RushNet, Inc. (OTC PINK:RSHN) announced the cancellation of the proposed Reverse Split (RS) in a move aimed at stabilizing share value. The firm will notify the Colorado Secretary of State to formalize this decision. As a National Independent Clinical Reference Laboratory, heliosDX offers various testing services and aims to expand its reach while maintaining high-quality reporting standards. However, potential investors are cautioned about the uncertainties related to COVID-19's impact on the company's operations.
RushNet (OTC PINK:RSHN) announces a Binding Letter of Intent from heliosDX to acquire a privately held laboratory generating $10M annually and processing over 5,000 tests monthly.
This acquisition aims to enhance operational efficiency, reduce costs, and triple the sales force, projecting combined revenues exceeding $16M upon closing. The improved capacity will allow for processing over 18,000 UDS samples monthly and an expected revenue growth to between $20M and $25M in a year. Closing is anticipated between mid-September and early October 2021.
RushNet, Inc (OTC PINK:RSHN) recently provided a financial update regarding its merger target heliosDX. The Company reported a record revenue of $1,252,000 in Q1 2021 and approximately $990,000 in revenue for April and May 2021, indicating a projected Q2 revenue of $1.4 to $1.5 million. Despite delays in launching the in-house Infectious Disease platform, heliosDX continues to generate revenue through referrals, maintaining its Q2 targets. Structural changes in the acquisition process are actively being implemented to ensure long-term success.
RushNet, Inc (OTC PINK:RSHN) announced its acquisition of Chattahoochee Labs/heliosDX and a temporary withdrawal of its FINRA application for a name and symbol change. This strategic move aims to enhance RushNet's revenue and productivity, potentially tripling revenue and quadrupling throughput. The company is pursuing steps to become Pink current, including filing financials and disclosures. With the recent addition of advanced testing equipment, RushNet is positioned to meet increased client demands. Future updates will be shared via Twitter.
RushNet, Inc. (OTC PINK:RSHN) announced a record first quarter with total revenues of $1,252,000, marking a 7.59% increase from Q1 2020. Testing volume surged by 56.90%, adding approximately 2,350 tests. Despite a planned loss for Q1, attributed to over $700,000 in investments for equipment to enhance testing capabilities, the company is well-positioned for profit in Q2 2021. The firm is also preparing to update disclosures for OTC Markets and FINRA. Anticipated revenues for 2021 are projected to exceed $6 million.