From time-to-time CRDNews will highlight a company we feel warrants a bit of special attention. MineralRite Corporation (Symbol: RITE) is still trading sub-penny -- so from an investment standpoint, it really has nowhere to go but up. RITE went into the doldrums nearly a decade ago when it divested itself of its equipment manufacturing business. Then COVID hit. Then the former CEO died. But, before his death, he turned RITE over to a former Wall Street guy -- and the new CEO seems to be reviving RITE rather nicely. Since we've been watching, the new CEO and his team have done a thorough cleanup of the RITE's books and records; engaged a few industry experts; updated RITE's administrative filings; re-purchased the intellectual property of RITE's former equipment manufacturing business; built a new website (at www.mineral-rite.com); qualified RITE to engage in the precious metals business; reclaimed millions of shares to the Company’s treasury and is working on reclaiming 800 million more; derecognized time-barred obligations, saving the company billions of shares of dilution; negotiated settlements with all but one current obligation holder; and has been fairly active in communicating with RITE's shareholder base. We understand that RITE has already completed the Change of Control process with OTCMarkets.com and is presently working with FINRA to ensure that their records fully reflect RITE's current status. The CEO has also publicly shared his thoughts about the use of Reverse Mergers to boost the price of a stock and the Unsolicited Quotes Only designation. He has also repeatedly stated that he wants to get RITE audited so that it can once again become fully reporting. Finally, we understand that, as a result of the extraordinary income created by the derecognition of those time-barred obligations, RITE will post about $519,000 of net income for the first half of 2024. Based on outstanding shares, that translates into a bit more than $0.0001 per share; and on a fully diluted basis, that translates into a bit less than $0.0001 per share. Considering the stock is trading sub-penny, this could be very interesting as it plays out. All this suggests that RITE is a stock you may want to put on your radar.
Disclaimer: The information presented herein is not to be construed as an offer to sell, nor a solicitation of an offer to purchase any securities. This profile is a compilation of information available to the public, which has been furnished by the featured company/companies or gathered from other sources, in each case without independent verification; and no representations are made as to the accuracy or validity thereof. The information may include certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which may be affected by unforeseen circumstances or certain risks. Any investment in securities inherently contains high levels of risks and should only be done after consulting an investment professional.
The featured company/companies has/have paid a fee to CRD News LLC (the owner of CRDNews.info) and/or its affiliates and/or its beneficial owner(s) (collectively the “Entities) for the preparation and distribution of this email and its attachments and/or links, and/or related services. The Entities may own securities of the featured company/companies for investment purposes or otherwise; and may alter, increase or decrease their positions in the securities of the featured company/companies at any time, without notice. The Entities are NOT registered investment advisor(s), legal or tax advisor(s), or broker-dealer(s). For complete disclaimer information, readers are hereby referred to the CRDNews.info Disclaimer Page at www.CRDNews.info/disclaimer.
