Aug 4, 2020   SOURCE: BusinessWire

PCT LTD Provides Update on 2019 10-K Filing, Highlights Revenue Growth, Expense Decrease

PCT LTD (OTC Pink: PCTL) has filed its annual 2019 10-K report for the year ending December 31, 2019 and is providing this shareholder update on highlights from that filing. The company welcomes shareholders to view the complete filing with the SEC. However, selected highlights include, but are not limited to:

  • Revenues in 2019 increased by 166.195% over the year ending December 31, 2018.
  • The revenue increases for 2019 were due to the increased volume of fluids sold, the sale of equipment, licensing revenue from EPA sub registration, and placing equipment under the Company’s 3-year Systems Service Agreements.
  • Operating expenses in 2019 decreased by 18.55% from the year ending December 31, 2018.
  • General and administrative expenses decreased by 23.38% in 2019, compared to the year ending December 31, 2018.
  • PCT LTD’s audited financials show an increase in revenues across the board from product sales (+129.88%), licensing agreements (+184.61%), and equipment leases (+208.21%) in 2019 compared to the year ending December 31, 2018.

The total overall operating expenses for 2019 were due to an increase in operations from a result of increased revenue, hiring new employees, opening a larger production and office location, revenue costs, research and development, and increased stock-based compensation. In particular, research and development expenses for 2019 were due to testing of the application of the Hydrolyte® technology in the oil and gas industry; as a biocide in institutional facilities, such as, hospitals, jails and medical facilities; and in agriculture and food processing. However, overall operating expenses as well as research and development expenses experienced a decrease in 2019 compared to 2018.

“2019 was a roller coaster year for us,” says PCTL CEO Gary Grieco. “By that I mean, with limited resources, we certainly had our ups and downs. However, looking back on 2019 and all we were able to accomplish has been rewarding and encouraging.”

In 2020, PCT LTD has experienced rapid growth and expansion, owing in large part to an increase in fluid sales to aid in combating the ongoing COVID-19 pandemic as well as increased placements of the company’s Annihilyzer® Infection Control System domestically and abroad. The company has been on a record-breaking pace in 2020 and expects to report increased growth and revenue consistently through the end of the year.

“2019 was good for us in terms of revenue growth and expansion compared to 2018,” says PCT Corp President Bill Prince. “However, 2020 has so far presented us with a tremendous growth opportunity unlike anything we saw in 2019. We are excited and proud to have added more distributors and sub-registrants at an accelerated pace. We’ve been able to shore up existing markets while entering and expanding our footprint in other regions, including internationally. Lastly, we’ve increased our fluid output exponentially and placed more machines in more facilities than ever before.”

With the filing of the 10-K Annual Report, the company is now focused on completing their first quarter 10-Q report and continuing work on their second quarter 10-Q report.

“We appreciate the patience and understanding of our shareholders,” says PCT CEO Gary Grieco. “Our intention is always to complete our filings in a timely manner, and we are aware of the effect which late filings may have on shareholder value. We’re pleased to be able to file our 10-K Annual Report now and want to inform shareholders that now that the 10-K has been filed, the outstanding first quarter 10-Q will be filed as soon as is humanly possible.”

“We have our second quarter 10-Q on the radar as well and it is likewise in progress,” continues Grieco. “We want to assure shareholders that as our company continues to experience tremendous growth this year that we are taking steps both internally and externally to minimize or prevent extended delays from occurring in the future.”

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.

Forward-Looking Statements:

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 to complete and file required SEC filings in a timely manner; 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 Q1 and Q2 10-Q’s; 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.