RENAVOTIO,
INC. (RIII) Engages corporate accounting firm and expands its
Cranberry Glove business with CONTRACTS TOTALING
$177,500,000
Tulsa, OK -- September 6, 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 engaged Eventus Advisory Group to work with its
current auditors, Marcum LLP, to complete the reaudits of the 2020
and 2021 and 2022 financials and implement systems and protocols to
handle the Company's current and future growth. . The Company
is completing the 2020 10-K/A, 2021 10-K as a combined filing along
with the 2022 First, Second and Third Quarter 10-Q's. The
Company's plans are to be completely current by the third
quarter of 2022.
The Company has agreed to enter into partnerships on its first
Cranberry transactions with funds advanced necessary to complete
the transaction being provided by it partners with net revenue to
Renavotio to be shared 50/50 generated from its first
transaction.
The initial inspections of the first shipment to begin on September
12. Th first orders will be sent both by air and sea. The
Company expects to receive up to 780,000 gloves by air and
additional 6,000,000 to be shipped by sea over the next 12
months.
The Company has also responded to the recent filings of a note
holder from the previous acquisition of Utility Management &
Construction, LLC and Cross-Bo Construction, LLC ("Cross-Bo") with
claims of a disputed debt. There is a subsequent claims
relating to the acquisition that resulted in a claim for $1,300,000
from our Bond company on an infrastructure project started prior to
the Company's acquisition of Cross-Bo. In a cross-action Cross-Bo
has made claims of Fraud, violation of the acquisition agreement
and damages from project interference and is going after damages in
excess of 1.3 million dollars. The Company believes this action
will be settled in its favor.
There have been recent filings by the multiple defendants in
the Cease-and-Desist order filed against Verizon, Cox, T-Mobile,
U.S. Cellular, AT&T, Mobilitie, Renavotio Inc., construction
contractors, and multiple city of Tulsa departments and state
commissions that only effects work in the Oklahoma
area. Many of the cases have been dismissed and the
Company expects its case to be dismissed as well.
Arrowhead Fiber, LLC, the Company's subsidiary is unaffected
with respect to its current and future bids by the above
actions. The Company expects to hear of the awards on the
outstanding bids later this month.
Billy Robinson, the CEO and Chairman of Renovatio commented, " We
are pleased with the engagement of Eventus, who works
closely with Marcum, LP and our expansion of our Glove import
program and the growing opportunities in the fiber and 5G space. We
believe that the legal action from the Bond and debt
holders will be resolved to the Company's favor and we will
potentially see successful 2022 and 2023. "
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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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