|By Marketwired .||
|May 23, 2014 08:50 PM EDT||
CARLSBAD, CALIFORNIA -- (Marketwired) -- 05/23/14 -- Pacific Vector Holdings Inc. (TSX VENTURE: PVH) (the "Company") is providing this corporate update.
As announced on May 15, 2014, the Company required an immediate bridge of three hundred thousand dollars which would have allowed for the payment of current obligations. The Company was unable to obtain the required bridge and as a result, a first secured lender whose one million dollar loan was due April 17, 2014, has filed a notice of default. In addition, another secured lender, owed four hundred thousand dollars which matured on April 21, 2014 and an unsecured lender, owed one million dollars which matured on October 31, 2013 have filed notices of default. The Company is diligently working to cure the defaults in the next five days.
About Pacific Vector
Pacific Vector is an action sports retail and consumer brands company.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Pacific Vector assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Pacific Vector.