CLEVELAND, OHIO – March 15, 2022 (GLOBE NETWIRE) — MALACHITE INNOVATIONS INC.(OTC Mkts. MLCT) Malachite announced that it has entered into an informal letter of intent (the “Letter of Intent”) with Range Environmental Resources, Inc. (“Range”), a West Virginia-based environmental service company. Range intends to purchase 80% shares in Range for Ten Million (10,000,000), shares Malachites common stocks and One Million Dollars ($1,000,000 in cash). The transaction will be completed after due diligence, the negotiation and execution of an agreement providing for the transaction, employment agreements, and satisfaction of the conditions negotiated, as well as approval by the Malachite board.
Malachite reaffirmed its corporate strategy in October 2021 with the formation of Daedalus Ecosciences (an operating subsidiary) to invest in ESG (environmental, social and governance) value creation opportunities with the ultimate goal of improving the people-planet ecosystem. Daedalus Ecosciences is the holding company for various operating businesses that are expected to make a tangible and direct impact on our environment. It will be a special focus on Appalachia and other socio-economically challenging areas in the country to maximize the good we do to the planet and people. Malachites’ first investment in the new ESG investment strategy would be Range.
Range is an environmental business that primarily focuses upon the reclamation of ex-coal mines, the remediation or non-compliant streams and waters, as well as the reimagination and creation of new industries and commercial activities to address challenging environmental conditions. Cavanaugh stated that the acquisition could be a catalyst to the acquisition and organic growth a number of additional ESG investment opportunities. This would allow Range to become a multi-faceted, earth-focused operating unit with substantial revenues.
About Malachite Innovations, Inc.
Malachite Innovations, Inc., with its headquarters in Cleveland, Ohio, has a socially conscious and innovative company that is committed to improving the health and wellbeing of people and the planet. Malachite has two operating subsidiaries that are wholly owned by the company. Daedalus Ecosciences is our operating unit that focuses on improving the health and wellbeing of our planet via ESG investments. It seeks to identify, invest and reposition difficult environmental situations with a special focus on technological innovations, eco-friendly solutions, and communities in economically challenged areas. Graphium Biosciences, our operating subsidiary dedicated to improving the health and wellness of people, seeks to advance our broad portfolio of over 100 novel cannabinoid-glycoside compounds created using our proprietary enzymatic bioprocessing technologies to develop safe and effective novel treatments for chronic and debilitating conditions, with an initial focus on inflammatory bowel disease.
Notice Regarding Forward-Looking statements
This press release contains forward-looking information as that term is defined by Section 27(a), Securities Act of 1933 as amended, and Section 21(e), Securities Exchange Act of 1934 as amended. Forward-looking statements include statements that are not historical and which may include statements about beliefs, plans, expectations, or intentions for the future. Although these statements are based in reasonable assumptions, they could be affected by many factors that could cause actual results to differ from those stated. These factors include, among other things, the inherent uncertainties associated new projects and development stage businesses, timing of clinical trials, product development, business strategy, and new lines of business. These forward-looking statement are made as of the date this press release. We assume no obligation to make any changes to the forward-looking statement or to explain why actual results might differ from those projected. Although we believe that the statements in this press release are reasonable, it cannot be guaranteed that they will be accurate. Investors should review all information in this press release. Investors should also consult the risk factors disclosure in our annual report on Form 10K for the most current fiscal year, our quarterly reports of Form 10-Q and other periodic reports filed with the Securities and Exchange Commission.
Malachite Innovations, Inc.
Investor Relations
P: +1 (216) 304-6556
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