R-3 Technologies Inc. Board of Directors Update

Rhea-AI Summary

R-3 Technologies Inc. (OTC PINK:RRRT) has announced the rescission of its recent acquisition of YING Inc., effective immediately. The boards determined that their expectations for the partnership were not met, thus returning all shares to the treasury and reinstating their pre-acquisition status. Alongside this move, Karla Ballard has resigned as CEO of R-3 Technologies. The company is now poised to explore alternative ventures following the exit of YING Inc. The announcement includes forward-looking statements cautioning shareholders about potential risks and uncertainties related to business development and capital-raising efforts.

Positive

• The company is free to pursue other ventures after terminating the acquisition.
• New leadership opportunities may arise following the CEO's resignation.

Negative

• The acquisition fallout may indicate poor strategic planning.
• CEO resignation could lead to concerns about leadership continuity.

CARSON CITY, NV / ACCESSWIRE / March 8, 2023 / The Boards of Directors of R-3 Technologies Inc. (OTC PINK:RRRT) and that of YING Inc. have mutually agreed to rescind and unwind the transaction they had recently entered into effective immediately. The business of YING Inc., shall exit the company and all shares tendered for the business shall be returned to the Treasury of the company, leaving each side exactly as it was the day before the acquisition. Karla Ballard has tendered her resignation as CEO of R3T, also effective immediately.

The two sides concluded that their expectations regarding the viability of their relationship had not materialized. As such, the parties have executed a Rescission Agreement pursuant to which YING Inc. together with all its assets are outside of the company, which is now free to pursue other ventures.

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, 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 Quarterly 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.

CONTACT:
(416) 770-3005

SOURCE: R-ThreeTechnologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/742808/R-3-Technologies-Inc-Board-of-Directors-Update

FAQ

What happened with R-3 Technologies and YING Inc. on March 8, 2023?

R-3 Technologies rescinded its acquisition of YING Inc., returning all shares and exiting the agreement.

Why did Karla Ballard resign as CEO of R-3 Technologies?

Her resignation coincided with the company's decision to unwind the acquisition with YING Inc.

What does the rescission of the YING Inc. acquisition mean for RRRT's future?

The company can now explore other ventures without the burdens of the YING partnership.

How does the YING Inc. deal affect R-3 Technologies' shareholders?

The termination of the acquisition might raise concerns over management decisions but allows for new opportunities.