LOS ANGELES, CA / ACCESSWIRE / March 10, 2020 / Pacific Ventures Group, Inc. (OTCPINK:PACV), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, is pleased to announce that it has repaid and satisfied all the convertible notes that had become due and convertible into common stock at a discount to market.
Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “As an emerging growth micro-cap publicly traded company, we had to do what was needed to survive and advance our business. With that said, we were grateful to attract funding from institutional convertible notes over the past two years to advance the company to where it is today. However, as additional notes matured and recently became convertible into common stock, we realized the negative effects those conversions were having on the dilution of our stock and the downward pressure on its price. Thus, we have repaid and satisfied these convertible notes in order to avoid any further potential equity dilution. At this time, there are no other convertible notes that have the ability to convert into equity. We look forward to keeping our shareholders and the Wall Street community updated as the company continues to integrate its recent acquisition, improve its efficiencies and identify organic and acquisitive opportunities for growth.”
About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTCPINK: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 web site 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.
SOURCE: Pacific Ventures Group, Inc.
View source version on accesswire.com: