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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): August 14, 2024
RANGE
IMPACT, INC.
(Exact
name of registrant as specified in its charter)
Nevada |
|
000-53832 |
|
75-3268988 |
(State
or other jurisdiction |
|
(Commission |
|
(I.R.S.
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
200
Park Avenue, Suite 400 |
|
|
Cleveland,
Ohio |
|
44122 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (216) 304-6556
Not
Applicable
(Former
name or former address, if changed since last report.)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class: |
|
Trading
Symbol |
|
Name
of each exchange on which registered: |
Common
Stock |
|
RNGE |
|
OTC
Markets |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
|
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
8.01 Other Events.
Press
Release
On
August 14, 2024, the Company issued a press release reporting its financial results for the second quarter of 2024.
A
copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The
information in this Item 8.01 (including Exhibit 99.1) is furnished pursuant to Item 8.01 and shall not be deemed to be “filed”
for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required
to be disclosed solely by Regulation FD.
Portions
of this Current Report may constitute “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that are subject to risks and uncertainties. Although the Company believes any such statements are based on reasonable
assumptions, there is no assurance that the actual outcomes will not be materially different due to a number of factors. Any such statements
are made in reliance on the “safe harbor” protections provided under the Private Securities Litigation Reform Act of 1995.
Additional information about significant risks that may impact the Company is contained in the Company’s filings with the Securities
and Exchange Commission and may be accessed at www.sec.gov. The Company is under no obligation, and expressly disclaims any obligation,
to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
|
RANGE
IMPACT, INC. |
|
|
Dated:
August 14, 2024 |
By: |
/s/
Michael Cavanaugh |
|
Name:
|
Michael
Cavanaugh |
|
Title: |
Chief
Executive Officer |
EXHIBIT
INDEX
Exhibit
99.1
Range
Impact Reports 2Q 2024 Financial Results
CLEVELAND,
OHIO – (August 14, 2024) – Range Impact, Inc. (OTC: RNGE) (“Range Impact”), a public impact investing
company dedicated to acquiring, reclaiming and repurposing mine sites in Appalachia, reported its results for the second quarter ended
June 30, 2024.
Range
Impact’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 was filed with the Securities and Exchange Commission
on August 14, 2024 and is available for viewing at https://rangeimpact.com/investors/. Since the information provided in this press release
is limited to selected financial and operational information, shareholders and interested parties are encouraged to read Range Impact’s
full Form 10-Q available on its website.
Michael
Cavanaugh, Range Impact’s CEO, stated, “Our second quarter revenue in 2024 declined relative to our second quarter revenue
in 2023, primarily due to the failure in performance of a mining contractor that resulted in lower revenue from our Range Minerals business
segment.” Cavanaugh added, “Furthermore, an investment in personnel and equipment was made to support an anticipated increase
in revenue in our Range Reclaim business segment from reclamation work on abandoned mine lands in West Virginia in 2024, which unfortunately
has not materialized to date, resulting in a misalignment between actual revenues and associated costs during the first half of 2024.
Our team is closely reviewing our business segments and plans to proactively take the necessary steps to reset and reposition Range Impact
for strong future growth and profitability, including prioritizing the reclamation and repurposing of owned mine sites in Appalachia.”
