RENAVOTIO, INC. (RIII) ENGAGES CORPORATE ACCOUNTING FIRM AND EXPANDS ITS CRANBERRY GLOVE BUSINESS WITH CONTRACTS TOTALING $177,500,000

Rhea-AI Summary

Renavotio, Inc. (OTC: RIII) has engaged Eventus Advisory Group to assist with the reaudits of its financials for 2020, 2021, and 2022, aiming to be current by Q3 2022. The company is moving forward with its glove import program, expecting to receive 780,000 gloves by air and 6 million by sea over the next year. Renavotio is addressing claims related to previous acquisitions, with expectations of a favorable resolution. Legal actions regarding a cease-and-desist order are anticipated to be dismissed. The CEO expressed optimism about the company’s future prospects.

Positive

• Engaged Eventus Advisory Group for financial reaudits to ensure compliance.
• Anticipates completion of financial filings by Q3 2022.
• Launching glove import program with significant volumes expected over the next year.
• Expectations of favorable resolution regarding disputed claims from previous acquisitions.

Negative

• Facing a disputed debt claim of $1.3 million related to an infrastructure project.
• Involvement in legal issues due to a cease-and-desist order affecting operations in Oklahoma.

Tulsa, OK, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Renavotio, Inc. (OTC: RIII) (the “Company”), an infrastructure investment company focused on opportunities, including medical protective equipment, 5G, ISP, utility construction, utility management, IoT, water, waste management technology, and related industries, announces its current shareholder updates.

The Company has engaged Eventus Advisory Group to work with its current auditors, Marcum LLP, to complete the reaudits of the 2020 and 2021 and 2022 financials and implement systems and protocols to handle  the Company’s current and future growth. . The Company is completing the 2020 10-K/A, 2021 10-K as a combined filing along with the 2022 First, Second and Third Quarter 10-Q’s.  The Company’s plans are  to be completely current by the third quarter of 2022. 

The Company has agreed to enter into partnerships on its first Cranberry transactions with funds advanced necessary to complete the transaction being provided by it partners with net revenue to Renavotio to be shared 50/50 generated from its first transaction.

The initial inspections of the first shipment to begin on September 12. The first orders will be sent both by air and sea. The Company expects to receive up to 780,000 gloves by air and additional 6,000,000 to be shipped by sea over the next 12 months.

The Company has also responded to the recent filings of a note holder from the previous acquisition of Utility Management & Construction, LLC and Cross-Bo Construction, LLC (“Cross-Bo”) with claims of a disputed debt.  There is a subsequent claims relating to the acquisition that resulted in a claim for $1,300,000 from our Bond company on an infrastructure project started prior to the Company’s acquisition of Cross-Bo. In a cross-action Cross-Bo has made claims of Fraud, violation of the acquisition agreement and damages from project interference and is going after damages in excess of 1.3 million dollars. The Company believes this action will be settled in its favor.

There have been recent filings by the multiple defendants in the Cease-and-Desist order filed against Verizon, Cox, T-Mobile, U.S. Cellular, AT&T, Mobilitie, Renavotio Inc., construction contractors, and multiple city of Tulsa departments and state commissions that only effects work in the Oklahoma area.  Many of the cases have been dismissed and the Company  expects its  case to be dismissed as well.

Arrowhead Fiber, LLC,  the Company’s subsidiary, is unaffected with respect to  its current and future bids by the above actions.  The Company expects to hear of the awards on the outstanding bids later this month.

Billy Robinson, the CEO and Chairman of Renovatio commented, " We are pleased with  the engagement of Eventus, who works  closely with Marcum, LP and our  expansion of our Glove import program and the growing opportunities in the fiber and 5G space. We believe that the  legal action from the Bond and debt holders  will be resolved to the Company’s favor, and we will potentially see successful 2022 and 2023. “

About Renavotio, Inc.
Renavotio, Inc. (OTC: RIII) an infrastructure investment company focused on opportunities, including medical protective equipment, 5G, ISP, utility construction, utility management, the internet of all things, “(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.

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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 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, or results of operations.  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 Contact:

Renavotio, Inc.
601 South Boulder Ave.
Suite 600 Tulsa, OK 74119
(888) 928-1312
Email: brobinson@renavotio.com  

FAQ

What are the recent updates from Renavotio, Inc. regarding its financial audits?

Renavotio has engaged Eventus Advisory Group to help with reaudits of its 2020, 2021, and 2022 financials, aiming for compliance by Q3 2022.

What is Renavotio's plan for glove imports?

The company expects to receive 780,000 gloves by air and an additional 6 million by sea over the next 12 months.

What legal challenges is Renavotio currently facing?

Renavotio is dealing with claims related to a $1.3 million disputed debt from a past acquisition, while also addressing a cease-and-desist order affecting its operations.

What expectations did the CEO express for Renavotio's future?

The CEO expressed optimism about resolving legal actions favorably and achieving successful outcomes in 2022 and 2023.