2021 Year-end Shareholder Update
Phoenix Rising Companies (OTCQB:PRCX) provided a year-end update expressing gratitude to stakeholders for their support during a challenging 2021.
The company's core subsidiary, Tieshan Oil, remains operational with an expected substantial revenue from gasoline refining despite pandemic disruptions.
However, the planned Wandi mining acquisition faced obstacles due to Covid-19 restrictions in China, leading to a shift in focus towards Western opportunities.
The Board aims to enhance shareholder value through innovative technologies and is in the early planning stages of establishing a new R&D division in the U.S.
- Continued operations and substantial revenue expected from Tieshan Oil.
- Shift in focus towards innovative technologies and cleaner energy solutions.
- Plans to establish a new R&D division in the U.S. to drive future growth.
- Challenges faced with Wandi mining acquisition due to Covid-19 restrictions.
- Decision to cease seeking opportunities in China may limit potential revenues.
CEDARTOWN, GA / ACCESSWIRE / December 31, 2021 / Phoenix Rising Companies (OTCQB:PRCX)
Dear Shareholders,
Thank you for your continuing interest in Phoenix Rising Companies. 2021 has been a year of change and opportunity for the company. Many professionals and company personnel have helped us navigate a difficult time. I hereby express my personal and company gratitude to our Board, Officers and employees. Additionally, we have been supported by many third parties including accountants, attorneys, industry experts and more; I extend the same gratitude to this capable and helpful group.
We have continued to successfully operate our core subsidiary, Tieshan Oil, whose business is trading and delivering products for refining gasoline. The global pandemic slowed but did not eliminate demand and our upcoming annual report will reflect an expectation of ongoing operations and substantial revenues into the foreseeable future from this division.
The pandemic also made it impossible for our outside auditors to enter the country of China and attempt to salvage the Wandi mining acquisition. We feel had this asset not been in China, the process would have been easier and successful.
Both Wandi and Tieshan Oil are in China. We are not seeking further opportunity there.
The onset of Covid-19 together with a general growing distrust of China has led the Board to choose seeking new opportunities primarily in the West. Changing auditors to a US firm was our first step in this direction. On a personal note, I would like to mention that although I am of Chinese extraction, I am a citizen of France and my heart is more in the West than the East. Accordingly, the Board's choice to turn our eyes to the West is consistent with my personal plans.
To increase shareholder value and future company performance the Board of Directors has elected to undertake new approaches with a view towards long term operational successes.
Our focus will be on new and innovative technologies, sales and marketing of medical devices, environmentally friendly methods of energy production and renewable energy generation, improved and cleaner mineral recovery, proprietary water purification and more.
We are still in the planning stages and it is likely we will be establishing a new R&D division in the United States.
More information will be forthcoming soon.
With Best Wishes that we Share a Happy New Year,
PHOENIX RISING COMPANIES
DS Chang
Chairman and CEO
SOURCE: Phoenix Rising Companies
View source version on accesswire.com:
https://www.accesswire.com/680470/2021-Year-end-Shareholder-Update
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