Multiple One-Year Commitments Underscore Advertiser Acceptance of Provision's 3D Holographic and Couponing Platform
CHATSWORTH, Calif., May 16, 2018 (GLOBE NEWSWIRE) -- Provision Holding, Inc. PVHO today announced that it has received signed "insertion orders" (advertising contracts) totaling $2.53 million from consumer product goods companies (CPG's) to advertise products on the expanding Provision 3D holographic platform integrated into Coinstar kiosks inside grocery store retailers.
The CPG contracts, which carry one-year advertising commitments, cover multiple food and pharmaceutical products, and represent the largest financial commitment Provision has received to date for its advertising platform. Provision expects revenues from these first insertion orders to commence early in the third quarter of calendar 2018.
"We are thrilled to announce these initial grocery channel contracts, as they help to validate Provision's advertising platform among leading advertisers nationwide," stated Mark Leonard, Provision's Chief Executive Officer. "We remain resolute in our confidence in Provision's prospects to drive meaningful advertising revenue through our collaboration with Coinstar, as well as other retail partnerships and sales channels."
Curt Thornton, Provision's Chief Operating Officer, added, "We are beginning to see clarity emerge into our deployment across the nationwide Coinstar network, and are gratified that the interest from advertisers remains robust. Our ad sales pipeline currently has more than 50 additional CPG proposals in process for "paid" campaigns, and we expect to close additional contract deals, as we further expand our scale and customer reach over the second half of 2018 and beyond."
Through the end of April 2018, Provision has installed 200 units integrated into Coinstar kiosks throughout a regional grocery chain located in the Midwest, and has initiated the installation of a larger set of units into a national chain. Provision expects the pace of unit installation to ramp over the balance of 2018, and reiterates its outlook for up to 4,000 units installed by the end of the year.
Provision plans to provide updates on these initial CPG orders later this year, as they are deployed nationally.
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About Provision Interactive Technologies, Inc.
Provision Interactive Technologies, Inc., a subsidiary of Provision Holding, Inc. PVHO, is the leading developer of intelligent, interactive 3D holographic display technologies, software, and integrated solutions used primarily in retail settings. Provision's 3D advertising displays are designed to increase in-store engagement, coupon redemption and point-of-purchase activity.
Provision's 3D holographic display systems represent a revolutionary technology that project full color, high-resolution videos into space detached from the screen, without the need for special glasses. Provision holds more than 10 patents related to its 3D holographic technology, for both consumer and commercial applications. For more information, visit www.provision.tv.
Forward-Looking Statements
This press release contains projections of future results and other forward-looking statements that involve a number of risks and uncertainties. Important factors that may cause actual results and outcomes to differ materially from those contained in the projections and forward-looking statements included in this press release are described in our publicly filed reports. Factors that could cause these differences include, but are not limited to, the acceptance of our products, lack of revenue growth, failure to realize profitability, inability to raise capital and market conditions that negatively affect the market price of our common stock. The Company disclaims any responsibility to update any forward-looking statements unless legally required.
CONTACT Investor Relations Steve Silver / Philip Carlson ssilver@kcsa.com / pcarlson@kcsa.com 212-896-1220 / 212-896-1233 Media Relations Kate Tumino ktumino@kcsa.com 212-896-1252
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