Pacific Ventures Furthers Balance Sheet Restructure Momentum, Completes Payoff of Long-Standing Debt Obligation

Rhea-AI Summary

Pacific Ventures Group, Inc. (PACV) announces the successful repayment of a $400,000 debt to BNA Investment Capital, LLC and TRA Capital, LLC, signaling progress in its ongoing balance sheet restructuring. The company's President and CEO, Shannon Masjedi, expresses excitement and pride in this achievement, highlighting the increased cash flow for operations and the potential for higher sales in the future.

LOS ANGELES, CA / ACCESSWIRE / March 6, 2024 / Pacific Ventures Group, Inc. (OTC PINK:PACV) ("Pacific Ventures" or the "Company"), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, today announced that, in furtherance of the success of its ongoing balance sheet restructuring, the Company has completed payments on its long-standing debt obligation to BNA Investment Capital, LLC and TRA Capital, LLC.

"We are excited and proud to have paid off what started out as a $400,000 debt to BNA and TRA, and it reinforces our commitment to, and the success of, our ongoing balance sheet restructuring efforts," stated Shannon Masjedi, President and CEO of Pacific Group Ventures.The fully repaid obligation to BNA Investment Capital and TRA Capital relates to a settlement agreement that arose from litigation that began in 2020.

"Our recent successes in restructuring our balance sheet have begun to yield increased cash flow available for our operations, which, we are convinced, will place our operating subsidiaries in a more favorable posture for increasing sales." This further prepares and aligns with the Company's goal of moving to a higher trading platform in the near future.

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC: PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the website dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

Investors Contact:

ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View the original press release on accesswire.com

FAQ

What debt did Pacific Ventures Group, Inc. (PACV) repay?

Pacific Ventures Group, Inc. (PACV) repaid a $400,000 debt to BNA Investment Capital, LLC and TRA Capital, LLC.

Who is the President and CEO of Pacific Ventures Group, Inc. (PACV)?

Shannon Masjedi is the President and CEO of Pacific Ventures Group, Inc. (PACV).

What type of company is Pacific Ventures Group, Inc. (PACV)?

Pacific Ventures Group, Inc. (PACV) is a food and beverage holding company specializing in the distribution of consumer food, beverage, and alcohol-related products.

What are the benefits of repaying the debt for Pacific Ventures Group, Inc. (PACV)?

Repaying the debt has increased cash flow for operations and positioned the company's operating subsidiaries for potential sales growth.

What is the goal of Pacific Ventures Group, Inc. (PACV) in the near future?

The goal of Pacific Ventures Group, Inc. (PACV) in the near future is to move to a higher trading platform.