Groove Botanicals Completes Audits for Fiscal 2021 and 2022, Files Form 10, and Embarks on Building Technology Portfolio
Groove Botanicals, Inc. (OTC: GRVE) has completed audits for fiscal years ending March 2021 and March 2022 and filed a Form 10 registration statement with the SEC. This move aims to enhance transparency and accountability, allowing the company to potentially uplist to OTCQB or OTCQX. Additionally, Groove announced the divestment of two subsidiaries, focusing on renewable energy and EV battery technologies. These actions are expected to strengthen shareholder value and align with the company's new business model in sustainable technologies.
- Completion of audits enhances financial transparency.
- Filing of Form 10 may lead to uplisting on OTCQB or OTCQX.
- Divestment of subsidiaries to focus on renewable energy technologies.
- Management believes in high growth potential for new business model.
- None.
MINNEAPOLIS, MN, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Groove Botanicals, Inc. (“Groove” or the “Company”) (OTC: GRVE) announces the completion of its audits for the fiscal years ending March 2021 and March 2022. The Company has filed a Form 10 registration statement with the Securities and Exchange Commission to resume reporting under sections 13 and 15(d) of the Securities Exchange Act of 1934.
These corporate actions aim to provide investors with greater transparency and certainty surrounding Groove’s financial reporting as well as to receive the auditor's expression of an opinion on the financial statements to ensure the content is fairly presented. With the completion of its audits and its Form 10 filing, Groove will be able to improve transparency with investors and pursue higher OTC reporting standards, such as uplisting to trade on the OTCQB or OTCQX. The audit services of CPA firm TAAD, LLP, https://taadllp.com/ (“TAAD”), were employed to perform audits of the Company’s Fiscal Year 2021 and 2022 financial statements.
Kent Rodriguez, President and CEO of Groove Botanicals, Inc., commented: “We are excited to announce that our 2021 and 2022 financials are now audited. With our financial information on solid footing, as part of our ongoing commitment to transparency and accountability, we will be a fully SEC reporting company once the Form 10 registration statement is declared effective. Completing our audits is a major step forward for our Company, allowing increased transparency into our business and our new business model.”
Non-Core Subsidiary Divestments
Groove also announces the divestment of our two subsidiaries, Biotrex, Inc. and Maxidyne, Inc. These divestments will allow the Company to maximize its focus on sustainable and renewable energy technologies, including patented technologies.
Kent Rodriguez, President and CEO of Groove Botanicals, Inc., further stated: “We are divesting our oil and gas assets and our CB3 skin care products and proprietary trademarks and will use the funds from the sale of these assets to assemble a portfolio of early stage propriety EV Battery Technologies developed from Universities in Norway, Sweden and Finland, and seek grants from the State of Minnesota Department of Economic Development to find and identify corporate partners to commercialize these technologies.”
“Management believes that the technologies available and the specialized energy industry present a stable business model with high growth potential. We are filing this Form 10 to resume reporting requirements to ensure our shareholders’ liquidity in their shares going forward, and to provide transparency to the market.”
“Groove is embarking on a new and exciting path that will enhance shareholder value. I see exciting opportunities in the renewable energy space and believe Groove is well positioned moving forward to capture these opportunities,” concluded Mr. Rodriguez.
About Groove Botanicals, Inc.
Groove Botanicals, Inc., (OTC: GRVE) is a technology-driven company dedicated to improving lives. What started as a consumer health products company is branching out into renewable energy and other paradigm-shifting products and services. Our model is to assemble a portfolio of assets via royalty agreements, equity investments, licensing agreements, and patent acquisitions.
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Groove Botanicals, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
FOR FURTHER INFORMATION, please contact:
Groove Botanicals, Inc.
310 Fourth Avenue South
Suite 7000
Minneapolis, MN 55415
Kent Rodriguez, President & CEO
Telephone: 612-315-5068
Email: k.rodriguez@groovebotanicals.com
Investor Relations Contact:
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
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