Convertible Debt Repayment Eliminates Equity Dilution and Prepares Company for Rapid Expansion
FAIRFAX, VA / ACCESSWIRE / May 11, 2023 / Visium Technologies, Inc., ("Visium" or the "Company") (OTC PINK:VISM), a global cybersecurity and analytics company, announced today that it has fully repaid and satisfied $93,000 of principal and accrued interest related to its toxic convertible note. The note was initially issued in October, 2022 and is being paid off with cash advances from the Company's officer and directors. The payoff of the toxic note is expected to have a positive impact by allowing the company to redirect its resources towards growth and expansion opportunities. The company has a strong pipeline of new projects and investments, and is well positioned to capitalize on emerging market trends and customer needs.
Mark Lucky, Visium's Chief Executive Officer, commented, "Retiring this convertible note is a significant financial milestone and an important step in creating value for our shareholders, and eliminates the dilution of our common stock and the selling pressure that we have seen on the Company's share price in recent weeks. Retiring this toxic convertible note through personal cash advances from management and the board of directors should provide insight into the high level of confidence in pending corporate developments."
Lucky added "We continue to make significant progress in our sales strategy, with multiple near-term opportunities for contracts in Africa and the Caribbean. We look forward to communicating these anticipated successes in the near future."
About Visium Technologies, Inc.
Visium Technologies (OTC PINK:VISM) is a cyber security solutions provider that uses graph database technology to deliver an analytics-driven, risk-based approach to cybersecurity that provides context to data so that users can make intelligent decisions in real time. Built for the US Army Cyber Command by MITRE Corporation (CyGraph), and then further developed by Visium, our world class TruContextTM technology provides visualization, advanced cyber monitoring intelligence, data modeling, analytics, and automation to help reduce risk, simplify cyber security, and deliver better security outcomes. TruContextTM plugs the gaps left by other security tools.
For more information please visit www.visiumtechnologies.com and our YouTube Channel.
Safe Harbor Statement: Under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements that reflect management's current views with respect to future events and performance. These forward-looking statements are based on management's beliefs and assumptions and information currently available. The words "believe," "expect," "anticipate," "intend," "estimate," "project" and similar expressions that do not relate solely to historical matters identify forward-looking statements. Investors should be cautious in relying on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed in any such forward-looking statements. These factors include, but are not limited to, whether the reverse stock split will be beneficial to the Company and its shareholders, any inability to meet the NYSE American continued listing standards in the future for any reason, and those other factors described in our filings with the U.S. Securities and Exchange Commission. Any responsibility to update forward-looking statements is expressly disclaimed.
CONTACT:
Visium Technologies, Inc.
Corporate: Mark Lucky, Chief Executive Officer
mlucky@visiumtechnologies.com
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Corporate Office:
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Phone: 703-273-0383
SOURCE: Visium Technologies, Inc.
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