Renavotio, Inc. Announces financial results
for the Third quarter of 2020
Tulsa,
OK
-- November 17, 2020 -- InvestorsHub NewsWire
-- Renavotio,
Inc (OTCQB:
RIII), ("Renavotio," or
the "Company") today announced its
recently-filed unaudited financial results for the third quarter
ended September
30, 2020. For further information, please refer to the
Company's recently-filed
10Q on
EDGAR.
- Revenue – Due to a new focus on domestic U.S.
business opportunities, coupled with the declining overseas
revenues from the COVID-19 pandemic’s economic impact,
Renavotio has decided to close its overseas operations as of
September 30, 2020. This will complete the restructuring of RIII
for our launch as Renavotio, Inc (“RI”). The Company’s
newly-acquired subsidiary, Renavotio Infratech (“RII”), and its
newly-launched Medical Infrastructure division, is spearheaded by
the Company’s Share Purchase Agreement with Tritanium Labs USA,
Inc. Tritanium has developed a reoccurring client base and is
expanding its market thru out the Midwest with its branded products
TriCleanz, TruCleanz, brands of
sanitizers, sanitizing wipes and planned disinfectants, and
should set a strong growth path forward for that division. The
recent acquisition of Utility Management Corp. (UMC) fulfills the
organic base of 3 operating divisions with infrastructure
management thru Utility Management & Construction, LLC (UMCCO),
and underground infrastructure installation with Cross-Bo
Constructions, LLC.
- Recent Acquisitions – The closing terms and conditions of the
Renavotio Infratech, Inc. and Utility Management Corp. acquisitions
were not completed until after the second quarter; accordingly,
their financials are now being consolidated in the third quarter of
2020. This should complete the transition of the historical
financials related to the existing overseas subsidiaries, including
the completed cancelation of 30 million shares, and the final
issuance of 6 million shares required to complete the terms and
conditions pursuant to the Stock Exchange Agreement signed on April
3, 2020.
- Total expenses – We expect to incur marketing and
advertising expenses in new website development, social media
programs and engagement, telemarketing, and virtual events.
Furthermore, we plan to continue investing in product development
and to recruit market specific talent and key management hires to
achieve our growth objectives.
- Capital expenditures – We plan to grow our CapEx investments in
our attempt to enhance and expand our infrastructure and
acquisition footprint over the next twenty-four (24)
months.
- Tax rates – We expect our full-year 2020 tax rate will be
in the high-teens; although, we may see fluctuations in our
quarterly tax rate, depending upon our financial
results.
- Recent Events - The Company has redeemed its notes with EMA
Financial, LLC and Crown Bridge Partners, LLC, and after completing
the sale and transfer of Power Up Lending Group LTD’s convertible
notes to Redstart Holdings Corp, RIII has settled and paid off the
first note with the second note scheduled for payment in early
December. The Company’s recent notes have a conversion
floor price and an amortization schedule giving the Company the
option to prevent future dilution from the standpoint of such floor
price. The Company is also putting new protocols in place to
protect against cybercrime, due to a recent intrusion into its
internet communication which caused a minor loss in capital, and
has been identified and eliminated.
- Future Expansion – Our Personal Protective Equipment (PPE)
& Medical Manufacturing
division’s initial pilot program for PPE products allowed the
Company to develop long term relationships with both domestic and
overseas manufactures during the second and third quarters of 2020.
RI continues to focus on “Made in the USA" products. The
Company is pursuing possible partnerships and/or participation in
proposed possible manufacturing facilities in the U.S. RI has
targeted four (4) primary PPE products: Gowns, Hand Sanitizer,
Masks, and Disinfecting Cleaners.
- Pandemic Impact – Our business has been impacted by the pandemic
and we, like many companies, are facing a period of uncertainty in
terms of the world’s business outlook. We expect our
business performance could be impacted by issues beyond our
control, including the duration and efficacy of shelter-in-place
orders, the effectiveness of economic stimuli around the world, and
the fluctuations of currencies relative to the U.S. dollar, among
other factors.
