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Perpetual Industries (OTC: PRPI) has successfully completed two acquisitions, including the AutoGrafic Software System, aimed at enhancing offerings for collector car enthusiasts and restorers. This strategic move is designed to integrate technology and innovation in the collector car industry, linking Worldwide Auctioneers with AutoGrafic to create a more interactive platform for users. The new software will provide tools for collection management, auctions, and insurance, catering to global car collectors and enthusiasts with innovative features like mobile accessibility and premium subscription plans.
Perpetual Industries Inc. (OTCMARKETS:PRPI) reported impressive financial results for Q1 2021. The company achieved record gross revenues of $732,414, marking a 100% increase year-over-year. Gross profits also doubled to $531,006. Net operating losses significantly decreased by 87% to $(21,924). Cash reserves rose 183% to $1,669,838, while total assets surged 435% to $4,746,166. The acquisition of Worldwide Auctioneers and AutoGrafic Software marks strategic growth initiatives, enhancing revenue streams.
Perpetual Industries Inc. (OTCMARKETS:PRPI) has successfully acquired the AutoGrafic Software System, enhancing its blockchain division and providing significant technological advancements for the collector car community. The AutoGrafic software supports automotive enthusiasts through features like collection management and social events. This acquisition aims to create a central hub for car collectors, fostering market growth, as the U.S. classic car market is projected to increase from $12.63 billion in 2020 to $15.52 billion by 2023, with key initiatives including mobile app development and premium subscription plans.
Perpetual Industries (OTC PINK: PRPI) has announced the filing of an amendment to its Articles of Incorporation, approved by the majority of shareholders. This amendment increases the authorized common stock from 100 million to 500 million shares and establishes a new class of preferred stock with a limit of 100 million shares. The change became effective on December 3, 2020. The Board of Directors has the authority to designate and issue these new preferred shares in the future.
Perpetual Industries Inc. (OTC PINK:PRPI) announced a $50,000 grant awarded to Trine University by the Indiana Economic Development Corporation. This funding will aid in the development of the proprietary vertical axis wind turbine, The Windsilo. A portion of the grant will support engineering and technical efforts necessary to finalize the production prototype. CEO Brent W. Bedford highlighted the collaboration as an opportunity to leverage Trine's expertise in bringing the innovative green energy product to market.
Perpetual Industries Inc. (OTC PINK:PRPI) announced a common stock offering of up to 10 million shares at $0.30 per share, aiming to raise $3 million. The offering is for accredited investors under Regulation D, Rule 506(c). Proceeds will be utilized for general working capital, operational plans, and development costs, including administrative, legal, and research expenses. CEO Brent W. Bedford emphasized the company's focus on innovation in Green Energy and Blockchain applications, stating that this capital will support further growth and execution of their strategy.
Perpetual Industries Inc. (OTC PINK:PRPI) announced the appointment of Marlin Stutzman to its Board of Directors effective September 15, 2020. Stutzman, a former U.S. Congressman and seasoned business leader, is expected to leverage his extensive network to drive new business opportunities for the company. Additionally, Perpetual finalized debt conversion agreements, issuing 29,432,100 common shares to satisfy US$1,471,605 of debt, reflecting confidence in the management team and operational goals.