PCS Edventures! Provides Operational Update

Rhea-AI Summary

PCS Edventures! announces updates on operations, including invoicing the JROTC for $339,636 and filing a Form 10-12g Registration Statement. Q3 revenue reaches a record $3.77 million. However, Management warns of seasonality and expects lower Q4 revenue without JROTC order. The Company retired 998,985 shares, reducing outstanding shares to 124,733,494.

Positive

• Record Q3 revenue of $3.77 million
• Retiring shares to reduce outstanding shares

Negative

• Lower expected Q4 revenue without JROTC order

BOISE, Idaho, Oct. 04, 2023 (GLOBE NEWSWIRE) -- PCS Edventures!, Inc. (PCSV), a leading provider of K-12 Science, Technology, Engineering and Mathematics (STEM) education programs and drone products, today announced the following updates on its operations.

On September 28, 2023, the Company invoiced the Air Force Junior Reserve Officer Training Corps (JROTC) for their third order in the amount of $339,636. The Company has received payment on the JROTC’s first two orders, in the amounts of $2,655,336 and $926,280, respectively.

On September 28, 2023, the Company was notified by the JROTC that they had exercised the Year 1 option of the contract. The first year of the contract was completed on September 30, 2023. The Company believes that this option exercise is an indication of intention by the JROTC to place future orders with the Company, but such future orders cannot be guaranteed at this time.

On October 3, 2023, the Company filed a Form 10-12g Registration Statement to register its securities with the SEC under the Securities Exchange Act of 1934, as amended. This type of registration statement typically becomes effective sixty days after the filing date and will require the Company to periodically file Forms 10-K, 10-Q, and 8-K among other filing requirements, including certain beneficial ownership filings of “affiliates” and 5% or more holders of the Company’s common stock.

On a preliminary basis, the Company generated slightly more than $3.77 million in revenue for the quarter ending September 30, 2023, a quarterly revenue record for the Company. While the Company is excited about its future business prospects, Management feels compelled to remind investors that the Company’s business has strong seasonality during the year, with the quarter ending December 31^st corresponding to the slowest revenue quarter. Last year, the Company reported revenue of $1.85 million for the quarter ending December 31^st, of which $1.38 million was attributed to fulfilling a JROTC order. The Company has no order from the JRTOC to fulfill this year in the December 31^st ending quarter and, thus, Management expects revenue in this quarter to be substantially less than last year’s comparable quarter revenue.

On August 2, 2023, the Company completed a transaction with a shareholder, purchasing 998,985 shares of the Company’s common stock at 6.5 cents per share. This transaction was negotiated on June 14, 2023, after the shareholder approached the Company with an invitation to make an offer. This stock was subsequently retired, reducing the Company’s shares of common stock outstanding to 124,733,494 as of September 30, 2023.

For more information about PCS Edventures!, Inc., visit our website.

Company financial information and reports can be found at https://www.otcmarkets.com/.

About PCS Edventures!, Inc.

PCS Edventures!, Inc. (OTCPK: PCSV) is a Boise, Idaho company that designs and delivers technology-rich products and services for the K-12 market that develop 21st-century skills. PCS programs emphasize experiential learning in Science, Technology, Engineering, and Math (STEM). https://edventures.com/.

Forward-Looking Statements.

This press release contains 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. Forward-looking statements are not a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of the disclosures contained in the filings of PCS and its “forward-looking statements” in such filings that are contained in the OTC Markets Group, LLC website at https://www.otcmarkets.com/.

Contact.

Investor Contact: Michael Bledsoe 1.800.429.3110, mikeb@edventures.com
Investor Relations Web Site: https://investors.edventures.com/