RENAVOTIO, INC.
(RIII) Provides Shareholder updates
Tulsa, OK -- May 13, 2022
-- InvestorsHub NewsWire -- Renavotio, Inc. (OTC:
RIII) (the "Company"), an infrastructure investment company
focused on opportunities, including medical protective equipment,
5G, ISP, utility construction, utility management, IoT, water,
waste management technology, and related industries, announces its
current shareholder updates.
The Company has amended
its note due in April from the $2.1-million-dollar glove purchase
in February with the plan to pay the balance in July
2022. The Company has paid $1,230,000 from sales on the note
and plans to allocate from planned sales to pay the balance due in
July. The Company has also completed the purchase of new work
trucks and the reconditioning of its installation equipment.
Utility Management has begun the bidding process on new business,
outbidding 3 of its 4 competitors on a recent water and sewer
management contract and narrowly missing the award. New bidding
opportunities are starting to become available with new funds from
the infrastructure bill opening opportunities for the
Company.
We continue to plan for
expansion and to bid on additional projects, we have recently
secured $200,000 in short term funding to pay audit expense and
projected shipping cost for our inventory, we received
advances on our future revenues for our short-term capital needs,
and we put a $750,000 line of credit in place guaranteed by
CEO William Robinson to draw against for future working and
expansion capital. We have secured delivery space on ships from our
storage facility in China heading to our storage facility in the
Miami-Dade and we are shipping the 200,000 boxes of VGloves to be
held in inventory for immediate sale. The recent cease and
desist order filed against Defendants named include Verizon, Cox,
T-Mobile, U.S. Cellular, AT&T, Mobilitie, Renavotio Inc.,
construction contractors, and multiple city of Tulsa departments
and state commissions only effects work in the Oklahoma area, and
along with the other defendants, we are filing to have
this case dismissed. The Company is currently looking to bid
on work in states outside the Oklahoma area.
The Company is moving
forward on completing and simultaneously filing its amended
2020 10-K/A and the 2021 10-K as a combined filing along with the
2022 First Quarter 10-Q. As much as we wish it was immediate,
we will strive to have all our SEC filings current and
projects to be current by the end of June and further strive
for trading back on the OTC Bulletin Board pending approval
by OTC Markets and FINRA.
Billy Robinson, the CEO
and Chairman of Renovatio commented, " As new opportunities
continue to present themselves to us, we have restructured much of
our long-term debt, created new revenues, and put in place a
working capital line to help facilitate our future growth. As much
as the re-audit of our Company has been painful by the length of
time it has taken and the cost to the Company and shareholders,
when completed it will give us a true picture of the Company and
the issues caused by losing our former auditor will be behind us,
moving forward with revenue producing opportunities, including
those associated with the infrastructure bill, and reporting
current information regarding Company developments and financial
information to our current and future
shareholders.
About Renavotio,
Inc.
Renavotio, Inc. (OTC:
RIII) an infrastructure investment company focused on
opportunities, including medical protective equipment, 5G, ISP,
utility construction, utility management, the internet of all
things, "(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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updates via e-mail, subscribe at: https://renavotio.com/contact/
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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 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, 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.
Investor
Contact:
Renavotio,
Inc.
601 South Boulder
Ave.
Suite 600 Tulsa, OK
74119
(888)
928-1312
Email: brobinson@renavotio.com
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