Tulsa, OK -- January 18, 2022 -- InvestorsHub NewsWire --
Renavotio, Inc. (OTCQB:
RIII) (the “Company”), an infrastructure
investment company focused on opportunities in medical protective
equipment, 5G, ISP, utility construction, utility management, IoT,
water, waste management technology, and related industries,
announced the recent surge in demand for PPE products as a result
of the Covid variants rapid spread, which has created demand for
the Company's inventory in PPE products. The Company’s Inventory of
medical gloves and gowns are being readied for shipment along with
balance of the recently announced sale of its gloves to an overseas
purchaser. Once completed, these sales will allow the Company to
pay down the recently completed agreements on its remaining
convertible debt and provide working capital for operations for
2022.
The Company continues to focus its efforts, along with its
auditors, Marcum, LLP, to complete Marcum’s reaudit of the
Company’s 2020 fiscal year as well as complete its 2021 fiscal year
audit, in addition to the Company completing its third
quarter Form 10-Q for review procedures by the Company’s auditors.
The Company’s recent asset appraisals, acquisition valuations
and planned debt refinancing into more conventional and long-term
debt is ongoing. The 2020 fiscal year reaudit to be
included in the 2020 amended Form 10-K and third quarter Form 10-Q
for the period ending September 30, 2021 SEC filings are subject to
the shortened OTC Markets Extension Request deadline of January 14,
2022 and will not be met. The Company is diligently pursuing the
completion of the foregoing filings and fully expects to be
compliant and to reapply for its OTCQB status by the original
February deadlines.
Renavotio’s wholly owned subsidiaries, Utility Management &
Construction, LLC (“UMCCO”), has been notified by US Federal
Contractors Registration of receiving its Federal Cage Code, now
permitting it to bid on infrastructure and utility management
projects as they become available from the Federal Government. Our
order of 8 new trucks coupled
with planned reconditioning all our
ditching and excavating equipment will allow us to
put 4 fiber installation crews in position to deploy as bidding
opportunities becomes available. Current bidding
parameters show that each crew potentially could generate up to
$2,500 per day in expected work this year.
“As much as not meeting the OTC Markets deadline is a short-term
setback, it has not changed our goals to emerge with completed
financials, to sell all of our PPE inventory, reduce debt, obtain
new trucks and recondition our equipment to take advantage of the
opportunities in front of us. We will aggressively capitalize on
these as they develop” said William “Billy” Robinson, CEO of
Renavotio.
About Renavotio, Inc.
Renavotio, Inc. (OTCQB:
RIII) focuses on three unique infrastructure
opportunities, including medical protective equipment, 5G, utility
construction, utility management, IoT, water, waste management
technology, and related industries.
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.
For additional information on Renavotio, please
visit: www.renavotio.com.
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Forward Looking Statement
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, markets and other
conditions, 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. No information
in this news release should be construed as any indication
whatsoever of the Company’s future stock price, revenues, results
of operations, and whether the Company will be successful in its
goals stated herein. 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.
Investor Contacts:
Renavotio, Inc.
601 South Boulder Ave.
Suite 600 Tulsa, OK 74119
brobinson@renavotio.com