DirectView Common Stock Reverse Split is
Completed on the Heels of Restructured Financing & Growth
in 2019
DirectView Holdings
Completes Common Stock Reverse Split, Achieves
Substantial Growth In First Two Quarters Of 2019,
And Retires Restructured Convertible Debt
Agreement.
NEW YORK, NY --
August 6, 2019 -- InvestorsHub NewsWire -- DirectView Holdings,
Inc. (OTC:DIRVD) (OTC:DIRV)
("DirectView" or
the "Company"), a holding company focused on
ownership and management of leading
technology companies in the video surveillance and security
space,
today announced that DirectView
has completed
its 1:500 reverse split, is
expected to achieve
unaudited revenue
in excess of $500,000
in the last week
of the
second quarter of 2019 alone, and has retired
a restructured
convertible note consisting of over $1.4 million
dollars.
DirectView
Holdings' board of directors and
majority voted shareholders approved the 1:500 common stock reverse split to
ensure that the Company meets the requirements for
uplisting
to a higher tier
marketplace, while reducing the reduce the number of shares
of Common Stock issued and outstanding from approximately
732,531,880
to
approximately 1,465,064.
The reverse stock
split was effective as of July 31st , 2019.
DirectView
Holdings shares will continue to trade
on The OTC Markets, under the symbol "DIRVD", with the letter "D" added
to the end of the trading symbol for a period of 20 trading days
(ending
on August 28, 2019) to indicate that the
Reverse Split has been completed.
"Roger
Ralston, CEO and Chairman of
DirectView Holdings stated, "While the sentiment
surrounding reverse stock splits is, in many
cases, perceived negatively
in the
OTC Market
community, in the case of
DirectView, the decision was taken very
seriously and we've seen tremendous support
by our shareholders and our management team to proceed with the reverse
split in order to accommodate our acquisition and up-listing
strategy going forward."
For DirectView
Holdings growth in the second quarter of 2019
was attributed to new clients, such as Crestpark Condominums,
and existing
clients, such as Gruma Mission Foods
and
others.
Additional growth was derived from DirectView's
wholly-owned e-retailer, ApexCCTV.com,
which has recently seen an increase in inbound traffic to its
e-commerce website, due in part to the addition of
smart home
products such as Google's (NASDAQ:
GOOG) "Home", and "Nest", and Amazon's
(NASDAQ:
AMZN) Ring doorbell products.
"The investments
we continue to make
in our
subsidiaries
and our
facilities are beginning to show
improvements for the Company as we set the bar higher each
quarter," stated Roger Ralston, CEO and Chairman of
DirectView.
DirectView
Holdings has paid off its debt with a lending partner through
its previously
announced restuctured convertible debt
agreement, whereby
the
Company settled over $1.4
million dollars of convertible debt by paying $1.2 million dollars cash
over several
month.
"We are happy to report that
we have officially paid off a lending partner through a
restructured convertible debt agreement. The ability to restructure
our convertible debt grants DirectView the ability pay off debt in more
favoritable
terms
and further
supports our ongoing business plans, and our acquisition
and growth
strategy," further stated Roger Ralston, CEO and
Chairman of DirectView.
About
DirectView Holdings, Inc.
DirectView
Holdings, Inc., together with its subsidiaries, provides video
surveillance solutions and teleconferencing products and services
to businesses and organizations. The company operates in two
divisions, Security (Video Surveillance) and Video Conferencing.
The Security division offers technologies in surveillance systems
providing onsite and remote video and audio surveillance, digital
video recording, and services. It also sells and installs
surveillance systems; and sells maintenance agreements. The company
sells its products and services in the United States and
internationally through direct sales force, referrals, and its
Websites. The Video Conferencing division offers teleconferencing
products and services that enable clients to conduct remote
meetings by linking participants in geographically dispersed
locations. It is involved in the sale of conferencing services
based upon usage, the sale and installation of video equipment, and
the sale of maintenance agreements. This division primarily
provides conferencing products and services to numerous
organizations ranging from law firms, banks, high tech companies
and government organizations. For more information visit our
website at www.DirectView.com
and connect with us on Twitter, LinkedIn, Facebook, and
Google+.
Contact:
DirectView Holdings,
Inc.
Roger
Ralston
+1-212-858-9100
EXT. 111
www.DirectView.com
IR@DirectView.com
Cautionary Statement Regarding Forward Looking
Statements
Forward Looking Statements: This press release contains
forward-looking statements that involve a number of risks and
uncertainties, including statements regarding the outlook of the
Company's business and results of operations. By nature, these
risks and uncertainties could cause actual results
to differ materially from those indicated. Generally speaking, any
statements using terms such as "will," "expect," "anticipate," or
"may," or "should," "anticipates," "plans," or similar expressions
or the negative of these terms and similar expressions are intended
to identify forward-looking statements. Such statements are subject
to certain risks and uncertainties, and it is important to note
that actual results may differ materially from what is indicated in
any forward-looking statement. Readers should consider any
forward-looking statements in light of factors that could cause
actual results to vary. These risks and
uncertainties include, but are
not limited to, those described in our filings with the SEC, and
readers should refer to those filings, including our Risk Factors
described in those filings. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.