Jun 22, 2021
ProBility Media Corp. (OTCPK: PBYA), an education company developing full-service training and career advancement tools for the skilled trade industry, desires to provide its shareholders with an update on the state of the Company.
POMPANO BEACH, Fla., June 22, 2021 /PRNewswire/ - ProBility Media Corp. (OTCPK: PBYA), an education company developing full-service training and career advancement tools for the skilled trade industry, desires to provide its shareholders with an update on the state of the Company.
(January 2016 – January 2018):
- Beginning January 2016 and through January 2018, the Company acquired seven businesses (National Electric Wholesale Providers, One Exam Prep, W Marketing, Cranbury International, Contractor Preps, Disco Learning Media and North American Crane Bureau).
- During 2016, the Company engaged an investment banking firm to facilitate a capital raise of between $5 million-$10 million dollars in order to support its expansion plans.
- During the first quarter of 2017, the Company received an offer for a capital raise of $10 million in exchange for 55% of the Company's equity.
- During the due diligence period, the Company utilized bridge loans on unfavorable terms to fund its ongoing operations.
- Concurrently with the bridge financings, the Company had to switch auditors.
- Between the bridge financings and the change in auditors, the Company did not have sufficient working capital to complete the audit required for the $10 million dollar capital raise and failed to secure that capital.
- In response to the Company's unfortunate turn of events and during the summer of 2018, Management began a restructuring and cost-cutting program for the purpose of generating a profit. This program led the Company to aggressive reductions in operating expenses and the restructure of its debt.
(2019 - 2020)
- During the first quarter of 2019, the Company worked to reduce overhead expenses by:
- electing to become an "alternative reporting" company;
- Consolidating its business into three companies, North American Crane Bureau, One Exam Prep and Disco Learning Media.
- Eliminating non-profitable assets.
- Through the efforts of the reorganization, the Company's revenue and operating expenses both decreased, however expenses decreased at a rate such that the Company's operating loss for 2020 was minimal.
- During 2020, Covid-19 adversely affected operations and revenue. Specifically, the Company's target clients reduced expenditures on skilled labor training which resulted in a decrease in demand for the Company's products and services.
2021 - :
The recent lift of pandemic restrictions has allowed the Company, though its subsidiaries, to operate at pre-pandemic capacity and in 2020, the Company generated a profit.
The Company is continuing to cut its operating expenses by consolidating its labor and other costs and by paying down its debt.
- The Company's operations have expanded outside of its historical operating territory of Florida.
- The Company is making efforts to reduce dependence on third-party vendors and instead develop its own self-published online and classroom-based training products.
- The Company intends to become current with its filing obligations pursuant to Securities Exchange Act Rule 15c-211 and OTC Markets Group, Inc Reporting Guidelines prior to September 28, 2021.
About ProBility Media Corp.
ProBility Media Corp. is an industrial education and training company headquartered in Coconut Creek, Florida, offering education online and in person programs including training in a variety of vocational industries. ProBility is executing a disruptive strategy of defragmenting the education and training marketplace by offering high quality training courses and materials to prepare the workforce for excellence. ProBility services customers from the individual to the small business to the enterprise level corporation. For more information, visit http://www.probilitymedia.com.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements, except as required by federal securities laws.
SOURCE Probility Media Corp.