saturation levels within their regions and/or markets; PCTL’s continued installation of equipment; subsequent installations of PCT’s Annihilyzer Infection Control Systems; the availability of audit, accounting and legal professionals during the pandemic and the impact of COVID-19 on the timeframe of filing PCTL’s 2020 Q3 10-Q; 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.
Rich Inza, Investor Relations (RMJ Consulting, LLC)