RushNet, Inc Reverse Merger and Roadmap Update
Rhea-AI Summary
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.
Positive
- Record revenue of $1,252,000 in Q1 2021.
- Projected Q2 revenue of $1.4 to $1.5 million, reflecting over 20% growth quarter over quarter.
- 70%+ revenue growth from 2019 to 2020.
- Successful ongoing revenue generation from the infectious disease platform despite delays.
Negative
- Delay in launching the in-house Infectious Disease platform may impact overall revenue expectations.
News Market Reaction – RSHN
On the day this news was published, RSHN gained 140.00%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
ALPHARETTA, GA / ACCESSWIRE / June 1, 2021 / RushNet, Inc (OTC PINK:RSHN), ("the Company") recently acquired by Ashley Sweat, is excited to give a 2nd Quarter update regarding financials of the merger target heliosDX and Roadmap. So far, 2nd Quarter is proving to be yet another record quarter for heliosDX. In the 1st Quarter of 2021, heliosDX generated a record
In April and May 2021, heliosDX has generated revenues totaling approximately
heliosDX has had a delay in launching their Infectious Disease platform in-house. However, heliosDX does continue to realize revenue from this platform by referencing out tests. That said, the original revenue growth target for Q2 included revenue from launching infectious disease as an in-house testing platform. The good news, heliosDX will still achieve our quarter 2 revenue targets. In addition, we are about a week out from launching the platform in-house realizing even more revenue and testing volume growth.
There has been a change in the verbiage from RushNet, Inc acquiring heliosDX, to RushNet, Inc being acquired by Ashley Sweat. Ashley Sweat currently serves as the Chairman and CEO of RushNet. Inc. He also is the Owner and CEO of heliosDX. The plan has been and continues to be to reverse merge heliosDX into RushNet, Inc. As mentioned previously, this is a very fluid process, and thus there have been structural changes to the Purchase Agreement to ensure long-term success of this transaction, and the company in general moving forward.
Below is an update to the roadmap of key events released in a previous Press Release. We cannot guarantee these events will happen in this order or in their entirety. Some events are outside the control of the company.
- Filing Disclosures - Imminent
- Filing Financials - Imminent
- Attorney Letter - Coming
- Mid Quarter Financial update and Highlights - Released
- Pink Current - Coming
- Audit Financials - In Process
- Website transition chattahoocheelabs.com to heliosDX.com - Near Completion
- Professional Sales and Marketing Video - In Progress
- Spin Off RushNet, Inc Subsidiaries
- Acquisition(s) and/or LOI Update
- Complete the Reverse Merger
- R/S Reassessment
- Reengage FINRA
- SEC Reporting
As always, we will continue to use Twitter as a source for keeping shareholders and the investment community updated with company activities, and PR material events when necessary. You can view our Twitter by visiting https://twitter.com/dx_helios or https://twitter.com/GetRushnet
About HeliosDx and Chattahoochee Labs:
Having begun operations in 2015, the company has witnessed profit and exceptional growth each year and is predicting well over 6 million dollars in revenue in 2021. This year we take on our third mass spectrometer, the powerful Absciex 4500, which will allow us to serve the massive needs of our clientele, which has been under strain. With the procurement of a new QuantStudio 12x we now have the ability to test 1500 Covid19 patients per day. With infectious disease testing validations being completed next week, we will be able to better serve clients all over by creating more robust testing menus and quicker turnaround time for Covid19, UTI, and RPP testing. Furthermore, with the assumption of our Ion S5 GeneStudio NGS testing equipment, we are poised for the huge genetics market that is so underserved.
Contact:
Chattahoochee Labs/heliosDX
asweat@chattahoocheelabs.com
www.chattahoocheelabs.com
www.heliosdx.com (In Development)
@dx_helios
Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). The Companies caution that statements, and assumptions made in this news release constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates made by management. Actual results could differ materially from current projections or implied results. The Companies undertake no obligation to revise these statements following the date of this news release.
Investor caution/added risk for investors in companies claiming involvement in COVID-19 initiatives -
On April 8, 2020, SEC Chairman Jay Clayton and William Hinman, the Director of the Division of Corporation Finance, issued a joint public statement on the importance of disclosure during the COVID-19 crisis. The SEC and Self-Regulatory Organizations are targeting public companies that claim to have products, treatment or other strategies with regard to COVID-19.The ultimate impact of the COVID-19 pandemic on the Company's operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak. Additionally, new information may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in an extended period of continued business disruption, reduced customer traffic and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time.We further caution investors that our primary focus and goal is to battle this pandemic for the good of the world. As such, it is possible that we may find it necessary to make disclosures which are consistent with that goal, but which may be adverse to the pecuniary interests of the Company and of its shareholders.
SOURCE: RushNet, Inc.
View source version on accesswire.com:
https://www.accesswire.com/649888/RushNet-Inc-Reverse-Merger-and-Roadmap-Update
FAQ
What is the recent revenue report for RushNet Inc (RSHN)?
What are the projected revenues for heliosDX in Q2 2021?
What issues have arisen with the Infectious Disease platform launch?
What structural changes have occurred in RushNet's acquisition of heliosDX?
How much revenue growth has heliosDX experienced from 2019 to 2020?
