MINERALRITE CORPORATION [Symbol: RITE] Announces Engagement of a PCAOB Auditor

Rhea-AI Summary

MINERALRITE (RITE), an OTC Pink Sheets micro-cap stock, has engaged Zhanna Kelley CPA P.C. for a PCAOB audit as part of its corporate rebirth strategy. Since Q4 2023, CEO Burgauer has led efforts to address historical issues, resulting in:

1. $519,000 accounting profit from derecognizing historical obligations
2. Reclamation of over 10 million shares, with 800 million more in progress
3. Renegotiation of convertible obligations, reducing dilution by 1.2 billion shares

The company aims to become fully audited and reporting, potentially enabling a Tier 2 Regulation A offering to raise up to $75 million annually. RITE plans to acquire mineral assets, develop them, and become an active metal supplier, with the goal of moving to the OTCQB market.

Positive

• Engagement of PCAOB auditor to improve financial transparency and credibility
• Recognition of $519,000 accounting profit from derecognition of historical obligations
• Reclamation of over 10 million shares with potential for 800 million more
• Reduction of scheduled dilution by 1.2 billion shares through renegotiation of convertible obligations
• Potential to raise up to $75 million annually through Tier 2 Regulation A offering upon becoming fully audited

Negative

• Currently trading as a micro-cap stock on OTC Pink Sheets, indicating higher risk and lower liquidity
• Existence of historical issues requiring clean-up efforts
• Potential for significant share dilution despite efforts to reduce it

AI-generated analysis. How Rhea-AI works. Not financial advice.

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DALLAS, TX / ACCESSWIRE / August 20, 2024 / MINERALRITE^TM Corporation (the "Company" or "RITE"), a micro-cap stock trading on the OTC Pink Sheets, has engaged the auditing services of Zhanna Kelley CPA P.C. to conduct a PCAOB audit as the company moves to the next stages of its rebirth.

Since CEO Burgauer took over in the 4^th quarter of 2023, MINERALRITE^TM has been actively working to clean up various pre-existing historical issues. To date, the clean-up has resulted in the recognition of an accounting profit in the amount of $519,000 from the derecognition of certain historical obligations; the reclamation of over 10 million shares of previously issued stock, with work on-going to reclaim roughly 800 million more shares; and the renegotiation of various convertible obligations which has reduced scheduled dilution by 1.2 billion shares.

CEO Burgauer has made it clear that it is his intention to get MINERALRITE^TM back to an auditable state, become fully reporting and re-engage with the brokerage community. This will improve RITE's access to capital markets as well as increase the stock's appeal to a vastly larger audience of potential investors.

"Becoming fully audited should allow RITE to engage in a Tier 2 Regulation A offering, allowing the company to raise $75 million annually rather than being limited to a Tier 1 offering which caps the raise at $20 million. Given the acquisitions that are already in RITE's pipeline; and given that our joint venture partners are queued up and ready to go; it only makes sense for RITE to push forward and get those audits done so that they don't become a limiting factor to RITE's growth potential," said Burgauer. "When we took on this project, we promised that we would work to rebuild RITE from the ground up - that is, rebuild it on a solid foundation. Management intends to do exactly what we committed to doing - that is, we intend to grow RITE out of the micro-cap market and onto the OTCQB. We will be acquiring mineral assets, developing those assets, liberating the values contained in assets, re-engaging with the brokerage community, raising expansion capital, and becoming an active metal supplier for our own account and a principal member in the metal supply Chain of Custody," said Burgauer. "That is what it will take to get this company back on the RITE path, and that is what we intend to do."

As an active metal supplier, RITE will own and develop mineral projects for its own account. RITE intends to engage its internationally known joint venture partners in the development process, since their contractual contribution to a project requires them to mobilize and manage the requisite workforce. Then, in its capacity as a principal in the metal supply Chain of Custody, RITE will manage the inspection, acquisition, logistics, security, refining, disposition and liquidation of the metals, in strict compliance with all applicable regulatory regimes.

"From management's perspective, engaging a PCAOB auditor is just the logical next step on the RITE path to success," said Burgauer.

Safe Harbor Disclosure

Forward Looking Statements Certain information set forth in this presentation contains "forward-looking information", including "future-oriented financial information" and "financial outlook", under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company's business, projects, and joint ventures; (iv) execution of the Company's vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company's projects; (vi) completion of the Company's projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company's current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management's beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment.

These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.

Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

No Offer or Solicitation. This communication shall not constitute an off to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No public offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Investor Relations
Investor-relations@mineral-rite.com

SOURCE: MineralRite Corporation

View the original press release on accesswire.com

FAQ

What auditing firm has MINERALRITE (RITE) engaged for its PCAOB audit?

MINERALRITE (RITE) has engaged Zhanna Kelley CPA P.C. to conduct a PCAOB audit as part of its corporate rebirth strategy.

How much accounting profit did MINERALRITE (RITE) recognize from derecognizing historical obligations?

MINERALRITE (RITE) recognized an accounting profit of $519,000 from the derecognition of certain historical obligations.

How many shares has MINERALRITE (RITE) reclaimed and how many more are expected to be reclaimed?

MINERALRITE (RITE) has reclaimed over 10 million shares of previously issued stock, with ongoing work to reclaim approximately 800 million more shares.

What is the potential annual fundraising limit for MINERALRITE (RITE) if it becomes fully audited?

If MINERALRITE (RITE) becomes fully audited, it could potentially engage in a Tier 2 Regulation A offering, allowing the company to raise up to $75 million annually.

What is MINERALRITE's (RITE) strategy for growth and market advancement?

MINERALRITE (RITE) plans to acquire and develop mineral assets, become an active metal supplier, re-engage with the brokerage community, raise expansion capital, and aim to move from the micro-cap market to the OTCQB.