Renavotio Announces Settlement and $2.2
million Investment in Market opportunity
Partnership
Tulsa,
OK -- October 12, 2021 -- InvestorsHub NewsWire -- Renavotio, Inc.
(OTCQB:
RIII) (the "Company"), an infrastructure investment company
focused on opportunities, including personal protective equipment,
5G, utility construction, utility management, IoT, water, waste
management technology, and related industries, today announced the
Settlement and Release Agreement with our wholly-owned subsidiary,
Renavotio Infratech, Inc., and other parties. As part of the
settlement, Renvotio 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. As part of the agreement, RIII has assigned its
$1.2 million dollar Judgment against the supplier for the
counterfeit masks; upon collection of that judgment, if ever,
the proceeds from such judgment will be used to reduce debt
and provide operating capital for the Partnership. The
Parties to the Agreement mutually released one another from any and
all claims, causes of actions, suits, obligations, debts, demands,
liabilities, damages, costs, and expenses. The
Partnership's funding partner, Teybridge Capital Ltd, is initially
providing a funding line of up to $4,200,000 loan to the
Partnership. The funding lines are guaranteed by Renavotio
and further guaranteed by our Chairman by a pledge of assets from
Crescent Saints Holding, LLC, his family Limited Liability
Company. Renavotio also retained the right to repurchase at
Par Value, the Preferred shares issued up liquidation of the
partnership and return said shares to its treasury.
Management Commentary
Billy
Robinson, Renavotio's Chief Executive Officer, commented, "Our new
partnership could potentially develop into a valuable operating
asset for us to eliminate any past liabilities associated
with the previous mask transaction and providing funds to free up
operating capital in existing inventories and in specific targeted
market opportunities to provide previously untapped revenue
opportunities. PPE demand will continue even as this pandemic
subsides as the products RIII is focused on are normally consumed
products and direct supply chain relations put into place can now
be offered to a wider client base through medical suppliers,
hospitality and government facilities."in the event of default upon the
Note.
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 l
the Partnership will be successful and fulfill its stated goals.
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
Email: brobinson@renavotio.com
Telephone: 1-888-928-1312