Renavotio, Inc.
Announces OTC Markets Extension and Shareholder Updates for
2021
Tulsa, OK -- December 31, 2021 -- InvestorsHub NewsWire --
Renavotio, Inc. (OTCQB:
RIII), ("Renavotio," or the "Company"), today announced that
OTC Markets granted our request for an extension until February 15,
2022 to file our third quarter Form 10-Q for the period ending
September 30, 2021, which extension enables us to maintain our
OTCQB status. We are providing this Shareholder Update to
advise you of our business operations for this
past 2021 year.
With the passage of the $1.9 trillion infrastructure bill,
Renavotio's wholly owned subsidiaries have upgraded their corporate
operational facilities and started a recondition program on its
operational equipment. The Company is currently seeking bids
to replace its fleet of trucks, plans to rebuild its four
boring machines, and is reconditioning all of it ditching and
excavating equipment. The Company recently engaged the US
Federal Contractors Registration to provide bidding opportunities
and to qualify both Utility Management & Construction, LLC
("UMCCO") and Cross-Bo Construction LLC, ("Cross-Bo") with
government assigned cage codes and access to the federal bidding
sites for projects that will become available thru the
Infrastructure Bill.
The $1.9 trillion-dollar package has
two major takeaways for
Renavotio. The bill allocates $55 billion dollars for clean water
that could include new distribution systems for both water and
sewer. There is also $65 billion dollars to ensure
Americans access to reliable high-speed internet with a historic
investment in broadband infrastructure
deployment. Renavotio's primary expansion, both organically and
thru acquisitions is in the rural belt
running from Eastern Missouri thru Southern Kansas, Colorado,
Northern Oklahoma eastern New Mexico and Northern Texas,
which rural areas (in this
operating footprint) could benefit from the allocation of these
funds.
UMCCO continues its push as an infrastructure provider by focusing
on "smart" infrastructure data systems, meters, control valves and
process automation for water system components. UMCCO has begun an
aggressive campaign to potentially increase its managed water
districts over the next 24 months.
Cross-Bo is in the process of reconditioning four boring
machines to complete four fiber optic installation crews.
$65 billion dollars has been allocated from the
Infrastructure bill to ensure Americans have access to reliable
high-speed internet with a historic investment in broadband
infrastructure deployment, which potentially could increase the demand for
these type of crews and installation of fiber optic
cable.
Renavotio is interviewing candidates for a Corporate
Infrastructure Officer position to oversee its projected
opportunities. The Company plans to pursue both Municipal, State
and Federal projects in 2022.
The Company continues to pay down balances on all of its
convertible debt and recently completed agreements on the remaining
debt in the form of completed Forbearance Agreements granting us
forbearance from claims by lenders regarding possible Note
defaults, thereby preventing dilutive conversion. We plan
to complete the payoffs in the first quarter of 2022,
eliminating all convertible
debt.
The Company has secured purchase orders for the balance of its PPE
inventory that will provide operating cash in the first quarter of
2022. As opportunities arise in this sector, Renavotio will
utilize its approved medical supply networks to generate potential
revenues.
The Company announced the appointment of Marcum LLP (the "Successor
Auditor") as its independent registered public accounting firm,
effective October 26, 2021, The Successor Auditor was appointed
following the resignation of Yichien Yeh, CPA ("Yey" or" the
"Former Auditor") as the Company's independent registered public
accounting firm. Yey resigned as our independent registered public
accounting firm due to an Order by the Public Company Accounting
Oversight Board ("PCAOB") revoking the PCAOB Registration of Yey,
which resignation was not due to any disagreements with Yey
regarding any matter of accounting principles or practices,
financial statement disclosures, audit scope, or audit procedure
(the "Resignation").
The Company has retained Sichenzia, Ross, Ference LLP as legal
counsel to facilitate the process and to prepare the application to
up list to a national exchange.
The Company also recently exchanged Series D Preferred shares
issued at $2.2 million for a 50% ownership in Harrowdale Ltd.,
which entity was formed as a partnership (the
"Partnership") for the purpose of expanding our Personal
Protection Equipment and other targeted market opportunities on a
global basis.
"We faced many obstacles in 2021, Covid being one the most
challenging, which gave us PPE sales opportunities but
side tracked our planned infrastructure expansion. We view
the recently passed infrastructure bill as very positive for
Renavotio as we enter 2022. We will potentially begin to
realize the proposed projects for states and towns spurring
infrastructure, water, and utility development projects and
upgrades, and we will endeavor to have our wholly owned
subsidiaries, UMCCO and Cross-Bo, capitalize on these new
opportunities. We have moved our focus with our PPE business to
large global sales utilizing our new Partnership. With
our recent secured sales for the balance of our PPE inventory, this
will potentially strengthen our financial picture. We could
potentially grow operations by adding new customers, expanded
operational territories and potentially benefit from an economic
rebound due to this major government stimulus plan," said William
"Billy" Robinson, CEO of Renavotio.
ABOUT REVAVOTIO, INC.
Renavotio's business focuses on three unique infrastructure
opportunities, including medical protective equipment, 5G, utility
construction, utility management, IoT, water, waste management
technology, and related industries. www.renavotio.com
The Company's wholly owned subsidiary, Renavotio Infratech, Inc.
("RII"), includes business and acquisition strategies concentrating
on medical protective equipment and infrastructure with utility
construction and consulting/operational agreements with small towns
or county CO-OPS that operate their own water and sewer systems,
providing long-term savings, utilizing smart-utility monitoring,
and dedicated engineering and service personnel.
These platforms capture utility data from hand-held GPS devices or
in-place sensors, with planned use of drones to identify waste
contamination, leak detection, and topographic underground utility
installation planning. RII's wholly owned subsidiary, Utility
Management Corp, is a holding company focused on infrastructure,
5G, utility construction, utility management, IoT, water and waste
management technology, and related industries. Utility
Management Corp's subsidiary, Utility Management and Construction
(UMCCO), is an engineering and smart utility management company
that provides a one-stop solution to rural communities to reduce
the consumption of electricity, data, natural gas, and water
utilities for commercial, industrial and municipal end
users.
UMCCO's unique approach creates immediate bottom-line savings for
its clients, by providing engineering, planning, permitting and
installation through their second wholly owned subsidiary, Cross-Bo
Construction, which specializes in water, sewer, Telcom, and 5G
design and installation, establishing a long-term value proposition
while also achieving respective sustainability goals. www.umcco.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:
This news release includes certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of
1934, as amended. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Such factors include general business,
economic, competitive, regulatory, capital markets, political and
social uncertainties. There can be no
assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements.
Accordingly, readers should not place undue
reliance on forward-looking statements. The
Company's plans outlined in this Shareholder Update
are contingent upon several material factors,
including but not limited to adequate financing on acceptable
terms, assignment of projects and successful funding emanating from
the Infrastructure Bill, and successful deployment of projects that
may be assigned to us resulting from the Infrastructure Bill. There
are no assurances that we will be
successful in any of the foregoing endeavors.
Additionally, there are no assurances that we
will succeed in our plan to eliminate all of our convertible
debt. No information in this news release
should be construed as any indication whatsoever of the Company's
future stock price, revenues, or results of
operations. The Company disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
IR Contact:
Renavotio, Inc.
601 South Boulder Ave.
Suite 600
Tulsa, OK 74119
Email Contact: brobinson@renavotio.com
Telephone: 1-888-928-1312