Second
Quarter 2024 Financial Highlights (consolidated and for each business segment)
|
○ |
Range
Impact | Consolidated results of all business segments | Consolidated revenue of $2,349,738 in 2Q 2024 compares
unfavorably to consolidated revenue of $3,998,267 in 2Q 2023. This revenue decline is primarily due to a failure of performance by a
mining contractor. Consolidated Adjusted EBITDA of ($312,994) in 2Q 2024 compares unfavorably to Consolidated Adjusted EBITDA of
$479,405 in 2Q 2023 primarily due to a $803,340 decline in Adjusted EBITDA from the Range Reclaim and Range Minerals business
segments. |
|
|
|
|
○ |
Range
Reclaim | Performs land reclamation and repurposing on mine sites | Revenue of $2,050,958 in 2Q 2024 compares unfavorably
to revenue of $3,882,492 in 2Q 2023 which is largely due to the combination of Range Reclaim and Range
Minerals into one business segment in 2Q 2023 and separated as two business segments in 2Q 2024. Adjusted EBITDA of $116,173 in 2Q
2024 compares unfavorably to Adjusted EBITDA of $835,392 in 2Q 2023 which is also the result of different
classifications of business segments between 2Q 2024 and 2Q 2023. |
|
○ |
Range
Minerals | Subcontracts mining and reclamation on mine sites | Revenue of $138,118 in 2Q 2024 compares favorably to revenue
of $0 in 2Q 2023, the result of the creation of the Range Minerals business segment in 1Q 2024. Notwithstanding this lack of year-over-year comparison, the Range Minerals business segment underperformed during 2Q
2024 due to the failure of performance by a mining contractor, which largely explains the revenue decline of Range Impact on a
consolidated basis. Adjusted EBITDA of ($84,121) in 2Q 2024 compares unfavorably to Adjusted EBITDA of $0 in 2Q 2023 due to additional costs associated with the failure of performance by a mining contractor. |
|
|
|
|
○ |
Range
Water | Develops water treatment and agricultural solutions for mine sites | Revenue of $0 for 2Q 2024 and 2Q 2023 since
Range Water is a pre-revenue innovative water and agricultural solutions business. Adjusted EBITDA of ($4,515) for 2Q 2024 compares
favorably to Adjusted EBITDA of ($18,690) for 2Q 2023 due a reduced investment in Range Water’s
biochar research and development projects during 2Q 2024. |
|
|
|
|
○ |
Range
Security | Provides security services on mine sites being reclaimed | Revenue of $160,662 for 2Q 2024 compares favorably
to revenue of $115,775 for 2Q 2023 due to the addition of a new mine site customer in Kentucky. Adjusted
EBITDA of $60,194 for 2Q 2024 compares favorably to Adjusted EBITDA of $40,665 for 2Q 2023 also due to the
addition of a new mine site customer in Kentucky. |
|
|
|
|
○ |
Range
Land | Owns, reclaims and repurposes mine sites for non-fossil fuel uses | Revenue and Adjusted EBITDA of $0 in 2Q
2024 and 2Q 2023 since Range Land did not recognize any revenue or expenses in either
quarterly period. Management expects activity in Range Land to increase in the future as our corporate strategy begins
to prioritize reclamation and repurposing of owned mine sites. |
|
|
|
|
○ |
Graphium
Biosciences | Glycosylated cannabinoid drug development business | Revenue of $0 for 2Q 2024 and 2Q 2023 since Graphium
Biosciences is a pre-revenue drug development business. Adjusted EBITDA of ($157,275) in 2Q 2024 compares unfavorably to Adjusted
EBITDA of ($107,444) in 2Q 2023 due to the reallocation of a corporate executive from the Corporate business segment to the
Graphium Biosciences business segment beginning in 2Q 2024. Management is currently evaluating strategic alternatives
for this business segment. |
|
|
|
|
○ |
Corporate
| Range Impact corporate overhead and administrative expenses | Adjusted EBITDA of ($243,450) for 2Q 2024 compares
favorably to Adjusted EBITDA of ($270,518) for 2Q 2023 due to the reallocation of a corporate executive from
Range Impact to Graphium Biosciences, which is offset by increased investment in additional corporate professionals to support the
