RiskOn Announces Planned Transition of Executive Leadership
January 29 2024 - 8:30AM
Business Wire
RiskOn Further Announces an Update on its Previously
Announced Distribution of its Holdings of White River Energy Corp
Stock
RiskOn International, Inc. (Nasdaq: ROI) (“RiskOn,” or
the “Company”), today announced that Randy May, Chairman and
Chief Executive Officer, and Jay Puchir, Chief Financial Officer,
submitted their resignations, which shall take effect at the close
of business on Monday, January 29, 2024. Todd Ault, Vice Chairman
of the Company has been unanimously appointed by the Company’s
Board of Directors as Chairman and Chief Executive Officer, and
Kayson Pulsipher has been unanimously appointed as Chief Financial
Officer.
“I’d like to thank both Randy and JP for their work with the
Company not only during this transition period but throughout their
tenure with the Company. I am thrilled to be stepping into the role
as the Company’s Chairman & CEO and am extremely optimistic
about the future of the Company,” stated Todd Ault, currently the
Vice Chairman of RiskOn. “RiskOn is building an innovative
Artificial Intelligence product and service offering, along with
its Metaverse Social gaming platform powered by Meetkai. My team
and I are committed to continuing to execute on our growth plans
for the Company.”
Additionally, the Company has concluded that, for regulatory
reasons, it will be unable to effect the distribution of its shares
of White River common stock (the “WTRV Shares”) as
contemplated by the press releases issued by the Company on each of
September 11, 2022 and September 30, 2022 and described in greater
detail in the registration statement on Form S-1 (File No.
333-268707) filed by White River (the “Registration
Statement”). In an effort to attempt to fulfill its original
intent to transfer shares (the “Distributable Shares”) to
beneficial and registered shareholders (the “Holders”) as of
September 30, 2022, the intended record date for the distribution
described in the Registration statement, the Company will send each
such Holder an agreement (the “Letter Agreement”) whereby
qualified Holders can (i) demonstrate to the Company’s satisfaction
that he/she/it in fact was a beneficial holder of the Company’s
common or preferred stock as of September 30 2022 and (ii) affirm
that such Holder is an “accredited investor” as that term is
defined in Rule 501 of the Securities Act of 1933, as amended (the
“Securities Act”).
Jay Puchir, the Company’s departing CFO, has agreed to
transition to a limited scope officer role to help facilitate the
validation and transfer of WTRV Shares. Any beneficial holder who
can provide evidence of share ownership as of September 30, 2022
and qualifies as an accredited investor is encouraged to contact
the Company at WTRV@Riskonint.com to request additional information
about obtaining potential WTRV Shares. All Distributable Shares
will be “restricted securities” as such term is defined in Rule 144
of the Securities Act.
About RiskOn International, Inc.
Founded in 2011, the Company owns 100% of BitNile.com, Inc.,
including the BitNile.com metaverse platform (the
“Platform”). The Platform, which went live to the public on
March 1, 2023, allows users to engage with a new social networking
community and purchase both digital and physical products while
playing 3D immersive games. RiskOn recently formed GuyCare to open
specialized men’s healthcare clinics. In addition, the Company also
owns approximately 66% of Wolf Energy Services Inc. (OTCQB: WOEN)
indirectly and approximately 70% of White River (OTCQB: WTRV)
directly.
Forward-Looking Statements
This press release contains “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 These forward-looking statements generally include
statements that are predictive in nature and depend upon or refer
to future events or conditions, and include words such as
“believes,” “plans,” “anticipates,” “projects,” “estimates,”
“expects,” “intends,” “strategy,” “future,” “opportunity,” “may,”
“will,” “should,” “could,” “potential,” or similar expressions.
Statements that are not historical facts are forward-looking
statements. Forward-looking statements are based on current beliefs
and assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and RiskOn will not undertake any obligation to update any of these
statements publicly in light of new information or future events.
Actual results could differ materially from those contained in any
forward-looking statement as a result of various factors. In
addition to risks relating to the acceptance of the Platform by
individuals, competition with much larger companies operating
metaverses and RiskOn’s ability to raise capital, investors should
review risk factors, that could affect RiskOn’s business and
financial results which are included in RiskOn’s filings with the
U.S. Securities and Exchange Commission, including, but not limited
to, Forms 10-K, 10-Q and 8-K. All such filings are available at
www.sec.gov and on the Company’s website at www.riskonint.com.
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