Infrastructure investment company focusing on opportunities , including medical protective equipment, 5G, ISP, utility management amongst others, Renavotio Inc (OTCMKTS:RIII) on February 24, 2022 announced accomplishing sale of $1.7 million dollars of 100% Nitrile medical examination gloves. The sale has been made to overseas client from its on-hand inventory of Personal Protective Equipment.
Market Action
On Thursday, RIII stock ended flat at $$0.0180 with 42k shares, compared to its average volume of 307K shares. The stock moved within a range of $0.0180 – 0.0180 after opening trade at $0.019.
Renavotio, Inc. (RIII) Closes Purchase Of Its $1.7 Million Dollar Order And Acquires Another $2.1 Million Dollars Of PPE Medical Examination Gloves
Conditions were met for finishing purchase order through payment of balance $1,502,204, finishing sale of its domestic glove inventory as well as augmenting cash position. Further, its extra purchase of $2.1 million of extra gloves enables it to fulfil extra overseas order and facilitate purchase of balance inventory of medical gowns.
The transaction will enable the firm to continue paying convertible debt, giving operational capital for meeting planned infrastructure equipment purchases as well as expanded acquisitions.
Billy Robinson, the CEO and Chairman of Renovation said that the sale and $2.1 million purchase of extra inventory finishes sale of all domestic inventory. Robinson added that the company continues to finish reaudit and filings for facilitating its trading on the OTC Markets Bulletin Board. The Chairman will continue to look for opportunities that generate funds for paying debt as well as completing upgrades to infrastructure equipment. Furthermore, he is hoping to finish key management hiring for taking advantage of upcoming opportunities.
Key Quote
Billy Robinson, the CEO and Chairman of Renovation commented, “This sale and the $2.1 Million purchase of additional inventory completes the sale of all of our domestic inventory and facilitates the purchase and the balance of our Gown inventory. We continue to complete our reaudit and filings to facilitate our being back and trading on the OTC Markets Bulletin Board. We continue to seek opportunities to generate funds to pay down our debt and to make compete upgrades to our infrastructure equipment and complete the key management hiring to take advantage of upcoming opportunities.”
Traders Note
RIII stock is trading above the 10-Day and 20-Day Moving averages of $0.0183 and $0.0181 respectively. Moreover, the stock is trading is the neutral zone with RSI stands at 43.
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