Corporate Update Planet Resource Recovery, Inc. (PRRY) Targeting Acquisition Candidate

Rhea-AI Summary

Planet Resource Recovery, Inc. (OTC:PRRY) has announced its intention to acquire a well-established brand in the recreational industry. This acquisition includes the product line, assets, and intellectual property from a company with a valuation exceeding $10 million at its peak. CEO Andrew Lapp expressed excitement about the brand's legacy and future potential, emphasizing plans to restart production, which has been paused for five years. A new president with a strong background in the founding company will join post-acquisition to facilitate growth and expansion.

Positive

• Acquisition of a brand with a valuation over $10 million.
• Plans to restart production after a five-year hiatus, potentially increasing valuation.
• New president with relevant experience to aid in product re-launch and growth.

Negative

• None.

SARASOTA, FL / ACCESSWIRE / October 26, 2021 / Planet Resource Recovery, Inc. (OTC:PRRY) is providing a general update to its shareholders and followers. They recently announced on Twitter that management is actively searching for an acquisition candidate.

After much consideration, Planet Resource's management pursued a brand with a rich legacy and astonishing potential in the recreational industry. Both companies have agreed to PRRY's acquisition of the product line after an extensive due diligence period while the agreement regarding the transfer of assets, tooling, intellectual property, and rights is being finalized.

The founding company launched their product line in 1969. PRRY's acquisition will include the entire product line created by the founding company along with all associated assets, tooling, IP, and rights, which put the company's valuation over $10,000,000 during peak production in the late 1990's.

Planet Resource Recovery, Inc. CEO Andrew Lapp stated: "This brand has played a role my life since my childhood, and I'm thrilled for the opportunity of a lifetime to carry on its legacy. It's rich heritage and future potential will bring many opportunities to PRRY. As a bonus, we have negotiated an agreement to bring in a new president upon completion of the acquisition. This individual operated as General Manager and Marketing Manager with the founding company between 1993-2013 and played an essential role in the company's annual growth rate of 24%, which resulted in the company's highest production numbers since their inception." Mr. Lapp further revealed that this move is of crucial importance for the product's re-launch and future development.

Planet Resource believes that the next logical step after acquisition is to restart production after a five-year hiatus, which will significantly increase the valuation of the company and open doors to many opportunities for expansion. Management has a well-developed expansion and growth plan that will be implemented in the near future.

About Planet Resource Recovery:

PRRY is the holding company of the fixture brand retail type business. The operating company has been in business since 2016, with continuous expansion year by year. The Company started as an Amazon Third-Party Merchant who was selling a wide variety of clearance Home Improvement items. Nowadays they became a distributor and dealer for a few major brands in the USA.

More updates and filings will be released on a timely basis including the PRRY corporate website. https://planetresourcerecovery.com

Disclosure:

Information in this news release may contain statements about future expectations, plans, prospects or performance of PRRY that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. PRRY cautions you that any forward-looking information provided by or on behalf of PRRY is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind PRRY's actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond PRRY's control. In addition to those discussed in PRRY's press releases, public filings, and statements by PRRY's management, including, but not limited to, PRRY's estimate of the sufficiency of its existing capital resources, PRRY's ability to raise additional capital to fund future operations, PRRY's ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match PRRY's capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. PRRY does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events

Contact:

Twitter @PlanetPrry
Phone: +1 561-402-8025
Email: ir@planetresourcerecovery.com
Web: https://planetresourcerecovery.com/

SOURCE: Planet Resource Recovery, Inc.

View source version on accesswire.com:
https://www.accesswire.com/669721/Corporate-Update-Planet-Resource-Recovery-Inc-PRRY-Targeting-Acquisition-Candidate

FAQ

What is Planet Resource Recovery's acquisition announcement about PRRY?

Planet Resource Recovery is actively pursuing the acquisition of a recreational industry brand with significant assets and history.

How much was the valuation of the acquired product line in the past?

The acquired product line's valuation exceeded $10 million during peak production in the late 1990s.

Who will be leading the company after the acquisition of the new brand?

A new president, who previously worked with the founding company and had a key role in its growth, will be brought in.

What plans does PRRY have following the acquisition?

PRRY aims to restart production and implement an expansion and growth plan to enhance market opportunities.

When was the acquisition of the new brand announced by PRRY?

The acquisition was announced on October 26, 2021.