PCS Edventures! Provides Operational Update

Rhea-AI Summary

PCS Edventures!, Inc. (PCSV) announced key operational updates on March 28, 2023. The company received final payment for its Discover Drones program from the Air Force JROTC, completing its debt repayment. PCS is set to end Fiscal Year 2023 on March 31, 2023, as a debt-free entity, with over $400,000 in cash, and a $300,000 available credit line. Preliminary estimates indicate a 70% revenue increase for FY 2023 compared to FY 2022. The Discover Drones program is gaining traction, and while a second order from the Air Force JROTC is anticipated, it remains contingent on funding availability.

Positive

• Debt-free status heading into FY 2024.
• Over $400,000 in cash and a $300,000 unused line of credit.
• Preliminary FY 2023 revenue expected to be 70% greater than FY 2022.

Negative

• Second order from Air Force JROTC not guaranteed due to funding uncertainty.

BOISE, Idaho, March 28, 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 March 17, 2023, the Company received payment for the remainder of the first order of our Discover Drones program from the Air Force Junior Reserve Officer Training Corps (JROTC). As announced in our press release dated February 9, 2023, we retired all Company debt with the proceeds from this second payment. We will end Fiscal Year 2023 on March 31, 2023 as a debt-free company.

Our Discover Drones program continues to gain traction in the drone education space. As we disclosed in our press release dated January 11, 2023, the Company’s Discover Drones program was selected by the Iowa Governor’s STEM Advisory Council for their Scale-Up Program. The Company expects to learn the size of this order in late April of 2023. The Executive Director of the Iowa STEM Advisory Council informed the Company that grant applications for the Company’s Discover Drones program were abundant, but not all applications are approved and accepted. The Company was highly encouraged from this feedback. The Company has the inventory on hand to fulfill the anticipated order from Iowa.

The Air Force JROTC has indicated that there is demand for a second order of the Company’s Discover Drones program from its sites, but that funding for a second order has not been finalized, so the order could not be guaranteed. While the Air Force was adamant that such an order could not be guaranteed to materialize, they communicated a size and timing range to the Company about a second order assuming that funding was available. Given the information provided to the Company, management believes that it is prudent to prepare for a second order and is procuring inventory for that scenario.

Mike Bledsoe, President, commented, “The Company is on very solid financial footing heading into our 2024 Fiscal Year. We are debt-free, have an unused $300,000 line of credit with our primary bank, and should end Fiscal Year 2023 with over $400,000 in cash. We also have the wind at our backs operationally as we build upon the revenue momentum we generated in Fiscal Year 2023. On a preliminary basis, Fiscal Year 2023 revenue should be approximately 70% greater than Fiscal Year 2022 revenue, with a slightly better gross profit margin. Orders for the Company’s products continue to be robust, and our market is well-funded at this time. Our primary focus is on execution in this favorable environment.”

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/

FAQ

What financial position will PCS Edventures have at the end of FY 2023?

PCS Edventures expects to end FY 2023 as a debt-free company with over $400,000 in cash.

How much revenue growth did PCS Edventures project for FY 2023?

PCS Edventures projects a revenue increase of approximately 70% for FY 2023 compared to FY 2022.

Is there a second order expected from the Air Force JROTC for the Discover Drones program?

While there is demand for a second order, it is not guaranteed as it depends on funding availability.

What is the cash position of PCS Edventures for FY 2023?

PCS Edventures anticipates having over $400,000 in cash at the end of FY 2023.

What is the significance of the Discover Drones program for PCS Edventures?

The Discover Drones program is gaining traction in the education space, contributing to increased revenue and demand.