anticipated growth of Range Impact. |
Second
Quarter 2024 Consolidated Financial Highlights
| |
2Q 2024 | | |
2Q 2023 | | |
2Q 2024 LTM | | |
2Q 2023 LTM | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | 2,349,738 | | |
$ | 3,998,267 | | |
$ | 18,592,783 | | |
$ | 11,206,073 | |
Cost of Goods Sold | |
| 2,498,667 | | |
| 3,153,166 | | |
| 13,982,152 | | |
| 8,383,670 | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| (148,929 | ) | |
| 845,101 | | |
| 4,610,631 | | |
| 2,822,403 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Expenses | |
| 854,977 | | |
| 691,408 | | |
| 4,887,330 | | |
| 3,085,498 | |
| |
| | | |
| | | |
| | | |
| | |
Operating Income (Loss) | |
| (1,003,906 | ) | |
| 153,693 | | |
| (276,699 | ) | |
| (263,095 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other Income | |
| (221,775 | ) | |
| (116,931 | ) | |
| 1,158,331 | | |
| (108,019 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) | |
| (1,225,681 | ) | |
| 36,762 | | |
| 881,632 | | |
| (371,114 | ) |
| |
| | | |
| | | |
| | | |
| | |
Non-Cash Expenses | |
| 690,427 | | |
| 377,646 | | |
| 894,475 | | |
| 1,465,241 | |
Working Capital Changes | |
| (15,232 | ) | |
| (1,488,603 | ) | |
| (2,602,602 | ) | |
| (1,251,236 | ) |
| |
| | | |
| | | |
| | | |
| | |
Cash Flow from Operations | |
$ | (550,486 | ) | |
$ | (1,074,195 | ) | |
$ | (826,495 | ) | |
$ | (157,109 | ) |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit Margin % | |
| -6.3 | % | |
| 21.1 | % | |
| 24.8 | % | |
| 25.2 | % |
Operating Profit Margin % | |
| -42.7 | % | |
| 3.8 | % | |
| -1.5 | % | |
| -2.3 | % |
Net Income Margin % | |
| -52.2 | % | |
| 0.9 | % | |
| 4.7 | % | |
| -3.3 | % |
Cash Flow from Operations Margin % | |
| -23.4 | % | |
| -26.9 | % | |
| -4.4 | % | |
| -1.4 | % |
Second
Quarter 2024 Segmented Financial Highlights
| |
2Q 2024 | | |
2Q 2023 | | |
2Q 2024 LTM | | |
2Q 2023 LTM | |
| |
| | |
| | |
| | |
| |
Revenue | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | 2,050,958 | | |
$ | 3,882,492 | | |
$ | 15,348,073 | | |
$ | 11,063,898 | |
Range Minerals | |
| 138,118 | | |
| - | | |
| 2,120,233 | | |
| - | |
Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
Range Security | |
| 160,662 | | |
| 115,775 | | |
| 1,124,477 | | |
| 142,175 | |
Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
Corporate | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
$ | 2,349,738 | | |
$ | 3,998,267 | | |
$ | 18,592,783 | | |
$ | 11,206,073 | |
| |
| | | |
| | | |
| | | |
| | |
Gross Profit | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | (252,848 | ) | |
$ | 789,687 | | |
$ | 3,592,324 | | |
$ | 2,756,566 | |
Range Minerals | |
| 20,842 | | |
| - | | |
| 357,654 | | |
| - | |
Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
Range Security | |
| 83,077 | | |
| 55,414 | | |
| 660,653 | | |
| 65,837 | |
Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
Corporate | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Total Gross Profit | |
$ | (148,929 | ) | |
$ | 845,101 | | |
$ | 4,610,631 | | |
$ | 2,822,403 | |
| |
| | | |
| | | |
| | | |
| | |
Net Income (Loss) | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | (579,928 | ) | |
$ | 433,922 | | |
$ | 1,160,681 | | |
$ | 1,497,180 | |
Range Minerals | |
| (84,121 | ) | |
| - | | |
| 152,455 | | |
| - | |
Range Water | |
| (5,154 | ) | |
| (19,116 | ) | |
| (70,296 | ) | |
| (38,280 | ) |
Range Security | |
| 57,302 | | |
| 37,550 | | |
| 538,645 | | |
| 20,445 | |
Range Land | |
| - | | |
| - | | |
| (13,134 | ) | |
| - | |
Graphium Biosciences | |
| (157,275 | ) | |
| (107,444 | ) | |
| (534,183 | ) | |
| (450,871 | ) |
Corporate | |
| (456,505 | ) | |
| (308,150 | ) | |
| (352,536 | ) | |
| (1,399,588 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total Net Income (Loss) | |
$ | (1,225,681 | ) | |
$ | 36,762 | | |
$ | 881,632 | | |
$ | (371,114 | ) |
