CHATSWORTH, Calif., Feb. 04, 2016 (GLOBE NEWSWIRE) -- Provision Holding, Inc. (OTCQB:PVHO) announced today that it has issued a total of $4 million, before commissions and expenses, in a private placement financing of 12% Series A Senior Secured Convertible Promissory Notes, convertible into shares of the Company’s common stock at a conversion price of $0.10 per share. Each note purchaser will also receive, for every $1,000 in promissory notes purchased, warrants to purchase 2,000 shares of the Company’s common stock at an exercise price of $0.15 per share for a period of five years after the warrant’s issuance. Radnor Research & Trading Company acted as sole placement agent for the financing.
The financing should assist in the Company’s growth beyond its current installations of approximately 450 3D Savings Center kiosks with a national retail customer. The Company plans to have 1,000 3D Savings Center kiosks installed by the second quarter.
Curt Thornton, President and CEO of Provision Holding, Inc. stated, “We are pleased to have closed on this round of financing and to have been able to do so at a significant premium to the market, despite the recent broader market volatility. 2016 is a pivotal year in the continued evolution of Provision and the commercialization of our proprietary technology. While our installation schedule continues to accelerate, and we anticipate doubling our currently installed base over the next three months, the capital needs for the installations is largely funded through our previously announced joint venture partner. The proceeds from the financing we announce today will be largely allocated to strengthening our existing patent portfolio around our proprietary technology and several recent developments, as well as to fund continued product enhancements. In addition to this, we will look to broaden our management team to create the infrastructure required to support the growth we will experience this year. As a Company we are extremely excited for our opportunities in 2016 and look forward to continuing to provide timely updates regarding corporate developments."
About Provision Interactive Technologies, Inc.
Provision Interactive Technologies, Inc., a subsidiary of the publicly traded company Provision Holding, Inc. (OTCQB:PVHO), is the leading purveyor of intelligent interactive 3D holographic display technologies, software, and integrated solutions for both commercial and consumer focused applications.
Provision's 3D holographic display systems represent a revolutionary technology that provides the projection of full color, high-resolution videos into space detached from the screen, without any special glasses. Provision is currently the market leader in true 3D consumer advertising display products being implemented by innovative, consumer-focused companies.
Provision Holding, Inc. (OTCQB:PVHO) trades on the OTCQB venture stage marketplace for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com.
For more information, visit www.provision.tv.
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Source:Provision Holding Inc.