CLEVELAND, OHIO, Aug. 28, 2024 (GLOBE NEWSWIRE) — Range Impact, Inc. (OTC: RNGE) (“Range Impact” or the “Company”), a publicly traded company committed to improving the health and well-being 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 lands throughout the Appalachian region.
Sale of assets
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. (“Buyer”), pursuant to which Collins Building agreed to sell to the Buyers an auto repair shop and quarry, and certain vehicles, equipment and other related parts and accessories, in exchange for the full cancellation and discharge of the outstanding, unpaid principal and accrued interest on two promissory notes totaling $2,940,836 owed by Collins Building to Mr. Collins.
The assets sold under this 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 business focused on abandoned mining land reclamation projects and bond forfeiture in West Virginia (the “AML Business”). After a review and evaluation of the current and future risks and opportunities associated with this expanded reclamation services business, Range Impact’s Board of Directors concluded that it was in the best interests of shareholders for the Company to 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, Chief Executive Officer of Range Impact, stated, “This time last year, when we acquired assets to support our expansion into the abandoned mine reclamation space in West Virginia, we were excited at the prospect of a new line of business where we could leverage our reclamation talent, increase our profitability and advance our mission to improve environmentally degraded mining sites in the Appalachian Mountains.” Cavanaugh added, “However, our team has identified that abandoned mine reclamation is administratively and operationally challenging. A disproportionate amount of time, capital and personnel is spent on these AML projects, particularly when compared to alternative opportunities in the market. Rather than stubbornly fight these systemic challenges, which we believe will not change, we have decided to exit this line of business and pay off all associated debt. This sale of non-core AML assets and the repayment of nearly $3.0 million of associated debt allows our team to now focus all of our time, capital and human resources on the reclamation and repurposing of Range Impact’s Appalachian mining lands, which we believe provides a truly differentiated approach to land arbitrage investing and the greatest opportunities for long-term value creation for our shareholders.”
About Range Impact, Inc.
Headquartered in Cleveland, Ohio, Range Impact is a publicly traded company (OTC: RNGE) committed to improving the health and well-being of people and the planet through a novel and innovative approach to impact investing. Range Impact owns and operates several complementary operating companies focused on developing long-term solutions to environmental, social and health challenges, with a particular emphasis on acquiring, remediating and repurposing mine sites and other undervalued properties in economically disadvantaged communities throughout Appalachia. Range Impact takes an opportunistic approach to impact investing by leveraging its competitive advantages and seeking to solve old problems in new ways. Range Impact seeks to carefully invest its capital in strategic opportunities that are expected to have a positive impact on the human-planet ecosystem and generate strong investment returns for its shareholders.
Note on forward-looking statements
This press release contains “forward-looking statements” within the meaning of 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 that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Although we believe these statements are based on reasonable assumptions, they are subject to numerous factors that could cause actual results to differ materially from those indicated by such statements. These factors include, among others, the inherent uncertainties associated with new projects and companies in development, the 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 undertake no obligation to update the forward-looking statements or to update the reasons why actual results may 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 such beliefs, plans, expectations or intentions will prove to be correct. Investors should consider all of the information contained herein and should also refer to the risk factor disclosure 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 information
Phone: +1 (216) 304-6556
A: [email protected]
W: www.rangeimpact.com