| |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | 116,173 | | |
$ | 835,392 | | |
$ | 3,934,353 | | |
$ | 2,677,681 | |
Range Minerals | |
| (84,121 | ) | |
| - | | |
| 152,455 | | |
| - | |
Range Water | |
| (4,515 | ) | |
| (18,690 | ) | |
| (67,737 | ) | |
| (37,854 | ) |
Range Security | |
| 60,194 | | |
| 40,665 | | |
| 550,209 | | |
| 24,988 | |
Range Land | |
| - | | |
| - | | |
| (13,134 | ) | |
| - | |
Graphium Biosciences | |
| (157,275 | ) | |
| (107,444 | ) | |
| (534,183 | ) | |
| (450,871 | ) |
Corporate | |
| (243,450 | ) | |
| (270,518 | ) | |
| (1,451,055 | ) | |
| (954,302 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total Adjusted EBITDA | |
$ | (312,994 | ) | |
$ | 479,405 | | |
$ | 2,570,908 | | |
$ | 1,259,642 | |
Second
Quarter 2024 Reconciliation of Net Income (Loss) to Adjusted EBITDA
| |
2Q 2024 | | |
2Q 2023 | | |
2Q 2024 LTM | | |
2Q 2023 LTM | |
| |
| | |
| | |
| | |
| |
Net Income (Loss) | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | (579,928 | ) | |
$ | 433,922 | | |
$ | 1,160,681 | | |
$ | 1,497,180 | |
Range Minerals | |
| (84,121 | ) | |
| - | | |
| 152,455 | | |
| - | |
Range Water | |
| (5,154 | ) | |
| (19,116 | ) | |
| (70,296 | ) | |
| (38,280 | ) |
Range Security | |
| 57,302 | | |
| 37,550 | | |
| 538,645 | | |
| 20,445 | |
Range Land | |
| - | | |
| - | | |
| (13,134 | ) | |
| - | |
Graphium Biosciences | |
| (157,275 | ) | |
| (107,444 | ) | |
| (534,183 | ) | |
| (450,871 | ) |
Corporate | |
| (456,505 | ) | |
| (308,150 | ) | |
| (352,536 | ) | |
| (1,399,588 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total Net Income (Loss) | |
$ | (1,225,681 | ) | |
$ | 36,762 | | |
$ | 881,632 | | |
$ | (371,114 | ) |
| |
| | | |
| | | |
| | | |
| | |
Interest | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | 61,195 | | |
$ | 63,061 | | |
$ | 425,260 | | |
$ | 149,185 | |
Range Minerals | |
| - | | |
| - | | |
| - | | |
| - | |
Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
Range Security | |
| - | | |
| 224 | | |
| - | | |
| 224 | |
Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
Corporate | |
| 104,465 | | |
| 1,712 | | |
| 312,941 | | |
| 16,106 | |
| |
| | | |
| | | |
| | | |
| | |
Total Interest | |
$ | 165,660 | | |
$ | 64,997 | | |
$ | 738,201 | | |
$ | 165,515 | |
| |
| | | |
| | | |
| | | |
| | |
Taxes | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Range Minerals | |
| - | | |
| - | | |
| - | | |
| - | |
Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
Range Security | |
| - | | |
| - | | |
| - | | |
| - | |
Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
Corporate | |
| 56,600 | | |
| - | | |
| 56,600 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Total Taxes | |
$ | 56,600 | | |
$ | - | | |
$ | 56,600 | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Depreciation | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | 634,906 | | |
$ | 338,409 | | |
$ | 2,348,412 | | |
$ | 1,031,316 | |
Range Minerals | |
| - | | |
| - | | |
| - | | |
| - | |
Range Water | |
| 639 | | |
| 426 | | |
| 2,559 | | |
| 426 | |
Range Security | |
| 2,892 | | |
| 2,891 | | |
| 11,564 | | |
| 4,319 | |
Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
Corporate | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Total Depreciation | |
$ | 638,437 | | |
$ | 341,726 | | |
$ | 2,362,535 | | |
$ | 1,036,061 | |
| |
| | | |
| | | |
| | | |
| | |
Non-Cash Charges | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
Range Minerals | |
| - | | |
| - | | |
| - | | |
| - | |
Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
Range Security | |
| - | | |
| - | | |
| - | | |
| - | |
Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
Corporate | |
| 51,990 | | |
| 35,920 | | |
| (1,468,060 | ) | |
| 429,180 | |
| |
| | | |
| | | |
| | | |
| | |
Total Non-Cash Charges | |
$ | 51,990 | | |
$ | 35,920 | | |
$ | (1,468,060 | ) | |
$ | 429,180 | |
| |
| | | |
| | | |
| | | |
| | |
Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Range Reclaim | |
$ | 116,173 | | |
$ | 835,392 | | |
$ | 3,934,353 | | |
$ | 2,677,681 | |
Range Minerals | |
| (84,121 | ) | |
| - | | |
| 152,455 | | |
| - | |
Range Water | |
| (4,515 | ) | |
| (18,690 | ) | |
| (67,737 | ) | |
| (37,854 | ) |
Range Security | |
| 60,194 | | |
| 40,665 | | |
| 550,209 | | |
| 24,988 | |
Range Land | |
| - | | |
| - | | |
| (13,134 | ) | |
| - | |
Graphium Biosciences | |
| (157,275 | ) | |
| (107,444 | ) | |
| (534,183 | ) | |
| (450,871 | ) |
Corporate | |
| (243,450 | ) | |
| (270,518 | ) | |
| (1,451,055 | ) | |
| (954,302 | ) |
| |
| | | |
| | | |
| | | |
| | |
Total Adjusted EBITDA | |
$ | (312,994 | ) | |
$ | 479,405 | | |
$ | 2,570,908 | | |
$ | 1,259,642 | |
Non-GAAP
Financial Information
In
addition to our results under Generally Accepted Accounting Principles (“GAAP”), in this release we also present certain
other supplemental measures of financial performance that are not required by or presented in accordance with GAAP, including Adjusted
Earnings Before Interest Taxes Depreciation and Amortization (“Adjusted EBITDA”). We calculate Adjusted EBITDA as net income
(loss) before interest expense, income tax expense, depreciation and amortization, non-cash stock-based compensation expenses related
to restricted stock grants and stock options issued to directors and employees and consultants, and any one-time non-recurring items.
Adjusted EBITDA is one of the primary metrics used by management to evaluate our financial performance, analyze the effectiveness of
our business strategies, and make budgeting and capital allocation decisions. However, this non-GAAP measure does have certain limitations
and should not be considered as an alternative to net income (loss), earnings (loss) per share or any other performance measures derived
in accordance with GAAP.
About
Range Impact, Inc.
Headquartered
in Cleveland, Ohio, Range Impact is a public company (OTC: RNGE) dedicated to improving the health and wellness of people and the planet
through a novel and innovative approach to impact investing. Range Impact owns and operates several complementary operating businesses
focused on developing long-term solutions to environmental, social, and health challenges, with a particular focus on acquiring, reclaiming
and repurposing mine sites and other undervalued land in economically disadvantaged communities throughout Appalachia. Range Impact takes
an opportunistic approach to impact investing by leveraging its competitive advantages and looking at solving old problems in new ways.
Range Impact seeks to thoughtfully allocate its capital into strategic opportunities that are expected to make a positive impact on the
people-planet ecosystem and generate strong investment returns for its shareholders.
Notice
Regarding Forward-Looking Statements
This
press release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933,
as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely
historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the
future. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors that could
cause actual outcomes and results to be materially different from those indicated in such statements. Such factors include, among others,
the inherent uncertainties associated with new projects and development stage companies, timing of clinical trials and product development,
business strategy and new lines of business. These forward-looking statements are made as of the date of this press release, and we assume
no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected
in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report
on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with
the Securities and Exchange Commission.
Range
Impact, Inc.
Investor
Relations: (216) 304-6556 and ir@rangeimpact.com
Corporate
Website: www.rangeimpact.com
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