Range Impact Announces Sale of Non-Core Assets as Part of Strategic Plan
Range Impact (OTC: RNGE) has announced the sale of non-core assets as part of its strategic plan to focus on reclaiming and repurposing Company-owned mine land in Appalachia. On August 22, 2024, the Company's subsidiary, Collins Building & Contracting, sold a mechanics shop, stone quarry, and related assets to entities controlled by Roger L. Collins, Jr. In exchange, $2,940,836 of debt was cancelled and discharged.
This decision comes after a review of the Company's abandoned mine land (AML) reclamation business in West Virginia, which was deemed administratively and operationally challenging. CEO Michael Cavanaugh stated that exiting this line of business allows Range Impact to concentrate on reclaiming and repurposing its own mine land, which is believed to offer greater long-term value creation opportunities for shareholders.
Range Impact (OTC: RNGE) ha annunciato la vendita di beni non essenziali come parte del suo piano strategico per concentrarsi sul recupero e la riqualificazione delle terre minerarie di proprietà dell'azienda in Appalachia. Il 22 agosto 2024, la filiale dell'azienda, Collins Building & Contracting, ha venduto un'officina meccanica, una cava di pietra e beni correlati ad entità controllate da Roger L. Collins, Jr. In cambio, è stata annullata e cancellata una cifra di $2.940.836 di debiti.
Questa decisione è stata presa dopo una revisione dell'attività di recupero delle terre minerarie abbandonate (AML) dell'azienda in Virginia Occidentale, che è stata considerata amministrativamente e operativamente difficile. Il CEO Michael Cavanaugh ha dichiarato che uscire da questa linea di business consente a Range Impact di concentrarsi sul recupero e la riqualificazione delle proprie terre minerarie, ritenute più promettenti in termini di opportunità di creazione di valore a lungo termine per gli azionisti.
Range Impact (OTC: RNGE) ha anunciado la venta de activos no esenciales como parte de su plan estratégico para centrarse en la recuperación y reutilización de terrenos mineros propiedad de la empresa en Appalachia. El 22 de agosto de 2024, la subsidiaria de la empresa, Collins Building & Contracting, vendió un taller mecánico, una cantera de piedra y activos relacionados a entidades controladas por Roger L. Collins, Jr. A cambio, se canceló y dio de baja una deuda de $2,940,836.
Esta decisión se tomó tras una revisión del negocio de recuperación de tierras mineras abandonadas (AML) de la empresa en Virginia Occidental, que se consideró un desafío administrativo y operativo. El CEO Michael Cavanaugh declaró que salir de esta línea de negocio permite a Range Impact concentrarse en la recuperación y reutilización de sus propias tierras mineras, las cuales se cree que ofrecen mayores oportunidades de creación de valor a largo plazo para los accionistas.
Range Impact (OTC: RNGE)는 아팔래치아에 있는 회사 소유의 광산 부지를 재활용하고 재편용하는 데 집중하기 위한 전략 계획의 일환으로 비핵심 자산 판매를 발표했습니다. 2024년 8월 22일, 회사의 자회사인 Collins Building & Contracting이 Roger L. Collins, Jr.가 제어하는 단체에 기계 공장, 석재 채석장 및 관련 자산을 팔았습니다. 이에 따라 $2,940,836의 부채가 취소되고 면제되었습니다.
이 결정은 웨스트버지니아에 있는 회사의 방치된 광산 토지(AML) 복구 사업을 검토한 후 내려졌으며, 이는 행정적 및 운영적으로 도전적이라고 판단되었습니다. CEO Michael Cavanaugh는 이 사업에서 철수함으로써 Range Impact가 자사의 광산 토지의 복구 및 재편용에 집중할 수 있게 되어, 이는 주주들에게 장기적인 가치 창출 기회를 제공할 것으로 믿고 있다고 밝혔습니다.
Range Impact (OTC: RNGE) a annoncé la vente d'actifs non essentiels dans le cadre de son plan stratégique visant à se concentrer sur la réhabilitation et la réutilisation des terrains miniers appartenant à l'entreprise en Appalachian. Le 22 août 2024, la filiale de l'entreprise, Collins Building & Contracting, a vendu un atelier de mécanique, une carrière de pierre et des actifs connexes à des entités contrôlées par Roger L. Collins, Jr. En échange, $2,940,836 de dettes ont été annulées et éteintes.
Cette décision fait suite à un examen de l'activité de réhabilitation des terrains miniers abandonnés (AML) de l'entreprise en Virginie-Occidentale, jugée administrativement et opérationnellement difficile. Le PDG Michael Cavanaugh a déclaré qu'en sortir permet à Range Impact de se concentrer sur la réhabilitation et la réutilisation de ses propres terrains miniers, ce qui devrait offrir de meilleures opportunités de création de valeur à long terme pour les actionnaires.
