R Three Technologies, Inc. (OTCBB: RRRT) has the objective of helping alleviate the global environmental crisis in waste management by using unique, proprietary techniques. By implementing this goal in adherence to its business plan, the management believes the company can provide financial benefits to its shareholders, venture partners, employees and the communities in which it operates. It will manufacture high quality, durable, environmentally friendly interlocking bricks, architectural blocks, sound barrier panels and related products at prices which are highly competitive.
The latest developments
On March 24, 2017, the company announced that it was suspending operations while it was arranging funding for implementation of the business plan. Stan Kolaric the President and CEO, regretted that the company had to choose to suspend business development activities now, but the company has not been successful in securing adequate capital from banks and investors. He added that the company is attempting to secure a minimum of $ 200,000 in debt or equity financing and this will enable the company to continue to lay a foundation to implement the business plan. An additional $ 800,000 would be required for the company’s implementation of the business plan and to stabilize operations. $ 1 million in capital infusion will be adequate to support operations for the next year, but its rollout of products throughout Canada and the United States will require an additional $ 1 million in capital investment.
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The company’s business strategy is production of multiple products from recycled asphalt shingles, including interlocking asphalt bricks which are produced by recycling asphalt shingles completely. The bricks are designed to be competitive to asphalt and concrete for commercial applications such as driveways and sidewalks. Nails will be recovered and sold as scrap metal. The products can be combined into larger size segments, which will be lighter and yet denser than asphalt as well as non-porous. The product can be installed more easily than concrete and the selling price points can be as low as 30% below comparable asphalt and concrete products.
Shares in the company fell significantly when the business suspension was announced, losing more than 96% from their recent peak of $1.59/ share and most observers attribute this to the struggle to implement their business plan. Clearly, the company needs to take the first step towards success which is significant for a start-up company. At the time of the announcement, the CEO indicated that the company was struggling. All this indicates that the company is in a weak position and may require some radical transformation and it is unlikely to be generating any revenues and EPS in the medium term future.
The bottom line
The company has announced the appointment of Preston Shea to serve on the board of directors and to act as Secretary of the company. He is a well respected attorney with years of experience in the OTC markets in past Corporate President and Secretary Appointments. The CEO said that he would be an asset to the board of directors, while being a welcome addition to the team and is expected to be a valuable member of the team in the future. He has worked in Canada in the private business sector, senior Canadian government positions and in US public sector companies in management.
Source: Broad Street Alerts Editor
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