Pacific Ventures Group Pays Off Variable Priced Convertible Note to Avoid Potential Equity Dilution, No Such Notes Remain on Balance Sheet

Cash Flow from Operations Contributes to Debt Pay Off

LOS ANGELES, CA / ACCESSWIRE / June 22, 2020 / Pacific Ventures Group, Inc. PACV (the "Company"), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, is pleased to announce that it has repaid and satisfied the convertible notes that were convertible into common stock at a discount to market. Currently, the Company has no variable priced convertible notes on its balance sheet.

Ms. Shannon Masjedi, Pacific Venture Group's Chief Executive Officer, commented, "As we have begun to generate cash flow from operations, we have repaid and satisfied the remaining outstanding convertible notes in order to avoid any further potential equity dilution. At this time, there are no variable priced convertible notes on our balance sheet. We look forward to keeping our shareholders and the Wall Street community updated as the company continues to meet its goals in becoming a major distributor of consumer food, beverage and alcohol-related products."

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. PACV is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the website dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

Investors Contact:
ir@pacvgroup.com

ClearThink
nyc@clearthink.capital

SOURCE: Pacific Ventures Group, Inc.