Contact Information: Contact Information: Financial Contact: Shannon M. Wilson 1.800.429.3110 X 101 Investor Contact: Anthony A. Maher 1.800.429.3110 X 102 Web Site: www.edventures.com
PCS Edventures! Announces Postponement on License Invoice
| Source: PCS Edventures!.com, Inc.
BOISE, ID--(Marketwire - June 28, 2007) - PCS Edventures!.com, Inc. (OTCBB : PCSV ) ("the
Company") today announced that it has elected to postpone the recognition
of certain license fee income from Global Techniques (dba PCS Middle East)
in the amount of approximately $7.2 million until such payment is actually
received from PCS Middle East.
On March 28, 2007, PCS Edventures! announced the signing of a License
Agreement for Educational Curriculum and Content with PCS Middle East, the
Company's sales and distribution partner in the Middle East, for use of the
Company's products and services within the Kingdom of Saudi Arabia. Under
the terms of the License Agreement, PCS Middle East was expected to remit
payment of a $7,150,000 license fee to the Company no later than May 15,
2007. However, PCS Middle East experienced certain delays within the
Kingdom of Saudi Arabia that resulted in a postponement in payment to PCS
Middle East, therefore causing delays in payments to PCS Edventures! by PCS
Middle East.
These delays stemmed from the uniqueness of the project, wherein the Royal
Council and the Ministry of Education held additional special meetings to
discuss, finalize, and assign this project. Upon receipt of payment from
PCS Middle East, the Company will recognize the income received in
accordance with the License Agreement.
"I would caution investors not to read more into this announcement than is
intended," stated Tony Maher, Chief Executive Officer of PCS Edventures!.
"This is an effort to be as candid and forthright as possible with our
shareholders and the investment community. Our decision does not suggest
that any projects in Saudi Arabia that were the subject of the original
invoice are not going forward, but it means that such projects will likely
commence later than our initial expectations."
About PCS Edventures!
PCS Edventures! is a recognized leader in the design, development, and
delivery of products and services rich in technology, imagination,
innovation, and creativity that make learning easier, more engaging, and
more effective at all levels. The Company's product lines range from
hands-on learning labs in technology-rich subjects such as engineering,
science, math, robotics, IT, and electronics. PCS programs are utilized in
over 3,000 sites in all 50 United States and in 15 foreign countries.
Additional information is at http://www.edventures.com