PCS Edventures! Provides Operational Update

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.”