Propellus Reorganizes and its OTCIQ Application is Approved

Rhea-AI Summary

Propellus Inc. (OTC PINK: PRPS) has completed a reorganization with Sunvalley Solar Inc., making itself the Parent/Public Company. Sunvalley Solar will now operate as a subsidiary named Sunvalley Solar Tech, Inc. The share exchange agreement removed Sunvalley Solar from PRPS operations. Ralph Johnson has been appointed CEO and Director, succeeding in previous financial ventures by growing significant assets. Propellus aims to assist small businesses during Covid-19 by offering quick cash flow solutions ranging from $20,000 to $500,000.

Positive

• Ralph Johnson appointed as CEO, bringing 30 years of financial experience.
• Johnson previously grew assets to over $25 million in his financing company.
• Company focuses on providing rapid capital assistance to small businesses.

Negative

• None.

NEW YORK, Aug. 26, 2021 /PRNewswire/ -- Propellus Inc., an Oklahoma corporation, (OTC PINK: PRPS), an alternative finance company that specializes in assisting small businesses with their cash flow needs, announced today that it had completed a reorganization with Sunvalley Solar Inc.   Under the terms of the reorganization, Propellus (PRPS) became the Parent/Public Company with Sunvalley Solar moving its domicile and becoming a subsidiary with a resulting name change to Sunvalley Solar Tech, Inc.  Propellus Financial Services, Inc. (f/k/a Propellus Inc. Wyoming), our operating entity, became a wholly owned subsidiary of PRPS under a Share Exchange Agreement and Sunvalley Solar Tech, Inc. was removed from the operations of PRPS.  Also as part of the reorganization, Ralph Johnson assumed the role of CEO and Director, and Kelvin Joseph became the Company's CFO and Director and Michael Colombo joined the Board of Directors.

Mr. Johnson will oversee the day-to-day operations of the Company as Chief Executive Officer and Chairman of the Board of Directors. Mr. Johnson has been a financial professional for 30 years. In 2008, Mr. Johnson founded and developed his own proprietary factoring and alternative financing company that grew assets from zero to over $25,000,000.  In 2016, he founded Global Factors, LLC, a financing company primarily engaged in merchant cash advances, and as its CEO, grew the assets from zero to over $20,000,000 by 2019.  "We are excited to be able to assist small businesses navigate through these difficult Covid-19 times by providing them with much needed capital within three days of completion of an application," stated Johnson.  "Small businesses are the backbone of our economy, and we are here to give them a helping hand."

About Propellus Inc.:  Propellus Inc., is engaged in offering small businesses a variety of financing alternatives ranging in amounts between $20,000-$500,000.  Such financings include: payroll advances directly and through third-party professional employer organizations, merchant cash advances, accounts receivable factoring, short-term line of credit loans, and other types of loan products and cash flow financing. 

Contact: 
Ralph Johnson
(212) 220-9755
info@propelluscorp.com

 

View original content:https://www.prnewswire.com/news-releases/propellus-reorganizes-and-its-otciq-application-is-approved-301363314.html

SOURCE Propellus Inc.

FAQ

What is the recent reorganization announcement by Propellus Inc. (PRPS)?

Propellus Inc. has reorganized to become the Parent/Public Company of Sunvalley Solar, now Sunvalley Solar Tech, Inc., under a share exchange agreement.

Who are the key executives of Propellus Inc. after the reorganization?

Ralph Johnson is the new CEO and Director, with Kelvin Joseph as CFO and Director.

What financial services does Propellus Inc. provide for small businesses?

Propellus Inc. offers financing options from $20,000 to $500,000, including payroll advances, merchant cash advances, and accounts receivable factoring.

What is the focus of Propellus Inc. during the Covid-19 pandemic?

The company aims to support small businesses by providing quick access to capital within three days of applying.