Range Impact (OTC: RNGE) hat den Verkauf von nicht zielgerichteten Vermögenswerten als Teil seines strategischen Plans angekündigt, sich auf die Rekultivierung und Umnutzung von Unternehmensbesitz in Appalachia zu konzentrieren. Am 22. August 2024 verkaufte die Tochtergesellschaft des Unternehmens, Collins Building & Contracting, eine Mechanikerwerkstatt, einen Steinbruch und verwandte Vermögenswerte an von Roger L. Collins, Jr. geleitete Unternehmen. Im Gegenzug wurde eine Schuld in Höhe von $2,940,836 storniert und getilgt.
Diese Entscheidung folgte einer Überprüfung des Rekultivierungsgeschäfts für aufgegebene Bergbauflächen (AML) des Unternehmens in West Virginia, das als administrativ und operationell herausfordernd angesehen wurde. CEO Michael Cavanaugh erklärte, dass der Ausstieg aus diesem Geschäftsfeld es Range Impact ermöglicht, sich auf die Rekultivierung und Umnutzung der eigenen Bergbauflächen zu konzentrieren, die als vielversprechender für langfristige Wertschöpfungsmöglichkeiten für die Aktionäre angesehen werden.
- Elimination of $2,940,836 in debt through asset sale
- Strategic focus on core business of reclaiming and repurposing company-owned mine land
- Potential for improved resource allocation and operational efficiency
- Exit from the abandoned mine land reclamation business in West Virginia
- Loss of potential revenue stream from AML projects
- Sale of assets acquired less than a year ago, potentially at a loss
CLEVELAND, OHIO, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Range Impact, Inc. (OTC: RNGE) (“Range Impact” or the “Company”), a public company dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to impact investing, announced the sale of non-core assets as part of its strategic plan to focus on reclaiming and repurposing Company-owned mine land throughout Appalachia.
Asset Sale
On August 22, 2024, Collins Building & Contracting, Inc. (“Collins Building”), a wholly-owned subsidiary of the Company, entered into an asset purchase agreement (“Asset Purchase Agreement”) with several entities owned and controlled by Roger L. Collins, Jr. (“Purchasers”) pursuant to which Collins Building agreed to sell a mechanics shop and stone quarry, as well as certain vehicles, equipment and other related parts and supplies to the Purchasers in exchange for the full and complete cancellation and discharge of the outstanding, unpaid principal balance and accrued interest on two promissory notes totaling
The assets sold pursuant to this Asset Purchase Agreement were originally acquired from Mr. Collins in August 2023 in connection with Range Impact’s plan to expand its reclamation services into an adjacent line of business focused on abandoned mine land and bond forfeiture reclamation projects in West Virginia (the “AML Business”). After conducting a review and assessment of the current and future risks and opportunities related to this expanded line of reclamation services, Range Impact’s Board of Directors determined that it was in the shareholders’ best interests that the Company exit the AML Business in order to focus its capital and human resources on the reclamation and repurposing of Company-owned mine sites.
Michael Cavanaugh, Range Impact’s Chief Executive Officer, stated, “At this time last year when we acquired assets to support our expansion into abandoned mine land reclamation projects in West Virginia, we were excited about the prospects of a new line of business that could leverage our reclamation talents, add incremental profitability to our bottom line, and advance our mission of improving environmentally-damaged mine sites in Appalachia.” Cavanaugh added, “However, our team has found abandoned mine land reclamation work to be administratively and operationally challenging, with a disproportionate amount of time, capital and human resources allocated to these AML projects, particularly when compared to alternative opportunities in the marketplace. Rather than stubbornly fight these systemic challenges that in our opinion are unlikely to change, we made the decision to exit this line of business and eliminate all associated debt. This sale of non-core AML assets and the cancellation of nearly
About Range Impact, Inc.
Headquartered in Cleveland, Ohio, Range Impact is a public company (OTC: RNGE) dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to impact investing. Range Impact owns and operates several complementary operating businesses focused on developing long-term solutions to environmental, social, and health challenges, with a particular focus on acquiring, reclaiming and repurposing mine sites and other undervalued land in economically disadvantaged communities throughout Appalachia. Range Impact takes an opportunistic approach to impact investing by leveraging its competitive advantages and looking at solving old problems in new ways. Range Impact seeks to thoughtfully allocate its capital into strategic opportunities that are expected to make a positive impact on the people-planet ecosystem and generate strong investment returns for its shareholders.
Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933, as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors that could cause actual outcomes and results to be materially different from those indicated in such statements. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies, timing of clinical trials and product development, business strategy and new lines of business. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Range Impact, Inc.
Investor Relations
P: +1 (216) 304-6556
E: ir@rangeimpact.com
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FAQ
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