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On August 23, 2021, Video River Networks (OTC PINK: NIHK) addressed shareholder concerns amid allegations made on social media by George Sharp. The CEO emphasized the importance of shareholder input in driving company success, particularly within the constrained financial resources typical of OTC firms. The company, which specializes in Electric Vehicles and Battery Technology, reaffirmed its commitment to listening to all stakeholders.
Video River Networks aims to leverage passion and community support to transition from OTC to more prestigious exchanges.
Drone Guarder, Inc. (OTC: DRNG) announced a one-time special dividend of 439,097,990 shares to reward its common and preferred shareholders, with common stockholders receiving 261,175,554 shares and preferred stockholders 177,922,436 shares. This dividend is part of the company's restructuring following its acquisition by Video River Networks. The dividend will be payable on or after September 30, 2021, to those on record by the close of business on August 31, 2021. Video River Networks (OTC: NIHK) will also redistribute its received shares from DRNG to its shareholders.
Video River Networks announced its acquisition of Drone Guarder Inc., focusing on integrating drone and AI technology for home security. The deal involves purchasing 5,500,000 DRNG preferred shares for $20,000, with payments in two tranches. Following the acquisition, Video River will provide an additional $20,000 working capital after DRNG becomes Pink Current. The company has also hired a Northrop Grumman veteran to enhance its Drone and AI division. This strategic move aims to establish a strong foothold in the security industry.
Video River Networks (OTC PINK: NIHK) announced its disassociation from stock promotions identified by the OTC Market. The company emphasizes that it has no involvement with current promotional activities and urges promoters to cease. Shareholders are encouraged to rely solely on official filings and press releases for information. Video River Networks operates in Electric Vehicles and Battery Technology, focusing on a portfolio that includes AI, Machine Learning, and Robotics.
Video River Networks has reported significant financial growth, achieving record revenue of $665,667 for the quarter, a 34% increase year-over-year. The company also posted a remarkable earnings per share (EPS) of $0.002, marking a 4,391% rise and its first profitable quarter in recent history. Key financial metrics include net income of $443,555 and a current ratio of 8.27. CEO Frank I Igwealor attributes this success to innovative efforts and risk management strategies, while emphasizing the company's commitment to launching electric vehicle operations.
Video River Networks (OTC PINK: NIHK) announced a joint venture with China's Lingstar Co. to form Xian Levs Electric Vehicles and Battery Technology Development Co. Ltd. The partnership will combine Video River's financial expertise and Lingstar's EV industry experience in China, aiming to design, manufacture, and distribute affordable electric vehicles in North America. The venture is set to operate by Q2 2021, subject to regulatory approvals. However, the company cautions that success is not guaranteed and shareholders should be cautious in their expectations.
Video River Networks announced the launch of its wholly-owned subsidiary, American Electric Vehicles and Battery Technology, as part of a proposed joint venture with China's Lingstar Co. This initiative aims to create an operational base in China to manufacture and distribute electric vehicles in North America. CEO Frank I Igwealor emphasized the strategic pivot towards electric vehicles and technology since Q3 2020. The company plans to seek a placement agent for a special purpose acquisition company (SPAC) offering, though success is not guaranteed. Shareholders are advised to be cautious in their expectations.
Video River Networks (OTC PINK: NIHK) reported record revenue growth of $1,628,136 for the year ended December 31, 2020, a first in 11 years. The increase is attributed to the company's strategic pivot towards Electric Vehicles (EV), Artificial Intelligence (AI), Machine Learning (ML), and Robotics. The completion of its annual audit by PCAOB-registered auditors positions the company for further growth, particularly with plans to roll out its EV SPAC. CEO Frank I. Igwealor expressed optimism about the company's future in 2021 and beyond.