BOISE, Idaho, Sept. 30, 2020 (GLOBE NEWSWIRE) -- PCS Edventures!, Inc., (PCSV) a leading provider of K-12 Science, Technology, Engineering, Arts, and Mathematics (STEAM) education programs and drone products, today announced the following updates on its operations:
The Company has received its first order for BrickLAB STEAMventures, the Company’s recently released STEAM learning solution developed for the K-3 market. Designed as a magazine series, each issue is full of enriching STEAM challenges, activities, experiments, and stories to ignite a lifelong love of STEAM. The magazines are paired with a set of BrickLAB bricks (custom LEGO®-compatible building manipulatives) for instant hands-on STEAM learning. Each issue also includes an Educator Guide with resources to support family engagement, and options for extended learning to keep students engaged and learning objectives up-to-date.
Michelle Victor, Director of STEAM Curriculum, commented, “This new product was developed in response to the rapidly evolving educational landscape. With the struggle to keep kids engaged in remote learning, we knew we needed to provide a positive solution. It's a real delight to see these first magazines and bricks reach the hands of students."
On July 6, 2020, the Company issued a press release announcing earnings for its Fiscal Year ending March 31, 2020. In that press release, the Company indicated its confidence that it would secure a loan to refinance its existing debt. The loan program the Company was referencing was the Federal Reserve’s Main Street Lending Program (MSLP). The essence of the program is that banks can underwrite a loan to a company and sell 95% of that loan to the Federal Reserve, thus significantly limiting their risk. The Company applied at four different banking institutions for access to the MSLP program and has been rejected for participation in the program in all instances. It is now the opinion of Management that the Company will be unable to access the MSLP program unless modifications are made to it.
According to the Federal Reserve’s Main Street Lending Program webpage, “Main Street is designed to provide support to small and medium-sized businesses and their employees across the United States during the current period of financial strain by supporting the provision of credit to such businesses. The availability of additional credit is intended to help companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain their operations and payroll until conditions normalize.”
Michael Bledsoe, President, commented, “The Company was profitable in each of its two Fiscal Years prior to the pandemic, demonstrating that it was in “sound financial condition prior to the onset of the COVID-19 pandemic” and qualified in every other way for the Fed’s program. PCS is the poster child of the type of company that this program advertises that it is trying to help. The problem as we have learned is that the banks are not incentivized enough to want to take on the minimal risk they are being asked to take and, furthermore, they are wary of the Fed changing the rules on them or putting the loan back to them on some underwriting technicality. In essence, banks have no interest in participating in the program for companies with less-than-stellar credit profiles. The program as it exists today is a failure and in need of modifications if it is to achieve its stated goals.”
The Company’s Thrust-UAV division is preparing to launch its Enterprise Drone, a drone designed for commercial use in law enforcement, agriculture, real estate, and infrastructure inspections. A variety of add-on features will be available given the intended use of the drone. Whatever final package the customer chooses, the performance and price will be competitive with currently available comparable drones. Given the extensive input from local law enforcement agencies, the Company anticipates that this market segment will produce the first sales of this product.
Joe Egusquiza, Director of Business Operations at Thrust-UAV said, “This is a massive step forward for Thrust-UAV and a huge benefit to industries like civil construction, law enforcement, and agriculture. Building on our vast UAV experience and working with on-the-ground stakeholders in several different industries, we have developed a robust platform that can drive greater efficiency and secure the safety of personnel.”
Company financial information and reports can be found at https://www.otcmarkets.com/.
For more information about PCS Edventures!, Inc., visit our website.
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, Arts and Math (STEAM). https://www.edventures.com/.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934; actual results could differ materially from such statements.
Contact
Investor Contact: Michael Bledsoe 1.800.429.3110, mikeb@edventures.com
Investor Relations Web Site: pcsv.global