RII
has
recently
acquired data records and websites targeting telecommunication
markets, health and wellness markets, and potential customers such
as medical practitioners, pharmacies, health industry
professionals, government, and hospitals. The Company has also
recently completed product-specific websites as potential
revenue
generating opportunities and leads for each of the operating
divisions in its efforts to
expand its medical and
utility in infrastructure brands. . RI plans
to launch these branded marketing websites to drive business and
capture interested parties contact information and to facilitate
organic growth in these vertical markets in the near
future.
"We
are very excited
to be
nearing completion of Renavotio's
business
transformation by building out our three operating divisions:
Utility Management & Construction, Infrastructure, and Personal
Protective Equipment (PPE) & Medical Manufacturing. We
look forward to continued growth in the coming quarters and believe
that our re-branding and new focus for the Company will create
shareholder value in the near future,"
said William "Billy" Robinson, CEO.
Third Quarter 2020 Operational and Other Financial
Highlights
STATEMENTS
OF OPERATIONS
|
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
For the
Nine Months Ended September 30,
|
|
|
|
2020
|
2019
|
|
|
|
Revenue
|
$
2,149,095
|
$
234,812
|
Cost of
Revenues
|
1,258,494
|
111,265
|
Gross
Profit
|
890,601
|
123,547
|
|
|
|
Operating
Expenses
|
|
|
General and administrative
|
1,784,764
|
676,727
|
|
|
|
Other
expenses
|
239,087
|
-
|
|
|
|
Net Income
(Loss) from Operations before Taxes
|
(1,133,250)
|
(553,180)
|
|
|
|
Provision
for Income Taxes
|
-
|
-
|
|
|
|
Foreign
currency translation adjustment
|
(2,616)
|
(66)
|
|
|
|
Net Income
(Loss)
|
(1,135,866)
|
(553,246)
|
|
|
|
Earnings
(Loss) per Common Share-Basic and Diluted
|
$
(0.01)
|
$
(0.01)
|
|
|
|
Weighted
Average Number of Common Shares Outstanding
|
|
|
Basic and
diluted
|
87,911,551
|
75,053,480
|
|
|
|
ABOUT RENAVOTIO,
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, 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
Tritanium
Labs
USA, Inc.
is an
Oklahoma based supply
chain technology company
and the manufacturer of
consumer products available at Costco Warehouse Clubs and other
fine retailers across the United States. The TriCleanz,
TruCleanz, and TruSafe brands
of sanitizers, disinfectants, sanitizing wipes, and
Pro
N95 USA, LLC
with
plans to
become
a US
manufacture of N95 mask providing
personal
protective equipment (PPE) that
will
be manufactured in the
United States with transparency, trust, and traceability. Its
products are manufactured using the same Tritanium
Traceability Technologies it
provides to its manufacturing and logistics clients. Since
2018, Tritanium is working towards
being a leader
in Supply
Chain Traceability Solutions and
the founder of one of
the first
public distributed ledger immutable traceability
technology specifically for
product traceability. Tritanium's solutions, software
developers and technology providers can add immediate global
traceability to sickness, food, manufacturing
and
logistic applications. www.tritaniumlabs.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, including the
level of sales of PPE products as well as whether the Company
will successfully conduct PPE production. 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, 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.
Utility Management Corp.
Tritanium Labs, Inc.
601 South Boulder Ave.
Suite 600
Tulsa, OK 74119
Email: brobinson@renavotio.com
Telephone:
1-888-928-1312
Skyline Corporate Communications Group, LLC
Lisa Gray,
Senior Account Manager
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: lisa@skylineccg.com
James S.
Painter III
Emerging
Markets Consulting, LLC
390
North Orange Avenue, Suite 2300
Orlando,
FL, US, 32801
48 Wall
Street Suite 1100
NY,NY
10005
Office
321-206-6682
Mobile
407-340-0226
Fax
352-429-0691
Skype
ID:
james.painter47
www.emergingmarketsllc.com
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