R-3 Technologies Inc. Acquires Ying Inc.

Rhea-AI Summary

R3T Technologies has acquired YING Inc., an AI-powered skillsharing platform designed to enhance community engagement and facilitate gig economy work. With approximately 60 million gig workers in the U.S. and a projected market size of $455.2 billion by 2023, YING aims to connect users directly without traditional employment barriers. The platform uses in-app currency and blockchain technology for secure transactions. A monthly fee for larger corporations is expected to contribute significantly to revenue. This acquisition marks a strategic expansion for R3T, which believes the technology will create opportunities for growth and innovation.

Positive

• Acquisition aligns with the growing gig economy, projected to reach $455.2 billion by 2023.
• YING's platform uses blockchain technology, enhancing transaction security and transparency.
• The monthly fee model for large corporations offers a promising revenue stream.

Negative

• Management is addressing potential financial issues reflected in a current 'yield sign' on OTC markets.
• Integration challenges may arise as R3T works with new CPAs to revise financial reports.

WASHINGTON, DC / ACCESSWIRE / January 17, 2023 / R3T Technologies is pleased to announce the acquisition of YING Inc., an advanced group skillsharing platform powered by AI and designed to unlock cultural, community, and financial capital.

Ying, which has been under development for seven years, has now become the right tool at the right time in addressing the "gig economy". Why? US government statistics have confirmed that the "gig economy" or "sharing economy" is exploding, as more people seek direct access to find work, share resources and skills with one another. There are currently around 60 million gig workers, approximately 36% of all US employees. Statista projects that 85.6 million people will be doing freelance work in the US by 2027. According to Thrivemyway.com, by 2023, the size of the gig economy could reach $455.2 billion. ADP Research Institute says that in 6% of US companies gig workers make up as much as 85% of the workforce. At the same time, according to the Pew Institute, a significant number of Americans are seeking ways to feel like they belong and are looking for offerings that provide a sense of community.

YING's focus on building intentional communities and bringing about a sense of "the village" is well-aligned with these both trends, and all research points to significant likelihood of market success. YING, which recently launched a neighborhood activation called VillageYING in Philadelphia and Boulder, Colorado, is dedicated to building intentional communities and empowering people to share their skills and resources with one another directly, without need of an employment agency, temp agency, or any other "middleman", thus bypassing traditional barriers to direct and immediate employment.

"It's clear that in this economy, we will need to leverage technologies to create more effective ways of unlocking the value we have within our own trusted networks to share resources and micro gigs," said Hope Sullivan, a board member of R3T. "We are thrilled to have found such a strong business model in YING, and believe that its combination of fintech and valuing human capital is what differentiates Ying from any business model we've seen like it to date."

Ying is a cutting-edge group skillsharing platform with "intentional technology" to unlock community, financial and social capital. This is possible via the in-app currency, the "Balance Coin" as well as fiat currency, all of which is kept accurate by usage of the block chain for all transactions.

Ying is FREE for users, with Ying taking a small percentage of the agreed upon consideration between the two bilateral parties (a job seeker & employer, for instance). Due to its noted exceptional improvement in intra-company communications, for larger corporations, there is a monthly fee, which is expected to be a significant component of revenue stream.

CEO Karla Ballard was quoted as saying "We've been working hard for quite some time and now believe the marketplace is seeking exactly this type of economic solution in a fintech tool that unlocks opportunities to earn a better living. I am thrilled to be in position for us to bring this to the market under R3T."

The acquisition of YING by R3T represents a major milestone for both companies, and we believe it will create new opportunities for growth and innovation. Management is aware of the current "yield sign" appearing on OTC markets and is working with new firm of CPAs to properly revise the 3^rd Quarter report and hope to have it published shortly. By now bringing this technology public, we are confident that we can unlock even more value for our customers and shareholders, and help to build stronger, more resilient communities as we inter-connect, one gig and community at a time.

Forward-Looking Statements

Certain statements contained in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include but are not limited to statements identified by words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, the challenges inherent in new industry development initiatives, the effects of competition, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, as well as other risks discussed from time to time in our filings with OTC Markets including, without limitation, our Annual Report recently filed. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time. Finally, the investing public is reminded that the only announcements or information about R-3 Technologies Inc. which are condoned by the Company must emanate from the Company itself, and bear our name as its Source.

Contact:

Info@R3TGroup.com
877 927-2816

SOURCE: R3T Technologies

View source version on accesswire.com:
https://www.accesswire.com/735513/R-3-Technologies-Inc-Acquires-Ying-Inc

FAQ

What is the acquisition of YING by R3T Technologies about?

R3T Technologies has acquired YING Inc., an AI skillsharing platform, to enhance community connections and leverage gig economy opportunities.

How does YING's platform operate?

YING allows users to share skills and resources directly, utilizing an in-app currency and blockchain technology for secure transactions.

What are the projected benefits of the R3T and YING acquisition?

The acquisition is expected to create new growth opportunities, enhance revenue through corporate subscriptions, and strengthen community engagement.

What is the current state of the gig economy?

The U.S. gig economy has approximately 60 million workers, and is projected to grow significantly in the coming years.

What are R3T's plans following the acquisition?

R3T plans to revise its financial reports and capitalize on YING's technology to unlock value for customers and shareholders.