LOS ANGELES, CA, Nov. 14, 2018 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE
Pacific Ventures Group, Inc. (OTC: PACV), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, today announced the filing of an Information Statement on Schedule 14C to implement a reserve stock split of its common stock pursuant to the joint consent of the Board of Directors and majority consenting stockholders.
While the Information Statement authorizes management to implement a reverse split on a ratio of up to 1:250, which ratio was based upon the recent share price of $0.01, in fact management believes that its current share price is extremely undervalued, does not reflect the Company’s success in generating revenues of in excess of $1.9 million for the 9 months ended September 30, 2018 compared to no revenues for the same period of 2017 and its ability to raise funds for the growth of its business. Management believes that the reverse split ratio may be far lower than 1:250 and may, in fact, be in the range of 1:30 or 1:50 or perhaps lower. Currently, management anticipates only moving forward with reverse split if it is necessary to meet the required major exchange criteria and, as set forth in the Schedule 14C, only up to an amount that, based upon the price of the common stock at such time in order to satisfy any exchange listing requirement and qualify for uplisting of its common stock.
Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “We believe that the Company will be in the financial position, based upon its ability to generate increasing revenues and ability to raise capital, to meet the majority of the criteria for a major exchange listing and we are relying on the reverse split only to meet the share price listing criteria.”
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 web site dedicated to SnöBar.)